GVR Report cover Medical Device Design And Development Services Market Size, Share & Trends Report

Medical Device Design And Development Services Market Size, Share & Trends Analysis Report By Services, By Medical Devices, By Therapeutic Area (Cardiovascular, Diagnostic), By End-use, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-4-68040-195-1
  • Number of Report Pages: 173
  • Format: PDF, Horizon Databook
  • Historical Range: 2018 - 2022
  • Forecast Period: 2024 - 2030
  • Industry: Healthcare

Market Size & Trends

The global medical device design and development services market size was estimated at USD 10.33 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 13.2% from 2024 to 2030. Key drivers include the rising adoption of outsourcing services due to associated benefits such as cost-effectiveness, and access to specialized expertise. The changing landscape of the medical device industry drives the medical device design and development market.

U.S. Medical Device Design And Development Services market size and growth rate, 2024 - 2030

In the medical device industry, product development offers a complete spectrum of development and manufacturing services covering the medical device product lifecycle from device design through development, manufacturing, and after-market services. Besides, medical device design plays a key role in addressing healthcare systems' complex challenges & needs.

This medical device product development supports healthcare as an iterative design process, providing new opportunities for diagnosis, treatment, and prevention of diseases & conditions. In addition, new standards & regulations, and product innovation are simultaneously the market's growth. In addition, advancements in medical device design support improving a medical device's usability, making it simpler and more intuitive for patients & healthcare professionals to operate, further fueling the market's growth.

Furthermore, the product device design & development services are substantially growing due to various benefits such as cost-effectiveness, access to specialized expertise, and high-quality manufacture. Moreover, the market is competitive, characterized by established and emerging players offering a wide array of services. The companies are leveraging advanced medical device design & development technologies, and innovative methodologies to gain a competitive edge. Investment in cutting-edge equipment and the ability to offer specialized, high-value products strengthens market growth.

Market Concentration & Characteristics

Market growth stage is stable, and is expected to accelerate over the estimated time period. The market is characterized by technologies, regulatory considerations, and globalization & outsourcing of services processes to influence advantages, and specialized capabilities.

Medical Device Design And Development Services Market Concentration & Characteristics

The design and development of medical devices have observed significant advancements due to various technological innovations. In addition, well-designed medical devices are being harnessed to create an advantage in a congested market. These advancements collectively aim to achieve high-quality products.

Regulatory bodies and other health authorities can influence the global market. The companies for product design and development services follow an iterative methodology to maintain high-quality experience/interface & constantly changing requirements. In addition, the compliance standards and industry guidelines drive market growth.

Product design and development outsourcing has proved to be a fundamental strategic tool facilitating the firms to gain or retain leadership or help in international expansion. Competitive strategies of competitors within the market are crucial influences. The level of M&A activities helps businesses to offer extensive services.

Increasing R&D activities, rising number of expansions, & growing disease burden can influence market dynamics positively.

The increase in budget allocation by medical device manufacturers for R&D, the existence of technologically advanced service providers, and increasing spending on medical device design and development services fuels the market growth.

Services Insights

Based on services, the designing and engineering segment held the market with the largest revenue share 35.0% in 2023. The market is segregated intodesigning & engineering, machining, and molding packaging. The design and engineering firms have proved their abilities by meeting stringent regulatory requirements, even when the project is highly complex, diverse, and demanding. Moreover, the pressure to reduce costs, increasing competition, rising demand from emerging economies, and technological advancements are prompting device makers to consider outsourcing design and engineering operations. Such factors are anticipated to drive the segment.

The machining segment is anticipated to grow at the fastest CAGR of 12.7% over the forecast period. Growing demand for miniaturized and complex devices is a major growth driver for segment growth. The ability to machine complex materials in compliance with regulatory specifications and technological advancements in medical machining such as laser micromachining Computerized Numerical Control (CNC), and machining of micro-precision medical components is expected to further fuel the machining market.

Medical Devices Insights

Based on medical devices, the drug delivery devices segment held the market with the largest revenue share of 16.0% in 2023. The market is segregated into cardiovascular devices, POC diagnostic equipment, drug delivery devices, orthopedic devices, dental devices, surgical devices, imagining devices, sleep & respiratory devices, ophthalmology devices, endoscopy, diabetes care, cochlear implants, neurostimulators, and others. The segment is bifurcated into auto-injectors, infusion pumps, prefilled syringes, inhalers, nebulizers, nasal sprays, intrauterine devices (IUDs), and transdermal patches. The drug delivery devices segment growth is driven by growing trends in drug delivery, demand for improved therapies, rising cost advantages for both individual patients, & the overall healthcare system, and rapid technological advancements. Moreover, continuous innovation in novel drug delivery devices with ease-of-use, sustainability, and safety concerns for patients and healthcare providers across various treatments has fueled the segment's growth. As a result, devices such as autoinjectors, transdermal patches, and infusion pumps have grown strongly in the past few years.

The POC diagnostic equipment segment is expected to grow at a fastest CAGR of 15.7% over the forecast period. Point of Care (POC) device provides rapid, reliable, fit-for-purpose test results at the point of need and poses unique design challenges. Furthermore, POC diagnostic equipment design provides an accurate result while ensuring the integrity of the specimen sample. This has led to the increasing adoption of rapid diagnostic tests.In addition, stringent regulations, and technological advancements, are expected to boost the growth of POC diagnostic equipment within the market.

Therapeutic Area Insights

Based on therapeutic area, the others segment held the market with the largest revenue share of 70.0% in 2023. The market is segregated intocardiovascular, diagnostic, and others. Others therapeutic area include drug delivery, orthopedic condition, dental, surgical, respiratory, and other medical devices. The advantages such as improved patient outcomes for various diseases, and potential to lower treatment costs are anticipated to drive segment growth.

The cardiovascular segment is expected to grow at a fastest CAGR of 15.1% over the forecast period. Cardiovascular devices contribute to advancements in treating heart failure, heart disease, arrhythmias, and other cardiac conditions. The segment growth is due to a rise in product pipelines and continuous upgradation of cardiovascular devices. Growing emphasis on high technology-oriented, price-sensitive, and quality competitive for new device approvals accelerates the demand for robust devices. Moreover, the growing preference for cardiovascular devices among market participants with advanced quality, safety, performance, feasibility, and manufacturing cost is expected to drive segment growth.

End-use Insights

Based on end-use, the medical device companies segment led the market with the largest revenue share of 80.0% in 2023. The market is segregated into medical device companies and biotechnology companies. The growth of this segment can be attributed to increasing demand for quality medical device products globally. Besides, rising aging population and prevalence of diseases have surged research in medical device design & development. In addition, medical device development firms are leading innovations by adopting the latest technology trends such as miniaturization, portability, enhanced reliability, and connectivity. The overall outlook for design services is strong owing to trends towards advanced manufacturing technologies, components, and automation techniques.

Global Medical Device Design And Development Services market share and size, 2023

The biotechnology companies segment is expected to grow at a fastest CAGR of 12.3% over the forecast period. Recent trends have shown a vast migration in medical devices with significant advancements in diagnosis & treatment. Besides, related and broad field of medical devices in biotechnology companies includes developing healthcare products & procedures that diagnose, treat, or prevent disease by adding pharmaceuticals or biologics. With the rich pipeline for medical devices and increased sales, the segment is expected to witness significant market growth.

Regional Insights

North America Medical Device Design and Development Services Market

The North America market is expected to witness the fastest CAGR of 12.8% over the forecast period. This can be attributed to a continuous owing to the presence of established manufacturing companies and increasing innovation for high-quality products.

Medical Device Design And Development Services Market Trends, by Region, 2024 - 2030

In addition, many medical device companies, & biotechnology companies have shifted their focus to manufacturing service providers to efficiently handle the increasing volume of medical devices. This has led to rising demand for the market growth.

U.S. Medical Device Design and Development Services Market

The U.S. market is driven by well-established healthcare infrastructure, growing medical device outsourcing services and rising R&D investments.

Europe Medical Device Design and Development Services Market

The Europe market is expected to grow at a significant CAGR during the forecast period, due to increasing advanced technologies and the need for services to enhance the performance, & safety of new as well as existing medical devices.

Germany Medical Device Design and Development Services Market

The Germany market is anticipated to grow at the fastest CAGR over the forecast period, owing to growing focus on demand for medical device outsourcing and increased emphasis on quality is expected to further boost the demand for market growth.

UK Medical Device Design and Development Services Market

The UK market is anticipated to grow at the fastest CAGR over the forecast period. The high healthcare spending, and rapidly evolving demand for medical devices contribute to the growing medical device design and development services in this region.

Asia Pacific Medical Device Design and Development Services Market

The Asia Pacific dominated the market with the largest revenue share of 42.0% in 2023. The region's high share is majorly due to the changing business model of medical device outsourcing and R&D activities. The region has a strong cost-efficiency offered by medical device design and development companies in countries such as India and China, contributing to its prominence in this field.

Moreover, growing demand for various advanced medical devices, favorable pricing, and rising local manufacturing boost the market need, fostering innovation & technological expertise within the region. Furthermore, low-cost manufacturing, a wide spectrum of complex & evolving medical device regulatory requirements and developed manufacturing infrastructure for medical device design & development services drive the market growth.

China Medical Device Design and Development Services Market

The China market is expected to grow at the fastest CAGR over the forecast period, due to rapid technological advancements, growing demand for new & cost-effective medical devices, and high healthcare expenditure.

Japan Medical Device Design and Development Services Market

The Japan market is expected to grow at the fastest CAGR over the forecast period, due to the established healthcare infrastructure, and increasing adoption of novel technologies that enhance the efficiency of medical devices.

India Medical Device Design and Development Services Market

The India market is anticipated to grow at the fastest CAGR over the forecast period, owing to favorable government funding to accelerate new product development, and favored destinations for manufacturing services that drives the market.

Key Medical Device Design And Development Services Company Insights

The major players operating across the market are focused on adopting in-organic strategic initiatives such as mergers, partnerships, acquisitions, etc. The prominent strategies adopted by companies are service launches, mergers & acquisitions/joint ventures merger, partnership & agreements, expansions, and others to increase market presence & revenue and gain a competitive edge to drives market growth. Hence, increasing adoption of in-organic strategic initiatives is highly anticipated to boost market share of prominent players operating across the market.

Key Medical Device Design And Development Services Companies:

The following are the leading companies in the medical device design and development services market. These companies collectively hold the largest market share and dictate industry trends. Financials, strategy maps & products of these medical device design and development services companies are analyzed to map the supply network.

  • Ximedica
  • DeviceLAb
  • Jabil, Inc.
  • Flex Ltd
  • Plexus Corp
  • Nordson Medical
  • Celestica, Inc.
  • Starfish Medical
  • Planet Innovation
  • Donatelle
  • Cambridge Design Partnership
  • Aran Biomedical
  • Cirtec

Recent Developments

  • In May 2023, Nouslogic Telehealth, Inc. & DeviceLab announced strategic partnership for the development & marketing of next-generation, wireless medical devices, and remote patient monitoring systems

  • In January 2023, ClariMed, Inc., launched MedTech services partner to take an integrated, human-centric approach for product development of medical device

  • In May 2021,SpinaFX Medical Inc. announced the contract manufacturing agreement with StarFish Product Engineering Inc. which is the largest medical device design, development, and manufacturing services organization

Medical Device Design And Development Services Market Report Scope

Report Attribute

Details

Market size value in 2024

USD 11.46 billion

Revenue forecast in 2030

USD 24.09 billion

Growth rate

CAGR of 13.2% from 2024 to 2030

Base year for estimates

2023

Historical data

2018 - 2022

Forecast period

2024 - 2030

Quantitative units

Revenue in USD million/billion and CAGR from 2024 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Services, medical devices, therapeutic area, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; UK; Germany; France; Italy; Spain; Denmark; Sweden; Norway; Japan; China; India; Australia; Thailand; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait

Key companies profiled

Ximedica; DeviceLAb; Jabil, Inc.; Flex Ltd; Plexus Corp; Nordson Medical; Celestica, Inc.; Starfish Medical; Planet Innovation; Donatelle; Cambridge Design Partnership; Aran Biomedical; Cirtec

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.

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Global Medical Device Design And Development Services Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global medical device design and development services market report based on services, medical devices, therapeutic area, end-use and region:

  • Services Outlook (Revenue, USD Million, 2018 - 2030)

    • Designing & Engineering

    • Machining

    • Molding

    • Packaging

  • Medical Devices Outlook (Revenue, USD Million, 2018 - 2030)

    • Cardiovascular Devices

      • Ventricular Assist Devices

      • Total Artificial Hearts

      • Pacemakers

      • Implantable Cardioverter Defibrillators (ICDs)

      • Cardiac Loop Recorders

      • Holter Monitors

      • Event Monitors

      • ECMO Systems

      • Consumables

    • POC Diagnostic Equipment

      • Blood Glucose Monitor

      • Blood Analyzer

      • Blood Pressure Monitor

      • Pregnancy Test Kit

      • Infectious Diseases Testing

    • Hb1Ac Testing

      • Coagulation Testing Kit

      • Cardiac Markers Test

      • Thyroid Stimulating Hormone Test

      • Others

    • Drug Delivery Devices

      • Autoinjectors

      • Infusion Pumps

      • Prefilled Syringes

      • Inhalers

      • Nebulizers

      • Nasal Spray

      • Intrauterine Devices (IUDs)

      • Transdermal Patches

    • Orthopedic Devices

      • Prosthetics

      • Orthopedic Navigation Systems

      • Others

    • Dental Devices

    • Surgical Devices

      • Surgical Robots

      • Others

    • Imagining Devices

      • X-Ray

      • MRI Scanners

      • Ultrasound

      • CT Scanners

      • Nuclear Imaging Scanners

    • Sleep & Respiratory Devices

      • Positive Airway Pressure (PAP) Devices

      • Ventilators

      • Oxygen Concentrators

      • Others

    • Ophthalmology Devices

      • Fundus Cameras

      • Slit Lamps

      • Optical Coherence Tomography

      • Corneal Topography Systems

      • Others

    • Endoscopy

    • Diabetes Care

    • Cochlear Implants

      • Bionic Ear

      • Bionic Eye

    • Neurostimulators

      • Spinal Cord Stimulators

      • Deep Brain Stimulators

      • Others
    • Others

  • Therapeutic Area Outlook (Revenue, USD Million, 2018 - 2030)

    • Cardiovascular

    • Diagnostic

    • Others

  • End-use Outlook (Revenue, USD Million, 2018 - 2030)

    • Medical Device Companies

    • Biotechnology Companies

  • Regional Outlook (Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • UK

      • Germany

      • France

      • Italy

      • Spain

      • Denmark

      • Sweden

      • Norway

    • Asia Pacific

      • Japan

      • China

      • India

      • Australia

      • Thailand

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • Middle East and Africa (MEA)

      • South Africa

      • Saudi Arabia

      • UAE

      • Kuwait

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