Medical Component Manufacturing Market Size, Share Report, Analysis, Trends, Growth 2032

Medical Component Manufacturing Industry Prospective:

The global medical component manufacturing market size was worth around USD 10.58 billion in 2023 and is predicted to grow to around USD 17.36 billion by 2032 with a compound annual growth rate (CAGR) of roughly 5.65% between 2024 and 2032.

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Medical Component Manufacturing Market: Overview

Medical component manufacturing deals with the designing and production of devices used in the medical industry. These components play a crucial role in helping medical professionals deliver accurate and timely medical treatment. The most common examples of medical devices include equipment, instruments, and implants. The main purpose of these tools or components is to deliver treatment, diagnose conditions, and monitor patients’ response to treatment. The medical component industry is extremely broad and also includes items such as electronic components, imaging systems, software programs, and disposable materials. The healthcare industry is witnessing a surge in demand for medical components that are effective and can assist in improving patient care. In addition to this, the manufacturing sector is registering surging investments in advanced technologies such as 3D printing and software programs powered by artificial intelligence (AI) or machine learning (ML). The rise in the telemedicine sector is promoting further innovation in medical component manufacturing as the market is also integrating wearable devices that allow easier access to health-related information. During the forecast period, the industry for medical component manufacturing is expected to register a significant growth rate but may also face certain challenges and limitations.

Key Insights:

• As per the analysis shared by our research analyst, the global medical component manufacturing market is estimated to grow annually at a CAGR of around 5.65% over the forecast period (2024-2032)
• In terms of revenue, the global medical component manufacturing market size was valued at around USD 10.58 billion in 2023 and is projected to reach USD 17.36 billion, by 2032.
• The market is projected to grow at a significant rate due to the growing number of patients globally
• Based on the process, the plastic injection molding segment is growing at a high rate and will continue to dominate the global market as per industry projection
• Based on region, North America is projected to dominate the global market during the forecast period

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Medical Component Manufacturing Market: Growth Drivers

Growing number of patients globally will drive the market growth rate

The global medical component manufacturing market is expected to witness high growth due to the rising patient rate globally. As the world population continues to rise, the number of patients will also surge at an even higher rate. In 2020, the world witnessed a one-of-a-kind epidemic in the form of COVID-19. The disease compromised the immune systems of billions of people across the globe. Additionally, the population is at risk of developing several forms of medical conditions. Some of these are environmentally-influenced while the research has failed to point to exact causes of multiple other diseases. Some examples of idiopathic diseases include diffuse idiopathic skeletal hyperostosis, acute idiopathic polyneuritis, idiopathic scoliosis, and others. Moreover, there are several conditions diagnosed worldwide that have not found any cure, and currently, only symptoms can be effectively managed. One such disease is Human immunodeficiency virus (HIV). This condition severely impacts the body’s immune system and cannot be cured. The virus can be controlled within 6 months of infection. There are ongoing studies and researchers aiming to develop effective treatment plans and cures. For instance, in April 2024, ACTG, a leading clinical trials network that focuses on infectious diseases such as HIV, launched A5374. It is a phase 1/2a study that will work toward evaluating the tolerability, safety, and overall antiviral effect of a new combination regimen. The novel method will leverage T-cell vaccines, an immune-system boosting treatment, and two broadly neutralizing antibodies (bNAbs). Such advancements are likely to impact the demand for medical component production.

Improved access to medical care worldwide may drive the market demand trends

There have been significant improvements in global healthcare expenditure. The regional governments have been pivotal in developing public healthcare schemes that ensure medical treatment for the unprivileged strata of society. Their efforts have been further promoted by international and domestic welfare organizations and private companies thus allowing the global medical component manufacturing market to grow. For instance, in March 2024, African partners of Team Europe announced the launch of three health-related Team Europe Initiatives (TEIs) for strengthening the healthcare infrastructure in African regions. These initiatives are a part of the European Union (EU) – African Union (AU) collaborations.

Medical Component Manufacturing Market: Restraints

Incidents of counterfeiting may limit the market revenue in the coming years

The global industry for medical component manufacturing is limited due to the increasing rate of developing and supplying counterfeit products. These items put the lives of patients at risk and hence are harmful to the overall socioeconomic growth of a country. In 2020, in the backdrop of increased demand for medical components during COVID-19, incidents related to substandard and falsified (SF) medical products increased by over 47% between 2020 and 2021, as per a report published by the Authentication Solutions Providers' Association (ASPA). Some of the most common medical components that are more vulnerable to counterfeit activities include contact lenses, blood glucose test strips, surgical devices, and other healthcare-related products.

Medical Component Manufacturing Market: Opportunities

Surging investments in leveraging medical software programs using AI and ML hold high-growth opportunities

The global medical component manufacturing market is projected to generate exceptional growth opportunities as the industry players continue to invest in leveraging advanced technologies such as AI and ML to improve healthcare offerings. Applications and software programs developed using artificial intelligence and machine learning can prove helpful across medical care segments including disease diagnosis, surgical interventions, and post-operative care. In September 2023, US Medical Innovations (USMI) in partnership with Jerome Canady Research Institute for Advanced and Biological Technological Sciences (JCRI-ABTS) announced the launch of the Canady Robotic AI Surgical System. As per official claims, the product is the first artificial intelligence-powered robotic system that can generate a three-dimensional non-contact bioelectric pulse electromagnetic field and cold atmospheric plasma (CAP).

Telemedicine to prompt market expansion into new horizons

Telemedicine deals with remote patient care where the medical care seeker does not have to visit hospital premises. This form of medical care is beneficial for patients who may be unable to physically visit doctors due to logistic issues or other factors. Efficient medical care through telemedicine processes is possible due to the development of novel medical components including wearables. Remote monitoring devices that allow prompt access to a patient's health conditions and relay it to concerned medical professionals are creating new expansion possibilities for the global medical component manufacturing market.

Medical Component Manufacturing Market: Challenges

Inconsistent regulations governing medical components could challenge the market growth rate

The global industry for medical component manufacturing is projected to be challenged due to the presence of an inconsistent ecosystem regulating the production and distribution of medical components. One of the primary confusions faced by the market players is the inconsistent language of rules which requires the component makers to undertake the help of legal entities to ensure compliance. Obtaining valid distribution and development licenses for medical components can be complex and time-consuming.

Medical Component Manufacturing Market: Segmentation

The global medical component manufacturing market is segmented based on process and region.

Based on process, the global market segments are 3D printing, ceramic injection molding, metal injection molding, forging, plastic injection molding, investment casting, and others. In 2023, the highest growth was observed in the plastic injection molding segment. During the forecast period, the segment may register a CAGR of over 4.25%. It is a leading but complex manufacturing method that uses highly sophisticated electric or hydraulic machines. Plastic materials are injected into the machines. These materials are then molted using heat into desired molds and further cooled to solidify the final structure. The growing use of common medical components such as needles, syringes, dental items, wound management solutions, and implant devices is fueling the segmental demand. The forecast period may register sufficient growth in the 3D printing segment as more players are exploring the use of 3D print technology to manufacture medical components. 3D printing allows the healthcare sector to provide personalized care depending on the exact medical needs of the patient.

Medical Component Manufacturing Market: Report Scope

Medical Component Manufacturing Market: Regional Analysis

North America to generate the highest growth during the projection period

The global medical component manufacturing market will be led by North America during the forecast period. It is expected to grow at a CAGR of over 5% in the coming years. The North American region is mostly dominated by the US due to the presence of several key medical component manufacturers in the country investing in highly advanced tools and devices. The growing patient rate as well as the geriatric population along with higher access to preliminary medical care helps the region in establishing growing revenues. Healthcare expenditure in the US and Canada regions is significantly high since these countries have established guidelines that ensure medical access to the majority of the population. Furthermore, there has been a steady rise in US Food and Drugs Administration (FDA) approvals for novel treatment processes targeting some of the leasing terminal illnesses. In August 2023, Stanford Medicine announced the launch of a new tumor-targeting radiation therapy machine. The novel tool will be used for targeting multiple metastases or moving tumors. The regional growth in 3D printing solutions will also be beneficial for North America. Asia-Pacific is garnering extensive revenue and will continue the same trends in the coming years. Anaut Inc. announced that the company had received Japanese regulatory approval for the distribution of Eureka α. It is an AI-powered surgical visualization device.

Medical Component Manufacturing Market: Competitive Analysis

The global medical component manufacturing market is led by players like:

• Abbott Laboratories
• Becton
• Dickinson and Company (BD)
• Johnson & Johnson (specifically its subsidiary Ethicon)
• 3M Health Care
• Edwards Lifesciences
• Zimmer Biomet
• Philips Healthcare
• Siemens Healthineers
• Baxter International
• Terumo Corporation
• GE Healthcare
• Boston Scientific
• Smith & Nephew
• Stryker Corporation

The global medical component manufacturing market is segmented as follows:

By Process

• 3D Printing
• Ceramic Injection Molding
• Metal Injection Molding
• Forging
• Plastic Injection Molding
• Investment Casting

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa