Medical Device Engineering Services Market by Type (Prototyping, Mechanical, Electronics, Connectivity, Cybersecurity), Device Type (IVD, Imaging, Surgical, Therapeutic devices) and Geography - Global Forecast to 2027
The global medical device engineering services market size is projected to reach USD 7.76 billion by 2027 from USD 4.60 billion in 2022, at a CAGR of 11% during the forecast period. The growth in this market is driven by increasing tendency of the manufacturers to outsource high value phases and strong growth in end-user markets like in vitro diagnostics and patient monitoring devices. However, the changing regulatory landscape in US and European Union has raised the standards for safety and quality that is necessary to bring the product in the market. The increasing regulatory burden is expected to restrain the market growth to certain extent.
Global Medical Device Engineering Services Market
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The medical device market is characterised by increasing consolidation in the past few years wherein large M&A transactions were seen among the top 20 players in the market. The growing need to integrate, simplify and streamline operations have lead manufacturers to increasingly rely on contract manufacturing services to attain scalability and cost synergies.
Moreover, over the past few years it has been observed that medical devices manufacturers are increasingly combining digital, robotic and therapeutic capabilities of different stakeholders. In this convergence of technology platforms, developing and matching the capabilities of competitors outside of their core technical competencies is expected to create and opportunity for contract manufacturing organizations to attain competitive edge in the market.
However, the changes in the regulations for the approval of medical devices in US and Europe will pose a threat for the companies. Stricter regulatory norms, increased stringency around safety and quality of products is expected to restrict market growth.
The connectivity and mobility services for the largest market share in the medical device engineering services market, type, during the forecast period”
Based on the type of engineering services, medical device engineering services market has been segmented into Product Innovation & Design/Industrial Design Services, Prototyping Services, Mechanical Engineering Services, Electronics Engineering & Software Development Services, Connectivity and Mobility Services, Cybersecurity Services, Product Testing Services, Regulatory Consulting Services, Product Support & Maintenance Services and other services. Connectivity and mobility services is expected to register the highest growth rate during the forecast period owing to the increasing adoption of industry 4.0 principles in the medical device industry and growing demand for integrated solutions in the end user markets.
“In-vitro diagnostic devices accounted for the largest share in the medical device engineering services market”
Based on device type, medical device engineering services has been segmented into imaging devices, therapeutic devices, in-vitro diagnostic devices, diagnostic and patient monitoring devices, surgical devices and other devices. In-vitro diagnostic devices accounted for the largest share in the medical device engineering services market owing to the increasing adoption of rapid diagnostics for preliminary diagnosis or monitoring of disease or health status and increasing burden of life-style diseases that requires regular monitoring.
“Asia Pacific region is expected to witness the highest growth during the forecast.”
The global medical device engineering services market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa. The Asia-Pacific is expected to register significant growth. The growth in this region is mainly attributed to the lower cost of raw materials & labor compared to the developed countries, the increasing demand for medical devices due to improving healthcare infrastructure, the adoption of technologically advanced products, and the presence of a less stringent regulatory than most developed countries.
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Competitive Landscape
Key Market Players
Some of the prominent players in the market include Embiem, Altran, Alten Group, HCL Technologies, Akka Technologies, Capgemini, Tata Consultancy Services, Wipro, Tech Mahindra, Accenture, L&T Technology Service, Althea, Arrow, Sterling Medical Devices and more.
Key Industry Development:
In March-22, Cyient, a leading global technology solutions company, launched Firmware over-the-Air (FOTA) updates from its CyientfIQTM innovation platform. The FOTA solution is designed to accelerate the development of intelligent and connected products for its customers across the industry. The solution is developed to ensure that there is a significant reduction in the cost of after-sales service support, and an avenue for additional revenue through optional new feature upgrades for end-users.
The primary interviews conducted for this report can be categorized as follows:
- By Company Type: Tier 1 - 40%, Tier 2 - 30%, and Tier 3 - 30%
- By Designation: C-level - 27%, D-level - 18%, and Others - 55%
- By Region: North America - 51%, Europe - 21%, Asia Pacific - 18%, Latin America – 6% , and the Middle East & Africa – 4%
Lists of Companies Profiled in the Report:
- Embiem
- Altran
- Alten Group
- HCL
- Akka Technologies
- Capgemini
- Tata Consultancy Services
- Wipro
- Tech Mahindra
- Accenture
- L&T Technology Services
- Althea
- Infosys
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- Latest News, Updates & Trend analysis
|
Report Metric |
Details |
|
Market size available for years |
2020–2027 |
|
Base year considered |
2021 |
|
Forecast period |
2022–2027 |
|
Forecast units |
Value (USD) |
|
Segments covered |
Type, Device Type and Region |
|
Geographies covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
|
Companies covered |
Cyient (India), Capgemini (France), TCS (India), Infosys (India), HCL Technologies (India), Akka Technologies (Belgium), Wipro (India), Arrow (US), MÖLLER Medical (Germany), L&T Technology Services Limited (India) and more. |
This report categorizes the medical device engineering services market into the following segments and subsegments:
By Type
- Introduction
- Product Innovation & Design/Industrial Design Services
- Prototyping Services
- Model Making
- Rapid Prototyping
- Mechanical Engineering Services
- Electronics Engineering & Software Development Services
- Connectivity and Mobility Services
- Cybersecurity Services
- Product Testing Services
- Regulatory Consulting Services
- Product Support & Maintenance Services
- Other Services
By Device Type
- Introduction
- Imaging Devices
- Therapeutic Devices
- In-Vitro Diagnostic Devices
- Diagnostic And Patient Monitoring Devices
- Surgical Devices
- Other Devices
By Region
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific (RoAPAC)
- Latin America
- Middle East & Africa
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TABLE OF CONTENTS
1 INTRODUCTION
1.1 OBJECTIVES OF THE STUDY
1.2 MARKET DEFINITION & SCOPE
1.2.1 MARKETS COVERED
1.2.2 YEARS CONSIDERED FOR THE STUDY
1.3 CURRENCY
1.4 STAKEHOLDERS
1.5 LIMITATIONS
1.6 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY
2.1 RESEARCH APPROACH
2.1.1 SECONDARY RESEARCH
2.1.1.1 Key data from secondary sources
2.1.2 PRIMARY RESEARCH
2.1.2.1 Key data from primary sources
2.1.2.2 Breakdown of primaries
2.2 MARKET SIZE ESTIMATION
2.3 DATA TRIANGULATION APPROACH
2.4 MARKET SHARE ESTIMATION
2.5 ASSUMPTIONS FOR THE STUDY
2.6 LIMITATIONS
2.6.1 METHODOLOGY-RELATED LIMITATIONS
2.6.2 SCOPE-RELATED LIMITATIONS
2.7 RISK ASSESSMENT
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
4.1 MEDICAL DEVICE ENGINEERING SERVICES MARKET OVERVIEW
4.2 MEDICAL DEVICE ENGINEERING SERVICES MARKET: DEVELOPED VS. DEVELOPING MARKETS
4.3 MEDICAL DEVICE ENGINEERING SERVICES MARKET: GEOGRAPHIC GROWTH OPPORTUNITIES
4.4 MEDICAL DEVICE ENGINEERING SERVICES MARKET: REGIONAL MIX
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 DRIVERS
5.2.2 RESTRAINTS
5.2.3 OPPORTUNITIES
5.2.4 CHALLENGES
6 INDUSTRY INSIGHTS
6.1 INTRODUCTION
6.2 TRENDS/ DISRUPTIONS IMPACTING CUSTOMER’S BUSINESS
6.3 SUPPLY/ VALUE CHAIN ANALYSIS
6.4 ECOSYSTEM/ MARKET MAP
6.5 TECHNOLOGY ANALYSIS
6.6 TRADE ANALYSIS
6.7 KEY CONFERENCES & EVENTS IN 2022-2023
6.8 TARIFF AND REGULATORY LANDSCAPE
6.8.1 REGULATORY BODIES, GOVERNMENT AGENCIES AND OTHER ORGANIZATIONS
6.8.2 NORTH AMERICA
6.8.3 EUROPE
6.8.4 ASIA PACIFIC
6.9 PORTER’S FIVE FORCES ANALYSIS
6.9.1 THREAT FROM NEW ENTRANTS
6.9.2 THREAT FROM SUBSTITUTES
6.9.3 BARGAINING POWER OF SUPPLIERS
6.9.4 BARGAINING POWER OF BUYERS
6.9.5 INTENSITY OF COMPETITIVE RIVALRY
6.1 KEY STAKEHOLDERS & BUYING CRITERIA
6.10.1 KEY STAKEHOLDERS IN BUYING PROCESS
6.10.2 BUYING CRITERIA
6.11 ADJACENT MARKET ANALYSIS
6.12 CASE STUDY
7 MEDICAL DEVICE ENGINEERING SERVICES MARKET, BY TYPE
7.1 INTRODUCTION
7.2 PRODUCT INNOVATION & DESIGN/INDUSTRIAL DESIGN SERVICES
7.3 PROTOTYPING SERVICES
7.3.1 MODEL MAKING
7.3.2 RAPID PROTOTYPING
7.4 MECHANICAL ENGINEERING SERVICES
7.5 ELECTRONICS ENGINEERING & SOFTWARE DEVELOPMENT SERVICES
7.6 CONNECTIVITY AND MOBILITY SERVICES
7.7 CYBERSECURITY SERVICES
7.8 PRODUCT TESTING SERVICES
7.9 REGULATORY CONSULTING SERVICES
7.10 PRODUCT SUPPORT & MAINTENANCE SERVICES
7.11 OTHER SERVICES (IF ANY)
8 MEDICAL DEVICE ENGINEERING SERVICES MARKET, BY DEVICE TYPE
8.1 INTRODUCTION
8.2 IMAGING DEVICES
8.3 THERAPEUTIC DEVICES
8.4 IN-VITRO DIAGNOSTIC DEVICES
8.5 DIAGNOSTIC AND PATIENT MONITORING DEVICES
8.6 SURGICAL DEVICES
8.7 OTHER DEVICES (IF ANY)
9 MEDICAL DEVICE ENGINEERING SERVICES MARKET, BY REGION
9.1 INTRODUCTION
9.2 NORTH AMERICA
9.2.1 US
9.2.2 CANADA
9.3 EUROPE
9.3.1 GERMANY
9.3.2 FRANCE
9.3.3 UK
9.3.4 ITALY
9.3.5 SPAIN
9.3.6 REST OF EUROPE
9.4 ASIA PACIFIC
9.4.1 CHINA
9.4.2 JAPAN
9.4.3 INDIA
9.4.4 REST OF ASIA-PACIFIC
9.5 LATIN AMERICA
9.6 MIDDLE EAST & AFRICA
10 COMPETITIVE LANDSCAPE
10.1 INTRODUCTION
10.2 KEY PLAYER STRATEGIES/ RIGHT TO WIN
10.3 REVENUE SHARE ANALYSIS- TOP 5 PLAYERS
10.4 MARKET SHARE ANALYSIS
10.6 COMPANY EVALUATION QUADRANT
10.6.1 STARS
10.6.2 PERVASIVE PLAYERS
10.6.3 EMERGING LEADERS
10.6.4 PARTICIPANTS
10.7 COMPANY EVALUATION QUADRANT- FOR STARTUP’S/ SMEs
10.7.1 PROGRESSIVE COMPANIES
10.7.2 DYNAMIC COMPANIES
10.7.3 STARTING BLOCKS
10.7.4 RESPONSIVE COMPANIES
10.8 COMPETITIVE BENCHMARKING
10.9 COMPETITIVE SCENARIO AND TRENDS
10.9.1 PRODUCT LAUNCHES & APPROVALS
10.9.2 DEALS
10.9.3 OTHER DEVELOPMENTS
11 COMPANY PROFILES
(Business Overview, Financial Information, Products Offered, Recent Developments and MnM View) *
11.1 EMBIEM
11.2 ALTRAN
11.3 ALTEN GROUP
11.4 HCL
11.5 AKKA TECHNOLOGIES
11.6 CAPGEMINI
11.7 TCS
11.8 WIPRO
11.9 TECH MAHINDRA
11.10 ACCENTURE
11.11 L&T TECHNOLOGY SERVICES
11.12 ALTHEA
11.12 INFOSYS
* Financial Information and MnM View would be provided for public listed companies only.
12 APPENDIX
12.1 DISCUSSION GUIDE
12.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
12.3 AVAILABLE CUSTOMIZATIONS
12.4 RELATED REPORTS
12.5 AUTHOR DETAILS
*Contents in the ToC/market segments are tentative and might change as the research proceeds.
*List of companies is tentative and not exhaustive and might change during course of study.
*Details on key financials might not be captured in case of unlisted companies.
This study involved four major activities in estimating the current size of the medical device engineering services market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate segments and subsegments' market size.
Secondary Research
In the secondary research process, various secondary sources such as annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold-standard & silver-standard websites, regulatory bodies, and databases (such as D&B Hoovers, Bloomberg Business, and Factiva) were referred to identify and collect information for this study.
Primary Research
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Primary sources were mainly industry experts from the core and related industries and preferred suppliers, manufacturers, distributors, technology developers, researchers, and organizations related to all segments of this industry’s value chain. In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, to obtain and verify the critical qualitative and quantitative information as well as assess future prospects.
The following is a breakdown of the primary respondents (supply side):
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the market size of medical device engineering services market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry have been identified through extensive secondary research
- The revenues generated by leading players operating in the medical device engineering services market have been determined through primary and secondary research
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Global Medical Device Engineering Services Market Size: Top-Down Approach
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Data Triangulation
After arriving at the overall market size applying the process mentioned above, the total market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
Report Objectives
- To define, describe, segment, and forecast the global medical device engineering services market by type, device type, and region
- To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To forecast the size of the market segments with respect to five regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
- To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies
- To track and analyze company developments such as acquisitions, product launches and approvals, expansions, and other developments in the medical device engineering services market.
- To benchmark players within the market using the proprietary "Competitive Leadership Mapping" framework, which analyzes market players on various parameters within the broad categories of business and product strategy.
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for this report:
Country Information
Medical Device Engineering Services market size and growth rate estimates for countries in the Rest of Europe, the Rest of Asia Pacific, Latin America, and Middle East & Africa
Company profiles
Company profiles of 25 players operating in the Medical Device Engineering Services Market.
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Growth opportunities and latent adjacency in Medical Device Engineering Services Market