The global medical device design and development services market size is anticipated to reach USD 24.09 billion by 2030 and it is projected to grow at a CAGR of 13.2% from 2024 to 2030, according to a new report by Grand View Research, Inc.
Growing technological innovations facilitating medical product development through all phases, from initial concept generation to production manufacturing is anticipated to influence the market positively. The development of medical devices has observed significant advancements due to various technological innovations and techniques to develop products that meet the complex needs of the medical & scientific industries.
In addition, the medical devices industry has witnessed significant growth owing to presence of medical device Original Equipment Manufacturers (OEMs) that offers benefits with increased agility, low operational costs, and reduced time to market as well as high return of investment by outsourcing some of their operations. As, OEMs can transform their companies into strategic investments from cost centers. Furthermore, product design and development partners help in reducing time-to-market for a new device, thus speeding up the Return on Investment (ROI). Hence, this is expected to create demand for medical device design and development services.
Moreover, the medical device industry is witnessing competition where companies are opting for various marketing strategies to sustain competition. Besides, trends in medical device design and development industry are for variety of devices, drug delivery systems, therapeutic devices, and patient monitors that are becoming smaller in size, while improving features & performance. This factor has led to extensive R&D, product launches, competitive pricing, and mergers & acquisitions. Moreover, competition necessitates rapid product development and market entry.
In addition, the medical device design and development services are highly beneficial to companies as they helps them create innovative products that are not easy to replicate, allowing for market leadership. Also, the expertise provided by the outsourcing partners helps reduce costs and time for development, pilot testing, and market launching. Such factors are expected to drive the market over the estimated time period.
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Based on service, the designing & engineering segment dominated the market in 2023. The segment growth is driven by increasing high-quality user experience/interface and constantly changing requirements
Based on the medical devices, the drug delivery devices segment held the largest market share in 2023, attributing to new features facilitating self-dosing and encouraging patient adherence. Drug delivery devices offer advantages to targeting diseased cells or tissues precisely, minimizing harmful effects on cells, making them suitable for a wide range of therapeutic applications
Based on therapeutic area, the other segment held a market with the largest revenue share 70.0% in 2023. The segment is driven by the growing aging population and robust demand for medical devices in various therapeutic areas, contributing to its prominence in this field
Based on the end-use, the medical device companies segment accounted for the largest share in 2023. High segment shares are majorly due to the growing medical device innovation and increasing overall healthcare expenditures, which are among some crucial factors driving the segment growth
Asia Pacific dominated the market with a revenue share of 42.0% in 2023. The region has a strong R&D infrastructure and a robust medical device industry, which has contributed to the market growth
Grand View Research has segmented the global medical device design and development services market based on services, medical devices, therapeutic area, end-use and region:
Medical Device Design And Development Services Outlook (Revenue, USD Million, 2018 - 2030)
Designing & Engineering
Medical Device Design And Development Services Medical Devices Outlook (Revenue, USD Million, 2018 - 2030)
Ventricular Assist Devices
Total Artificial Hearts
Implantable Cardioverter Defibrillators (ICDs)
Cardiac Loop Recorders
POC Diagnostic Equipment
Blood Glucose Monitor
Blood Pressure Monitor
Pregnancy Test Kit
Infectious Diseases Testing
Coagulation Testing Kit
Cardiac Markers Test
Thyroid Stimulating Hormone Test
Drug Delivery Devices
Intrauterine Devices (IUDs)
Orthopedic Navigation Systems
Nuclear Imaging Scanners
Sleep & Respiratory Devices
Positive Airway Pressure (PAP) Devices
Optical Coherence Tomography
Corneal Topography Systems
Spinal Cord Stimulators
Deep Brain Stimulators
Medical Device Design And Development Services Therapeutic Area Outlook (Revenue, USD Million, 2018 - 2030)
Medical Device Design And Development Services End-use Outlook (Revenue, USD Million, 2018 - 2030)
Medical Device Companies
Medical Device Design And Development Services Regional Outlook (Revenue, USD Million, 2018 - 2030)
Middle East and Africa (MEA)
List of Key Players in the Medical Device Design And Development Services Market
Cambridge Design Partnership
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