Medical Device Engineering Services Market Is Driven By Outsourcing Advantage
The medical device engineering services market comprises engineering design and development, regulatory and quality compliance, product implementation, testing and maintenance services. Medical device engineering services help companies bring innovative medical technologies to market quickly by leveraging expertise in electronics, mechanics and embedded software. Outsourcing engineering services to specialist firms provides scalability, access to technical skills and lower costs than in-house development teams. Medical device firms are increasingly relying on engineering partners for product design and development to focus on their core competencies.
The Global Medical Device Engineering Services Market is estimated to be valued at US$ 12.05 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the medical device engineering services are Infosys Limited, Cyient, Accenture, Embien Technologies India Pvt Ltd., Saraca Solutions Private Limited, Tata Elxsi, Iziel, Wipro, Althea Group, L&T Technology Services Limited., Altran, ALTEN Technology, Flextronics International, LTD., Nordson Corporation, ClariMed, Inc. Growing demand for specialty engineering skills from medical technology firms and cost advantages of outsourcing are driving the market. Several mergers and acquisitions have also accelerated the global expansion of key players in the medical device engineering services market.
The Medical Device Engineering Services Market is witnessing growing demand from firms developing innovative technologies such as implantables, diabetes care devices, surgical robots, dental implants and orthopedic joint replacements. Outsourcing engineering simplifies product development and accelerates time to market for companies focused on research, marketing and sales.
Key players have expanded globally through acquisitions and partnerships to address the diverse engineering needs of medical device manufacturers worldwide. For example, Tata Elxsi acquired Annsum Inc. to boost its in-vitro diagnostics capabilities in 2021. Flextronics acquired Advanced Integration Technology to enhance its orthopedic product development expertise. This has enabled engineering firms to provide end-to-end services from design to production for a larger share of the value chain.
Market Drivers
Outsourcing to specialized medical device engineering service providers helps companies access technical skills and infrastructure not feasible to develop in-house. This lowers development costs and timelines while ensuring products meet stringent regulatory norms. The shortage of talent with cross-functional skills in electronics, mechanics, embedded software and regulatory knowledge is a key driver for outsourcing. Medical device firms can focus on core areas such as research and commercialization with the help of engineering partners managing product development.
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