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Medical Device Design and Development Services Market Trends

Report ID: GMI9282
Published Date: Oct 2024
Report Format: PDF

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Medical Device Design and Development Services Market Trends

Rapid advancements in medical device technologies are significantly influencing the growth of the market. Innovations ranging from materials and manufacturing techniques to digital health solutions are transforming the healthcare landscape and driving demand for specialized development services.
One major technological advancement is the miniaturization and integration of medical devices. As devices become smaller and more complex, they require sophisticated design and engineering services to ensure functionality, reliability, and user-friendliness. This trend is particularly evident in wearable medical devices, implantable sensors, and portable diagnostic tools, which are gaining popularity due to their convenience and ability to provide real-time data.
For example, Medtronic’s Micra AV and Micra VR are types of transcatheter pacing systems (TPS) that represent the world’s smallest pacemaker. Similar to other recent transcatheter technologies, such as aortic or mitral valve replacement, these devices can be implanted using minimally invasive techniques and are positioned entirely within the heart.
Another critical area of advancement is in materials science, including biocompatible and bioresorbable materials. These materials are essential for developing next-generation implants, prosthetics, and novel drug delivery systems. Design and development services must adapt to these new materials to optimize product performance, safety, and regulatory compliance.
Furthermore, the rise of digital health and the Internet of Medical Things (IoMT) is also a significant driver. Connected devices, telemedicine, and health monitoring systems rely on advanced software and cybersecurity measures. The integration of artificial intelligence and machine learning in healthcare, particularly in diagnostics, treatment planning, and personalized medicine, requires specialized software development and data analytics capabilities.
Thus, rapid technological advancements in medical devices are expanding the scope and complexity of the market.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The global medical device design and development services industry was valued at approximately USD 10.4 billion in 2023 and is estimated to grow at a 12.1% CAGR from 2024 to 2032, driven by advancements in medical technology.

The designing & engineering segment accounted for the largest market revenue share of 37.4% in 2023 and is projected to grow at a 12.4% CAGR, as it is crucial for innovation and compliance in medical device development.

U.S. market generated USD 2.8 billion in revenue in 2023 and is expected to reach USD 7.9 billion by 2032, led by technological advancements in AI, robotics, 3D printing, and biotechnology.

Key players in the industry include Celestica, Cambridge Design Partnership, Creation Technologies, Cirtec Medical, Donatelle, Flex, Integer Holdings Corporation, Jabil, Nordson Corporation, Planet Innovation, Plexus Corporation, and Quest Global.