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3. L&T Technology Services Limited (India) and Infosys Limited (India) are Leading Players in the Medical Device Engineering Market

The medical device engineering market 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. Accordingly, specialized engineering services in the design, development, and integration of such advanced technologies into new medical devices are increasingly demanded. AI improves diagnostic accuracy and predicts patient outcomes; loT enables real-time monitoring and data collection; robotics transforms surgical procedures into ones that are with precision and minimally invasive. Such integration naturally calls for deep expertise in several engineering disciplines, including software, hardware, and biomedical engineering. Specialized engineering services help to overcome complex integrations and ensure that devices are technologically advanced and compliant with stringent regulatory standards. All this starts at the very granular level of the product development life cycle—from conceptual design and prototyping to testing and validation—all playing a critical role in bringing innovative medical devices to market and in meeting increased demands from the healthcare industry for more effective and efficient solutions. Also, protection of intellectual property is difficult in a highly competitive market where companies need to fight off complex patent laws and defend their innovations from infringement. This may restrain market growth.

In this report, the medical device engineering market has been segmented on the basis of service type, device type and region.

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).

To know about the assumptions considered for the study download the pdf brochure

L&T Technology Services Limited

L&T Technology Services Limited is one of the leading global engineering services providers that offer end-to-end product development solutions to medical device OEMs. LTTS has made innovation the hallmark in developing state-of-the-art medical device designs and delivery models that are robust. Their engineering services include the entire lifecycle of product development, from concept design and new product development to testing and value engineering. LTTS enables medical device OEMs to help address some of the mot critical challenges within the industry through in-depth domain expertise and state-of-the-art technological capabilities while reducing time to market and cost. It has co-authored a portfolio of more than 60 patents in the medical field and hence is the partner of choice for 6 of the world's top 10 medical device companies. Their services are supported by a global presence, with nearly 9,500 highly qualified employees working out of 6 delivery centers and operating in more than 30 locations across the world.

Infosys

Infosys is one of the top medical device engineering  firms in the industry, offering end-to-end solutions for fast-paced needs in Healthcare and Medical Devices. The company designs customized devices from end-to-end product development to maintenance and manufacturing support services, such as the preparation of the regulatory documentation, and eventually making sure that the product complies with relevant certifications. Infosys emphasizes quality and regulatory compliance, and hence has achieved the ISO 13485 certification, thereby getting itself trained in quality process and Quality Management System development for the delivery of high-quality products in line with regulatory compliance. Other than organic investment, Infosys has invested in inorganic growth through strategic acquisitions, such as Kaleidoscope Innovation, which will strengthen and grow its ability in improvement in patient treatment and consumer health solutions globally.

HCL Technologies Limited

HCL Technologies Limited is among the most recognized global leaders in end-to-end engineering solutions for various types of medical devices. In medical devices for over 11 years, with more than 30 years' engineering experience, HCL has developed a plethora of complex electro-mechanical products that are in compliance with 21 CFR Part 11, 21 CFR Part 820, and IEC 62304. The Centers of Excellence at HCL include the following: Industrial Design, Imaging, Reliability Engineering, Wireless Design, and User Interface Design. HCL has developed over 90 medical devices and partners 7 out of the top 10 medical device companies. Their mature project and risk management processes meet FDA regulations and have been audited by leading OEMs. Services extended include new product introduction, design, development, and testing; regulatory compliance; value engineering for cost and size reduction; and legacy product management, using feature changes, component engineering, and lifecycle engineering.

Related Reports:

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

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
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