Medical Device Engineering Services Market

The report "Medical Device Engineering Market by Service Type (Product Support & Maintenance, Prototyping, Electronic Engineering, Connectivity and Mobility Services), Device Type (Patient Monitoring, & Life Support, Medical Lasers, IVD) - Global Forecast to 2029", is projected to reach USD 14.7 billion by 2029 from USD 9.0 billion in 2024 at a CAGR of 10.1% during the forecast period.

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The fast-growing healthcare infrastructure and rising healthcare expenditure in emerging markets, such as China, India, and Brazil, will open vast avenues for medical device engineering . Most of these regions are investing heavily in modernizing healthcare facilities, increasing access to medical services, and adopting advanced medical technologies. It would increase the demand for innovative, cost-effective medical devices catering to local requirements. The engineering service providers can make good money from this demand by offering product design, development, and regulatory compliance services. This trend is fueling not only market growth but also nurturing innovative medical solutions for the betterment of care for patients in these emerging economies.

This report categorizes the medical device engineering  market based on service type, device type, and region.

“Software development & testing services segment is projected to experience the most rapid expansion within the medical device engineering  market throughout the forecast period.”

The advanced diagnostics, treatment planning, and personalized medicines are making huge demands on advanced software development coupled with rigorous testing. This will go a long way in validating algorithms to be used within clinical settings and proving their accuracy and reliability. This growth will thus be harnessed by increasing demand for AI-empowered medical devices that require savvy software solutions and thorough validation to attain regulatory standards and achieve precise and effective health outcomes.

“Diagnostic imaging equipment segment is projected to experience the most rapid growth during the forecast period.”

Minimally invasive procedures are based on advanced imaging technologies that enable accurate navigation and operation; hence, advanced imaging equipment is needed. High-resolution and 3D imaging technologies, together with the integration of AI and machine learning, make the procedures very potent. Minimally invasive methods are gaining huge preference due to reduced recovery time and lower risk associated with the same, hence boosting demand for advanced diagnostic imaging equipment manifold, thereby driving the growth of this segment.

“Asia Pacific region is anticipated to experience the most rapid growth throughout the forecast period.”

The Asia Pacific region is expected to exhibit the highest growth rate during the forecast period. Asia Pacific is becoming one of the main places for medical tourism in the world, and people from different countries go there to obtain top-quality medical care at relatively lower prices compared to Western nations. The region has the best medical facilities, the best-qualified health professionals, and the cost of medical treatments is saved; thus, it has become attractive to many who seek variant treatment. It means an inflow of international patients, which creates demand for the latest medical devices since healthcare providers will strive to offer advanced technology to maintain competitiveness. As a result of this move, there is an increased need for sophisticated engineering services in support of the development and deployment of advanced medical devices.

Key Market Players:

Key players in this market are adopting several organic and inorganic growth strategies (such as product launches, agreements, collaborations, acquisitions, and expansions). Prominent players in this market include L&T Technology Services Limited (India), Infosys Limited (India), HCL Technologies Limited (India), Cyient (India), Wipro (India), Tech Mahindra Limited (India), TATA Consultancy Services Limited (India), FLEX LTD (US), Capgemini (France), Embien Technologies India Pvt Ltd. (India), Alten Group (France), Accenture (Ireland), Consonance (Poland), Althea Group (US), MED INSTITUTE (US), Saraca Solutions Private Limited (India), Nemedio Inc. (US), Sternum (Israel), Medcrypt (US), MCRA, LLC (US), North American Science Associates, LLC (US), MedQtech (Sweden), Veranex (US), Ontogen Medtech LLC (US), Seisa Media (US), and Simplexity Product Development (US).

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