Summary: The global medical device engineering market is projected to grow from $12 billion in 2024 to $20.1 billion by 2029, at a CAGR of 10.8%. This growth is driven by technological advancements, rising chronic disease incidence, and regulatory requirements.

Key Takeaways:

  • Market Growth: The global medical device engineering market could reach $20.1 billion by 2029, driven by technological advancements and an aging population.
  • Key Segments: Diagnostic imaging equipment is expected to grow the fastest, aided by advancements in high-resolution and 3D imaging.

The global medical device engineering market is expected to grow from $12 billion in 2024 to $20.1 billion by 2029, at a compound annual growth rate (CAGR) of 10.8%, according to consulting firm MarketsandMarkets.

Market Drivers and Innovations

According to the firm, the medical device engineering market is driven by technological advancements, rising chronic disease incidence, and strict regulatory requirements. Innovations such as wearable health monitors, alongside an aging population, boost demand for advanced engineering services. Industry 4.0 technologies like IoT, AI, and robotics are expected to enhance device functionality and manufacturing efficiency.

Key Market Segments

The market is categorized by device type into diagnostic imaging equipment, surgical equipment, patient monitoring devices & life support devices, medical lasers, and other medical devices. The diagnostic imaging equipment segment is anticipated to grow at the highest CAGR during the forecast period. This growth is supported by advancements in high-resolution and 3D imaging techniques, which improve diagnostic accuracy and efficiency. Additionally, the integration of artificial intelligence and machine learning in imaging modalities further enhances image analysis and interpretation, driving the adoption and expansion of this segment.

Challenges and Opportunities

Despite high costs and investment barriers, opportunities are expected to arise from increasingly complex medical devices requiring specialized engineering. Cybersecurity concerns also pose challenges, particularly with connected devices. Market growth is notable in regions like Asia-Pacific (APAC) due to favorable regulatory changes. Key players include L&T Technology Services (LTTS), Infosys, and HCL Technologies, focusing on outsourcing and expanding services to meet growing demands and regulatory standards.

Prominent Companies and Strategies

L&T Technology Services (LTTS) stands out as a key global provider of engineering services, specializing in end-to-end solutions for medical device OEMs. Known for its innovation, LTTS excels in developing cutting-edge medical device designs and delivery models. Their comprehensive services cover the entire product lifecycle, from concept design and new product development to testing and value engineering. Leveraging in-depth domain expertise and advanced technologies, LTTS addresses critical industry challenges while reducing time to market and costs. The company has co-authored over 60 medical patents and is a preferred partner for six of the world’s top ten medical device companies. With nearly 9,500 employees across six delivery centers and over 30 global locations, LTTS is well-positioned for continued success.

Infosys is also a key firm in the medical device engineering sector, offering comprehensive solutions to meet the industry’s dynamic needs. The company provides end-to-end services, including device design, development, maintenance, and regulatory compliance. Infosys is certified to ISO 13485, reflecting its commitment to quality and regulatory standards. The firm has also pursued inorganic growth through strategic acquisitions, such as Kaleidoscope Innovation, to enhance its global capabilities in patient treatment and consumer health solutions. Infosys continues to invest in both organic and inorganic growth to strengthen its position in the medical device market.

HCL Technologies Limited is a global engineering solutions provider for medical devices, boasting over 11 years of experience in the field. With a legacy of over 30 years in engineering, HCL has developed a range of complex electro-mechanical products compliant with 21 CFR Part 11, 21 CFR Part 820, and IEC 62304. The company’s Centers of Excellence encompass industrial design, imaging, reliability engineering, wireless design, and user interface design. HCL has successfully developed over 90 medical devices and partners with seven of the top ten medical device companies. Their services include new product introduction, design, development, testing, regulatory compliance, and legacy product management, ensuring adherence to FDA regulations and efficient project management.