PUBLISHER: Polaris Market Research | PRODUCT CODE: 1625410
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1625410
The medical device engineering market size is expected to reach USD 23.35 billion by 2034, according to a new study by Polaris Market Research. The report "Medical Device Engineering Market Size, Share, Trends, Industry Analysis Report: By Service Type, Device Type (Diagnostic Imaging Equipment, Surgical Equipment, Patient Monitoring Devices & Life Support Devices, Medical Lasers, IVD Devices, and Other Medical Devices), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa); Market Forecast, 2025-2034" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The medical device engineering market involves the design, development, and manufacturing of medical devices, driven by advancements in technology, increased healthcare needs, and regulatory compliance. It encompasses a wide range of products, including diagnostic equipment, therapeutic devices, monitoring systems, and surgical instruments, all of which require precision engineering to ensure functionality, safety, and effectiveness.
The market is influenced by rising healthcare demands, an aging global population, and an increasing focus on preventive care, which drives the need for more innovative medical solutions. Additionally, regulatory standards and patient safety requirements are pushing for more sophisticated engineering processes.
The medical device engineering industry is increasingly shifting towards software-defined devices, where software plays a central role in device functionality. This approach of shifting allows for the continuous improvement and optimization of medical devices through regular software updates, similar to smartphone apps. The updates add new features, fix bugs, and improve performance without the need for hardware changes. Moreover, software-defined medical devices offer greater flexibility, enabling rapid adaptation to new medical protocols and technologies. This trend is improving the user experience by providing healthcare professionals and patients with more advanced and versatile tools for diagnostics, treatment, and monitoring.
In 2024, software development and testing services led the global medical device engineering market, driven by the growing dependence on software to enhance the functionality and performance of medical devices.
The diagnostic imaging equipment segment is projected to experience the highest CAGR during the forecast period, driven by the rising incidence of chronic diseases and a growing aging population.
In 2024, North America led the medical engineering device market, driven by a well-developed healthcare infrastructure and strong demand for advanced technologies such as AI and IoT.
Asia Pacific is the fastest-growing market for medical device engineering, driven by rapid economic expansion in countries such as China and India, along with rising healthcare expenditures and investments in advanced technologies.
A few global key market players include L&T Technology Services Limited, Infosys Limited, HCL Technologies Limited, Cyient, Wipro, Tech Mahindra Limited, TATA Consultancy Services Limited, Able Medical Devices Inc., Embien Technologies India Pvt Ltd., Sintec Optronics Ltd, and Medtronic.
Polaris Market Research has segmented the medical device engineering market report on the basis of service type, device type, and region:
Table 1 Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 2 Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 3 North America: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 4 North America: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 5 U.S.: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 6 U.S.: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 7 Canada: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 8 Canada: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 9 Europe: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 10 Europe: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 11 UK: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 12 UK: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 13 France: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 14 France: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 15 Germany: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 16 Germany: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 17 Italy: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 18 Italy: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 19 Spain: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 20 Spain: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 21 Netherlands: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 22 Netherlands: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 23 Russia: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 24 Russia: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 25 Rest of Europe: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 26 Rest of Europe: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 27 Asia Pacific: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 28 Asia Pacific: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 29 China: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 30 China: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 31 India: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 32 India: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 33 Malaysia: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 34 Malaysia: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 35 Japan: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 36 Japan: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 37 Indonesia: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 38 Indonesia: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 39 South Korea: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 40 South Korea: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 41 Australia: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 42 Australia: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 43 Rest of Asia Pacific: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 44 Rest of Asia Pacific: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 45 Middle East & Africa: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 46 Middle East & Africa: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 47 Saudi Arabia: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 48 Saudi Arabia: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 49 UAE: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 50 UAE: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 51 Israel: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 52 Israel: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 53 South Africa: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 54 South Africa: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 55 Rest of Middle East & Africa: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 56 Rest of Middle East & Africa: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 57 Latin America: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 58 Latin America: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 59 Mexico: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 60 Mexico: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 61 Brazil: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 62 Brazil: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 63 Argentina: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 64 Argentina: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
Table 65 Rest of Latin America: Medical Device Engineering, by Service Type, 2020-2034 (USD Billion)
Table 66 Rest of Latin America: Medical Device Engineering, by Device Type, 2020-2034 (USD Billion)
List of Figures:
Figure 1. Medical Device Engineering, 2020-2034 (USD Billion)
Figure 2. Integrated Ecosystem
Figure 3. Research Methodology: Top-Down & Bottom-Up Price
Figure 4. Market by Geography
Figure 5. Porter's Five Forces
Figure 6. Market by Service Type
Figure 7. Medical Device Engineering, by Service Type, 2023 & 2032 (USD Billion)
Figure 8. Market by Device Type
Figure 9. Medical Device Engineering, by Device Type, 2023 & 2032 (USD Billion)