Medical Device Engineering Services Market Set to Experience Significant Growth by 2031:Infosys Limited,Cyient,Accenture

BURLINGAME, CALIFORNIA, UNITED STATES, May 23, 2024 /EINPresswire.com/ -- The "Medical Device Engineering Services Market Landscape 2024-2031" report has been added to Coherent Market Insights offering.

Medical Device Engineering Services Market is estimated to be valued at USD 5.64 Bn in 2024 and is expected to reach USD 12.05 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 11.5% from 2024 to 2031.

Medical device engineering services help in the design, development and manufacturing of medical equipment and technologies used to diagnose, treat and monitor diseases and medical conditions. These services support various functions including product design and development, regulatory compliance, quality assurance and commercialization.

Market Dynamics:

The medical device engineering services market is expected to witness significant growth over the forecast period owing to two major drivers. Firstly, the rising demand for medical devices from an aging population and increasing incidence of chronic diseases is fueling the need for engineering services to develop new and advanced medical technologies. Secondly, growing requirements of original equipment manufacturers (OEMs) and medical device companies to outsource engineering projects to specialized service providers to reduce costs and improve turnaround times is also boosting market growth. Additionally, the need for compliance with regulatory standards and stringent quality controls throughout the product development lifecycle further supports the expansion of medical device engineering services market during the forecast period.

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Leading Key Players Include in This Report:

Infosys Limited, Cyient, Accenture, Embien Technologies India Pvt Ltd., Saraca Solutions Private Limited, Tata Elxsi, Iziel, Wipro, Althea Group, L&T Technology Services Limited., Altran, ALTEN Technology, Flextronics International, LTD., Nordson Corporation, ClariMed, Inc.

Since the report focuses on the healthcare sector, it also sheds light on key development in the said industry and latest R&D activities. It educates business owners on newly approved products, ongoing research and development, and products under the trial phase and in the pipeline.

Detailed Segmentation:

By Service Type: Product Development, Clinical Trial Services, Quality Management, Others
By Device Type: IVD Devices, Diagnostic Imaging, Monitoring Devices, Others

Increasing Adoption of Advanced Medical Devices is Driving the Market Growth

The medical device engineering services market is witnessing strong growth due to increasing adoption of advanced medical devices across the globe. Developing advanced medical devices require specialized engineering and design skills which is fueling the demand for medical device engineering services. Technologies such as artificial intelligence, 3D printing, biosensors and robotics are leading to development of innovative medical devices such as neurostimulators, surgical robots, tissue engineered products and many more. These advanced medical devices are improving patient care and clinical outcomes which is boosting their adoption rate globally. Moreover, rising penetration of healthcare insurance is allowing more patients to access advanced medical treatment using these devices thus driving their demand further.

Lack of Skilled Engineers Poses a Major Restraint

Medical device engineering requires professionals with expertise in diverse domains like electronics, mechanical engineering, biomaterials, software and regulatory compliance. However, lack of skilled engineers having in-depth understanding of these multidisciplinary competencies poses a significant challenge. Medical device development projects demand experienced talent capable of designing innovative and regulatory compliant products. Many organizations face difficulties in hiring such niche talent. This shortage of skilled workforce restricts the execution of advanced engineering projects and acts as a major roadblock in the growth of medical device engineering services market.

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Opportunity for Medical Device Engineering Companies in Developing Markets

Developing countries in Asia Pacific, Latin America, Middle East and Africa regions offer lucrative opportunities for medical device engineering companies. Factors such as rising healthcare expenditure, growing medical tourism, increasing awareness about advanced treatment options and favorable government policies are positively impacting the healthcare sector in these regions. This has augmented the demand for innovative medical devices. However, majority of local manufacturers in developing nations lack specialized design and engineering capabilities required for developing advanced technologies. This presents great opportunity for global medical device engineering firms to provide cost effective design and development outsourcing solutions catering to the unmet clinical needs of these emerging economies.

Growing Application of AI and IoT is Expected to Significantly Transform the Market

Adoption of advanced technologies like artificial intelligence, internet of things, augmented reality, virtual reality and cloud computing is picking pace in medical device engineering. These novel technologies are enabling development of smart implantable and wearable devices with remote monitoring capabilities. Applications of AI include automated imaging analysis, clinical decision support systems and personal health assistants. IoT allows unprecedented connectivity among various medical devices and healthcare systems. This is set to transform patient management by improving disease diagnosis and treatment outcomes. The new age technologies are opening up opportunities to engineer first-of-its-kind intelligent medical solutions. This innovation led transformation holds promising future growth prospects for medical device engineering services market.

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✤ Validation and Credibility: Medical Device Engineering Services Market research reports offer independent and unbiased analyses conducted by industry experts. This lends credibility to the information presented and enhances the trust and confidence of stakeholders, including investors, partners, and customers.

✤ Long-term Business Planning: This Market research reports provide a foundation for long-term business planning. They offer insights into market trends, growth projections, and emerging opportunities, allowing businesses to develop sustainable strategies and stay ahead in a competitive market.

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