Medical Device Engineering Market to Surge from USD 10.98 Billion in 2023 to USD 25.27 Billion by 2032 at 9.59% CAGR

Rapid growth driven by technological innovations, regulatory support, and rising healthcare demands; FDA’s TAP Pilot plays a key role.

AUSTIN, TX, UNITED STATES, January 30, 2025 /EINPresswire.com/ -- According to Research by SNS Insider, The Medical Device Engineering Market was valued at USD 10.98 Billion in 2023 and is expected to grow at a CAGR of 9.59% from 2024 to 2032, reaching USD 25.27 Billion by 2032. The expansion of healthcare infrastructure in emerging markets and the increasing incidence of chronic diseases further fuel the demand for cutting-edge medical device solutions.

Market Overview
The medical device engineering industry encompasses the design, development, testing, and manufacturing of medical devices, which are critical in diagnosing, monitoring, and treating patients. With the rapid advancement in medical technology, the demand for high-quality, reliable devices continues to rise. As a result, medical device engineering plays an essential role in ensuring that products meet strict regulatory standards and fulfill the needs of modern healthcare systems. The medical device engineering market is characterized by high levels of innovation, with companies focusing on automation, artificial intelligence, and advanced materials to enhance device performance.

The growing trend of outsourcing engineering services by medical device manufacturers is a key market driver. By outsourcing non-core functions like software development, testing, and regulatory compliance, companies can reduce development costs, speed up product time-to-market, and focus on their primary competencies. The increasing integration of software into medical devices, as well as the rise in regulatory standards and cybersecurity concerns, further contribute to the growth of outsourced engineering services.

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Key Players in Medical Device Engineering Market
• L&T Technology Services Limited
• Infosys Limited (India)
• HCL Technologies Limited (India)
• Cyient (India)
• Wipro (India)
• Tech Mahindra Limited (India)
• TATA Consultancy Services Limited (India)
• FLEX LTD (US)
• Capgemini (France)
• Embien Technologies India Pvt Ltd. (India)
• Alten Group (France)
• Accenture (Ireland)
• Consonance (Poland)
• Althea Group (US)
• MED INSTITUTE (US)
• Saraca Solutions Private Limited (India)
• Nemedio Inc. (US)
• Sternum (Israel)
• Medcrypt (US)
• MCRA LLC (US)
• North American Science Associates LLC (US)
• MedQtech (Sweden)
• Veranex (US)
• Ontogen Medtech LLC (US)
• Seisa Media (US)
• Simplexity Product Development (US)

Segment Analysis
By Service Type
The Software Development & Testing Services segment dominated the market, holding 28% of the market share in 2023. The popularity of outsourcing these services has significantly increased, as medical device firms seek to reduce development costs, accelerate product launches, and access specialized expertise. By outsourcing software development and testing, companies can focus on innovation and product design while leveraging external collaborators for compliance and performance needs. This outsourcing trend is also driven by the growing complexity of medical devices, which now frequently incorporate embedded software, connectivity functions, and data analytics.

The demand for specialized software services is fueled by stricter regulatory requirements from agencies like the FDA, particularly regarding software validation and cybersecurity measures. As a result, companies are increasingly relying on expert service providers like TietoEVRY and Tata Consultancy Services (TCS) to ensure compliance and improve operational efficiency.

By Device Type
In 2023, Diagnostic Imaging Equipment held the largest market share in the Medical Device Engineering Market, accounting for 28% of the total market. The increasing demand for advanced imaging technologies, driven by a growing emphasis on early disease detection, is a major factor behind this dominance. Diagnostic imaging devices, such as CT scanners, MRI machines, and ultrasound equipment, enable early diagnosis, leading to more effective treatment and better patient outcomes.

Innovations in diagnostic imaging, such as the integration of AI and machine learning, are transforming the healthcare landscape. These technologies enhance image quality, speed up diagnosis, and enable the detection of conditions that might be missed by traditional methods. Major companies like Siemens Healthineers, GE Healthcare, and Philips Healthcare are driving these advancements with products that enhance diagnostic accuracy and patient safety. The growing use of AI algorithms in diagnostic imaging equipment also facilitates faster diagnosis and more precise treatment planning.

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Medical Device Engineering Market Segmentation

By Service Type
• Product Innovation & Design/Industrial Design Services
• Prototyping Services
• Electronics Engineering Services
• Software Development & Testing Services
• Connectivity And Mobility Services
• Cybersecurity Services
• Product Testing Services
• Regulatory Consulting Services
• Product Support & Maintenance Services

By Device Type
• Diagnostic Imaging Equipment
• Surgical Equipment
• Patient Monitoring Devices & Life Support Devices
• Medical Lasers
• Ivd Devices
• Other Medical Devices (Ophthalmology, Dental, Durable Medical Devices, Lab Equipment and Others)

Recent Developments
• In October 2023, TietoEVRY introduced a new platform that improves the software development and validation processes for medical device manufacturers, enhancing regulatory compliance and speed-to-market.
• In June 2023, Tata Consultancy Services (TCS) announced a partnership with Medtronic to provide software testing and validation services, optimizing the development of new medical devices.
• In April 2024, Siemens Healthineers unveiled its new AI-powered diagnostic imaging software that increases the accuracy and speed of medical imaging, reducing the time required for doctors to make diagnoses.
• In February 2024, GE Healthcare launched a new series of CT scanners equipped with AI algorithms designed to reduce radiation exposure while maintaining diagnostic accuracy.
• In January 2024, Philips Healthcare introduced a next-generation MRI machine that offers improved resolution and shorter scan times, advancing the capabilities of diagnostic imaging.
• In December 2023, Medtronic expanded its remote patient monitoring platform, integrating AI and machine learning capabilities to provide real-time analysis of patient data.

Regional Analysis
In 2023, North America held the largest share of the medical device engineering market, accounting for 33% of the total market. This dominance can be attributed to the region’s advanced healthcare infrastructure, favorable regulatory environment, and strong focus on research and development. The increasing demand for innovative medical devices and the presence of leading medical device manufacturers in the region further bolster market growth. The United States, in particular, is a major contributor to the growth, driven by the rising prevalence of chronic diseases and the aging population.

Asia-Pacific is expected to grow at the highest growth rate during the forecast period. This region's growth is propelled by increasing healthcare investments, technological advancements, and a rapidly aging population. Countries like China, India, and Japan are expected to play a significant role in driving the medical device engineering market due to the growing adoption of digital healthcare solutions and diagnostic equipment.

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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Medical Device Engineering Market by Service Type
8. Medical Device Engineering Market by Device Type
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion

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