Medical Device Engineering Services Market is Driven by Increasing Demand for Outsourcing Product Development and Quality Assurance Services
The medical device engineering services market consists of engineering services required across the product development lifecycle of various medical devices. Engineering services include product design and development, validation and testing, quality assurance, project management, and regulatory affairs. Owing to advantages such as reduced cost of development and access to advanced infrastructure, technologies, and skilled expertise, the demand for outsourcing medical device engineering requirements to contract service providers has increased significantly. Contract engineering organizations offer specialized resources and capabilities to effectively handle the intricate needs of medical device original equipment manufacturers. The growing complexities involved in developing innovative, safe and compliant medical devices have further augmented the requirement of proficient outsourced engineering partners.
The Global Medical Device Engineering Services Market is estimated to be valued at US$ 5.64 Bn in 2024 and is expected to exhibit a CAGR of 11 % over the forecast period between 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, LT Technology Services Limited., Altran, ALTEN Technology, Flextronics International, LTD., Nordson Corporation, ClariMed, Inc. Key players provide specialized capabilities including product design and development, prototyping, testing, quality assurance, regulatory and compliance services.
The growing demand for advanced medical devices to address the increasing disease burden globally is propelling the requirement for associated Medical Device Engineering Services Market Size . Original equipment manufacturers are actively outsourcing engineering needs to reduce cost and development timelines.
The medical device engineering services market is witnessing increased traction in emerging economies of Asia Pacific and Latin America owing to availability of skilled talent and infrastructure at competitive costs. Contract service providers are expanding capabilities and global footprint to better address the rising offshore outsourcing requirements.
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