Global Medical Device Engineering Market Size Study, by Service Type, by Device Type, and Regional Forecasts 2022-2032

Description

The Global Medical Device Engineering Market is valued at approximately USD 8.17 billion in 2023 and is poised for robust growth, projected to achieve a market size of USD 19.42 billion by 2032, advancing at a compound annual growth rate (CAGR) of 10.1% from 2024 to 2032. This dynamic growth trajectory reflects the profound impact of technological advancements, evolving healthcare needs, and increasing collaborations between medical device manufacturers and engineering service providers.

The market encompasses a spectrum of engineering services, from product support and maintenance to regulatory consulting, aimed at ensuring compliance, innovation, and operational efficiency. Companies are leveraging specialized expertise and state-of-the-art resources offered by engineering service providers to expedite product development and adhere to stringent regulatory standards, optimizing time-to-market for next-generation medical devices. Additionally, the burgeoning demand for customized, user-centric medical devices tailored to specific clinical needs underscores the sector's expansion.

The surge in investments in research and development (R&D) and the integration of cutting-edge technologies such as artificial intelligence (AI), machine learning (ML), and Internet of Medical Things (IoMT) further amplify the market's growth potential. With applications ranging from diagnostic imaging to life support devices, the medical device engineering market stands at the intersection of innovation and critical healthcare demands.

The software development and testing services segment is set to witness the highest CAGR during the forecast period. This growth is attributed to the rising need for personalized medical devices equipped with adaptive algorithms, interoperable capabilities, and user-friendly interfaces. Such services not only enhance device functionality but also ensure seamless integration into modern healthcare ecosystems.

Globally, the diagnostic imaging equipment segment is poised for significant expansion, bolstered by the proliferation of advanced imaging technologies in emerging markets. Innovations such as 3D imaging, AI-assisted diagnostics, and high-resolution imaging tools are revolutionizing the precision and speed of medical diagnoses.

Regionally, North America dominates the market due to substantial investments in healthcare R&D, a robust economic foundation, and access to world-class engineering talent. Meanwhile, the Asia Pacific region is projected to register the highest CAGR, driven by rapid healthcare infrastructure development and the increasing adoption of sophisticated medical technologies.

Major Market Players Included in This Report Are:

L&T Technology Services
Infosys
HCL Technologies
Tata Consultancy Services
Cyient
Wipro
Tech Mahindra
Capgemini
Accenture
Alten Group
Flex Ltd
Althea Group
Embien Technologies India
Saraca Solutions
Consonance

The Detailed Segments and Sub-segment of the Market Are Explained Below:

By Service Type

Product Support & Maintenance Services
Regulatory Consulting Services
Software Development & Testing Services
Product Design & Development Services
Other Services

By Device Type

Patient Monitoring Devices & Life Support Devices
Diagnostic Imaging Equipment
Medical Lasers
In Vitro Diagnostic (IVD) Devices
Therapeutic Devices
Other Devices

By Region:

North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
Latin America
- Brazil
- Mexico
Middle East & Africa
- Saudi Arabia
- South Africa
- RoMEA

Years Considered for the Study Are as Follows:

Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Competitive landscape with information on major players in the market.
Recommendations on future market approach and growth strategies.
Comprehensive analysis of the supply and demand dynamics.

Chapter 1. Global Medical Device Engineering Market Executive Summary

1.1. Global Medical Device Engineering Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Service Type
- 1.3.2. By Device Type
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Medical Device Engineering Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
- 2.3.4. Demand Side Analysis
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Medical Device Engineering Market Dynamics

3.1. Market Drivers
- 3.1.1. Aging Population and Rise in Chronic Diseases
- 3.1.2. Industry 4.0 Advancements in Medical Engineering
- 3.1.3. Need for Regulatory Compliance and Quality Controls
3.2. Market Challenges
- 3.2.1. High Costs and Investment Demands
- 3.2.2. Concerns About Cybersecurity
3.3. Market Opportunities
- 3.3.1. Strategic Collaborations and Acquisitions
- 3.3.2. Rising Complexity in Medical Device Engineering

Chapter 4. Global Medical Device Engineering Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
4.2. PESTEL Analysis
- 4.2.1. Political Factors
- 4.2.2. Economic Factors
- 4.2.3. Social Factors
- 4.2.4. Technological Factors
- 4.2.5. Environmental Factors
- 4.2.6. Legal Factors
4.3. Top Investment Opportunities
4.4. Disruptive Trends
4.5. Analyst Recommendation

Chapter 5. Global Medical Device Engineering Market Size & Forecast by Service Type (2022-2032)

5.1. Segment Dashboard
5.2. Service Type Revenue Trend Analysis (2022 & 2032)
- 5.2.1. Product Support & Maintenance Services
- 5.2.2. Regulatory Consulting Services
- 5.2.3. Software Development & Testing Services
- 5.2.4. Product Design & Development Services
- 5.2.5. Other Services

Chapter 6. Global Medical Device Engineering Market Size & Forecast by Device Type (2022-2032)

6.1. Segment Dashboard
6.2. Device Type Revenue Trend Analysis (2022 & 2032)
- 6.2.1. Patient Monitoring Devices & Life Support Devices
- 6.2.2. Diagnostic Imaging Equipment
- 6.2.3. Medical Lasers
- 6.2.4. In Vitro Diagnostic (IVD) Devices
- 6.2.5. Therapeutic Devices
- 6.2.6. Other Devices

Chapter 7. Global Medical Device Engineering Market Size & Forecast by Region (2022-2032)

7.1. North America Medical Device Engineering Market
- 7.1.1. U.S.
- 7.1.2. Canada
7.2. Europe Medical Device Engineering Market
- 7.2.1. U.K.
- 7.2.2. Germany
- 7.2.3. France
- 7.2.4. Spain
- 7.2.5. Italy
- 7.2.6. Rest of Europe
7.3. Asia-Pacific Medical Device Engineering Market
- 7.3.1. China
- 7.3.2. India
- 7.3.3. Japan
- 7.3.4. Australia
- 7.3.5. South Korea
- 7.3.6. Rest of Asia Pacific
7.4. Latin America Medical Device Engineering Market
- 7.4.1. Brazil
- 7.4.2. Mexico
- 7.4.3. Rest of Latin America
7.5. Middle East & Africa Medical Device Engineering Market
- 7.5.1. Saudi Arabia
- 7.5.2. South Africa
- 7.5.3. Rest of Middle East & Africa

Chapter 8. Competitive Intelligence

8.1. Key Company SWOT Analysis
- 8.1.1. L&T Technology Services
- 8.1.2. Infosys
- 8.1.3. HCL Technologies
8.2. Top Market Strategies
8.3. Company Profiles
- 8.3.1. Tata Consultancy Services
- 8.3.2. Cyient
- 8.3.3. Wipro
- 8.3.4. Tech Mahindra
- 8.3.5. Capgemini
- 8.3.6. Accenture
- 8.3.7. Alten Group
- 8.3.8. Flex Ltd
- 8.3.9. Althea Group
- 8.3.10. Embien Technologies

Chapter 9. Research Process

9.1. Research Methodology
9.2. Data Mining
9.3. Market Estimation Techniques
9.4. Validation & Publishing