The services include product design and development, regulatory consulting, product testing and validation, and other engineering services. 3D printing is being widely used in developing prototypes of medical devices and manufacturing customized implants reducing production time. The growing preference for outsourcing product development and engineering activities to specialized service providers has propelled market growth.
The Global medical device engineering services market is estimated to be valued at US$ 5.64 Bn in 2024 and is expected to exhibit a CAGR of 11. % over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the medical device engineering services are Infosys Limited, Cyient, Accenture, Embien Technologies India Pvt Ltd., Saraca Solutions Private Limited, Tata Elxsi, Iziel, Wipro, Althea Group, LT Technology Services Limited., Altran, ALTEN Technology, Flextronics International, LTD., Nordson Corporation, ClariMed, Inc.
The rising medical expenses and demand for advanced medical technologies present significant growth opportunities in the market. 3D printing is being widely adopted by medical device companies for rapid prototyping and manufacturing customized implants.
Technological advancements such as 3D printing, AI, and IoT are aiding in developing innovative medical devices with improved functionalities. 3D printing helps reduce device development time and manufacturing costs significantly. AI and IoT enable gathering medical data for predictive diagnostics and remote monitoring of patients.
Market Drivers
The growing geriatric population and rising prevalence of chronic diseases are expected to drive the demand for advanced medical devices. Besides, the growing need for cost-effective healthcare delivery is prompting healthcare providers and insurers to prefer outsource medical device development and engineering services to specialized services providers. Stringent regulatory norms necessitate medical device companies to rely on engineering service companies’ expertise in regulatory approvals and certifications. Additionally, the need for reducing medical device development time-to-market pushes original equipment manufacturers to collaborate with engineering service companies.
Current Challenges in Medical Device Engineering Services Market
The Medical Device Engineering Services Market Growth is facing several challenges currently. Stringent regulatory framework and lengthy approval process across regions have increased complexity for product development. Managing compliance with safety and quality standards during engineering design and manufacturing is also a major concern. Rising costs of clinical trials and inadequate infrastructure in developing nations pose hurdles. Additionally, intense competition and pricing pressures are restricting margins for service providers. Skilled workforce shortage due to aging demographics in major markets remains a key challenge.
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