Medical Device Engineering Market Size, Share, Trends, Growth and Forecast 2032

Medical Device Engineering Industry Prospective:

The global medical device engineering market size was evaluated at $5.67 billion in 2023 and is slated to hit $13.02 billion by the end of 2032 with a CAGR of nearly 11.7% between 2024 and 2032.

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Medical Device Engineering Market: Overview

Medical device engineering plays a pivotal role in the healthcare sector. It integrates principles of engineering with the medical domain for designing, creating, and manufacturing medical equipment. Reportedly, this medical equipment ranges from simple tools to complicated systems aiding healthcare diagnosis, medical treatment, and monitoring a spectrum of healthcare conditions of the patients.

Key Insights

• As per the analysis shared by our research analyst, the global medical device engineering market is projected to expand annually at the annual growth rate of around 11.7% over the forecast timespan (2024-2032)
• In terms of revenue, the global medical device engineering market size was evaluated at nearly $5.67 billion in 2023 and is expected to reach $13.02 billion by 2032.
• The global medical device engineering market is anticipated to grow rapidly over the forecast timespan owing to escalating healthcare spending along with the acceptance of new online healthcare systems.
• In terms of service type, the software development & testing solutions segment is slated to register the highest CAGR over the forecast period.
• Based on device type, the diagnostic imaging equipment segment is predicted to contribute majorly towards the global industry growth in the upcoming years.
• Region-wise, the Asia-Pacific medical device engineering industry is projected to register the fastest CAGR during the projected timespan.

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Medical Device Engineering Market: Growth Factors

Huge healthcare expenditure and growing popularity of online healthcare activities to spur the expansion of the global market

Escalating healthcare spending along with acceptance of new online healthcare systems is anticipated to boost the expansion of the global medical device engineering market. Furthermore, an increase in preventive healthcare activities along with upgrading healthcare infrastructure in developing countries is projected to boost the growth of the market across the globe. Launching new products will accentuate the growth of the market globally. Escalating demand for healthcare solutions & chronic disorder management in the aging population will prop up the global market trends. Large-scale use of robotics in performing minimally invasive surgeries will proliferate the size of the market expansion globally in the upcoming years.

Medical Device Engineering Market: Restraints

Stringent regulations regulating the demand for medical instruments to restrict the growth of the global industry by 2032

Strict laws governing the use of medical equipment can make its use more expensive and time-consuming, thereby restricting the growth of the global medical device engineering industry. Rapidly fluctuating healthcare policies and economic downturns are some of the key aspects likely to put brakes on global industry expansion in the years ahead.

Medical Device Engineering Market: Opportunities

An increase in the demand for wearable systems will create new facets of growth for the global market by 2032

A rise in the growth potential of digital health & wearable systems will open new horizons of growth for the global medical device engineering market in the years ahead. Furthermore, the growing demand for personalized medicine and the use of additive manufacturing for producing medical equipment and healthcare implants will spur the growth of the market across the globe.

Medical Device Engineering Market: Challenges

High costs of developing new products can challenge the expansion of the industry globally over the coming years

Huge product development prices along with the rise in spending on research activities are likely to challenge the expansion of the global medical device engineering industry in the upcoming years. Lack of product differentiation and cut-throat competition among the key players along with patent infringement issues can strike down the expansion of the industry globally.

Medical Device Engineering Market: Segmentation

The global medical device engineering market is divided into service type, device type, and region.                                          

In terms of service type, the medical device engineering market across the globe is bifurcated into product testing services, product support & maintenance services, software development & testing solutions, cyber-security solutions, connectivity & mobility services, and regulatory consulting services segments. Additionally, the software development & testing solutions segment, which gained nearly two-fifths of the global market share in 2023, is expected to record the highest gains during the coming years due to lower software development costs.  

Based on the device type, the global medical device engineering industry is divided into surgical devices, IVD devices, medical lasers, and patient monitoring devices & life support devices segments. Furthermore, the diagnostic imaging equipment segment, which accrued about three-fourths of the global industry proceeds in 2023, is predicted to account notably for the global industry growth in the coming couple of years; this can be due to a surge in the focus on identifying diseases for improving the outcomes of the medical treatment.

Medical Device Engineering Market: Report Scope

Medical Device Engineering Market: Regional Insights

North America is forecast to maintain leadership status in the global market during 2024-2032

North America, which contributed about three-fourths of the global medical device engineering market share in 2023, is expected to establish a number-one position in the global market within the next couple of years. In addition, the regional market surge in the next eight years can be credited to the humungous use of medical devices in the healthcare sector. A rise in the downstream and upstream applications of medical devices will increase the size of the market in the region. The presence of key players in the sub-continent will embellish the growth of the market in North America.

The Asia-Pacific medical device engineering industry is slated to record the highest gains annually in the coming eight years. The expansion of the industry in the APAC region can be a result of improvements in regulations in countries such as India, Taiwan, China, and Japan. Moreover, the rise in the promotion of medical equipment and fast approval of medical device engineering methods will provide impetus to expanding the industry in the region.

Key Developments

• In February 2024, MGS introduced a global engineering solutions group, thereby bringing together over 85 engineers & 200 toolmakers, helping players in the MedTech, Pharma, and Diagnostic sectors enhance their growth.
• In November 2023, L & T Technology Services Limited, a key engineering services firm, declared that it would partner with NVIDIA to develop software-defined architectures for medical equipment highlighting endoscopy for enhancing picture quality and product scalability.

Medical Device Engineering Market: Competitive Space

The global medical device engineering market profiles key players such as;

• Infosys Limited
• BAE Systems
• Harris Corporation
• Lockheed Martin
• Thales Group
• Seisa Media
• Raytheon Technologies
• HCL Technologies Limited
• FLEX Limited
• Embien Technologies India Private Limited
• Alten Group
• Saraca Solutions Private Limited
• MCRA LLC
• Nemedio Inc.
• Ontogen Medtech LLC.

The global medical device engineering market is segmented as follows:

By Service Type

• Product Testing Services
• Product Support & Maintenance Services
•  Software Development & Testing Solutions
•  Cyber-security Solutions
• Connectivity & Mobility Services
•  Regulatory Consulting Services

By Device Type

• Surgical Devices
• IVD Devices
• Medical Lasers
• Diagnostic Imaging Equipment
• Patient Monitoring Devices & Life Support Devices

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