Medical Device Engineering Market Size, Share & Trends by Service Type (Product Support & Maintenance Services, Regulatory Consulting Services), Device Type (Patient Monitoring Devices & Life Support Devices, Medical Lasers, IVD Devices) - Global Forecast

Medical Device Engineering Market Size, Share & Trends by Service Type (Product Support & Maintenance Services, Regulatory Consulting Services), Device Type (Patient Monitoring Devices & Life Support Devices, Medical Lasers, IVD Devices) - Global Forecast to 2029

The medical device engineering market is projected to reach USD 20.1 Billion by 2029 from USD 12.0 Billion in 2024 at a CAGR of 10.8% during the forecast period. An increasing number of medical device companies are collaborating with engineering service providers to bring new innovations and enhance capabilities in the market. These partnerships help a company avail specific professional skills, state-of-the-art technologies, and full R&D facilities that an engineering service provider has at its disposal. Such collaborations will fast-track the development of innovative medical devices and simplify regulatory compliance, reducing time-to-market. This enables sharing of best practices and knowledge to advance the development environment in the collaborative effort. This synergy not only optimizes resource utilization but also allows for a new medical device to be safe, effective, and have a market need.

“The software development & testing services segment is projected to experience the highest CAGR during the forecast period.”

The software development & testing services segment is projected to experience the highest CAGR during the forecast period. Healthcare providers and patients seek out more individualized medical solutions to be able to meet each patient's needs and preferences. With the offering of development and testing services on devices, comes the scope for customization of a device to suit the given requirements using adaptive control algorithms, user interface personalization, or even interoperability with other healthcare systems.

“Diagnostic imaging equipment segment projected the rapid growth during the forecast period.”

The diagnostic imaging equipment segment will grow at the highest CAGR in the global medical device engineering market during the forecast period, as there has been rapid development in healthcare infrastructure, especially in emerging economies. Most of these regions are having many new hospitals and diagnostic centers; all these hospitals and diagnostic centers are well-equipped with advanced imaging technologies. High-resolution and 3D imaging in advanced diagnostic tools raise the accuracy and speed of diagnosis; greater integration of AI and ML into the image analysis procedure enhances image analysis and interpretation. This growth in advanced healthcare facilities and state-of-the-art technologies is boosting the segment for diagnostic imaging equipment quite rapidly.

“North America to witness the substantial growth rate during the forecast period.”

The medical device engineering market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa based on the region type. In 2023, the Asia Pacific region is anticipated to exhibit the highest compound annual growth rate (CAGR) during the forecast period. However, North America holds the largest share of the medical device engineering market in 2023. One of the major factors behind North America's leading position in the medical device engineering market is its robust economic strength. This region's high spending toward healthcare ensures that funding for medical equipment innovations and enhancements never comes to a halt. Proper medical care also ensures that the patients recover better, hence demanding more developed medical devices. This optimistic economic outlook attracts hefty investments in R&D, thus providing for the development and deployment of new and innovative technologies for medical applications. This is a region that offers access to the best engineering talent, as well as enables close collaboration among the industry leaders, leading-edge research institutions, and innovative healthcare providers in further building and fine-tuning medical device engineering.

A breakdown of the primary participants (supply-side) for the medical device engineering market referred to for this report is provided below:

By Company Type: Tier 1–45%, Tier 2–34%, and Tier 3–21%

By Designation: C-level–26%, Director Level–30%, and Others–44%

By Region: North America–35%, Europe–32%, Asia Pacific–25%, Latin America- 6%, and Middle East and Africa– 2%

Prominent players in this market include L&T Technology Services Limited (India), 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), and Simplexity Product Development (US).

Research Coverage:

The market study covers the medical device engineering market across various segments. It aims at estimating the market size and the growth potential of this market across different segments by service type, device type, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies.

Reasons to Buy the Report

This report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.

This report provides insights on:

 Analysis of Market Dynamics: Drivers (growing demand for medical devices driven by aging population and chronic disease incidence boosts need for advanced engineering services, industry 4.0 significantly impacting the medical device engineering market, and ensuring regulatory compliance and stringent quality controls drives expansion of medical device engineering market) restraints (high costs and investment demands will constrain growth) opportunities (growing complexities of medical devices, and strategic collaborations and acquisitions between market players to boost the innovation in medical device engineering), and challenges (survival of small players in highly fragmented and competitive market, and concerns about cybersecurity)

 Services/Innovations: Detailed insights on upcoming technologies, research & development activities, and new service launches in the medical device engineering market.

 Market Development: Comprehensive information on the lucrative emerging markets, components, demographics, end-user, and region.

 Market Diversification: Exhaustive information about the product portfolios, growing geographies, recent developments, and investments in the medical device engineering market.

 Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, and capabilities of the leading players in the medical device engineering market like L&T Technology Services Limited (India), Infosys Limited (India), HCL Technologies Limited (India), Cyient (India), TATA Consultancy Services Limited (India) among others.

Tables List

Table 1 Usd Currency Conversion Rates, 2019–2023 (Usd)

Table 2 Medical Device Engineering Market: Porter’s Five Forces Analysis

Table 3 Japan: Medical Device Classification Under Pmda

Table 4 China: Classification Of Medical Devices

Table 5 North America: List Of Regulatory Bodies, Government Agencies,

And Other Organizations

Table 6 Europe: List Of Regulatory Bodies, Government Agencies,

And Other Organizations

Table 7 Asia Pacific: List Of Regulatory Bodies, Government Agencies,

And Other Organizations

Table 8 Latin America: List Of Regulatory Bodies, Government Agencies,

And Other Organizations

Table 9 Middle East & Africa: List Of Regulatory Bodies, Government

Agencies, And Other Organizations

Table 10 Average Selling Price Of Medical Device Regulatory Consulting Services For Hcl Technologies Limited, By Region, 2021–2023 (Usd)

Table 11 Indicative Pricing For Medical Device Software Development And Testing Services, Prototyping Services, And Cybersecurity

Services, 2023 (Usd)

Table 12 Trade Analysis Of Medical Device Products, 2023 (Usd Million)

Table 13 Import Data For Instruments And Appliances Used In Medical, Surgical, Dental Or Veterinary Sciences, N.E.S. (Hs Code 9018), By Country,

2019–2023 (Usd Thousand)

Table 14 Export Data For Instruments And Appliances Used In Medical, Surgical, Dental Or Veterinary Sciences, N.E.S. (Hs Code 9018), By Country,

2019–2023 (Usd Thousand)

Table 15 List Of Key Conferences And Events In Medical Device Engineering Market In 2024–2025

Table 16 Influence Of Stakeholders In Buying Process For Medical Device Engineering Based On End User

Table 17 Key Buying Criteria For Medical Device Engineering Based On End User

Table 18 Medical Device Engineering Market: Ecosystem Analysis

Table 19 Software Product Services: Medical Device Engineering

By Infosys Limited (India)

Table 20 Automated Infusion Pump: Affordable Infusion Pump With

Flow Rate Accuracy Of 0.01ml Per Hour By Tata Elxi (India)

Table 21 Medical Device Engineering Market, By Service Type,

2022–2029 (Usd Million)

Table 22 Key Players Providing Product Innovation & Design/Industrial

Design Services

Table 23 Medical Device Product Innovation & Design/Industrial Design Services Market, By Country, 2022–2029 (Usd Million)

Table 24 Key Players Providing Prototyping Services

Table 25 Medical Device Prototyping Services Market, By Country,

2022–2029 (Usd Million)

Table 26 Key Players Providing Electronics Engineering Services

Table 27 Medical Device Electronics Engineering Services Market,

By Country, 2022–2029 (Usd Million)

Table 28 Key Players Providing Software Development & Testing Services

Table 29 Medical Device Software Development & Testing Services Market,

By Country, 2022–2029 (Usd Million)

Table 30 Key Players Providing Connectivity And Mobility Services

Table 31 Medical Device Engineering Market For Connectivity And Mobility Services, By Country, 2022–2029 (Usd Million)

Table 32 Key Players Providing Cybersecurity Services

Table 33 Medical Device Cybersecurity Services Market, By Country,

2022–2029 (Usd Million)

Table 34 Key Players Providing Product Testing Services

Table 35 Medical Device Product Testing Services Market, By Country,

2022–2029 (Usd Million)

Table 36 Key Players Providing Regulatory Consulting Services

Table 37 Medical Device Regulatory Consulting Services Market, By Country, 2022–2029 (Usd Million)

Table 38 Key Players Providing Product Support & Maintenance Services

Table 39 Medical Device Engineering Market For Product Support & Maintenance Services, By Country, 2022–2029 (Usd Million)

Table 40 Medical Device Engineering Market, By Facility Type,

2022–2029 (Usd Million)

Table 41 Medical Device Engineering Market For Engineering Service Providers (Esps), By Service Type, 2022–2029 (Usd Million)

Table 42 Medical Device Engineering Market For Global Capability Centers (Gccs), By Service Type, 2022–2029 (Usd Million)

Table 43 Medical Device Engineering Market For In-house Services, By Service Type, 2022–2029 (Usd Million)

Table 44 Medical Device Engineering Market, By Device Type,

2022–2029 (Usd Million)

Table 45 Medical Device Engineering Market For Diagnostic Imaging Equipment, By Country, 2022–2029 (Usd Million)

Table 46 Medical Device Engineering Market For Patient Monitoring & Life Support Devices, By Country, 2022–2029 (Usd Million)

Table 47 Medical Device Engineering Market For Surgical Equipment,

By Country, 2022–2029 (Usd Million)

Table 48 Medical Device Engineering Market For Medical Lasers, By Country, 2022–2029 (Usd Million)

Table 49 Medical Device Engineering Market For Ivd Devices, By Country,

2022–2029 (Usd Million)

Table 50 Medical Device Engineering Market For Other Medical Devices,

By Country, 2022–2029 (Usd Million)

Table 51 Medical Device Engineering Market, By Region, 2022–2029 (Usd Million)

Table 52 North America: Medical Device Engineering Market, By Country,

2022–2029 (Usd Million)

Table 53 North America: Medical Device Engineering Market, By Service Type, 2022–2029 (Usd Million)

Table 54 North America: Medical Device Engineering Market, By Device Type, 2022–2029 (Usd Million)

Table 55 Us: Key Macroeconomic Indicators

Table 56 Us: Medical Device Engineering Market, By Service Type,

2022–2029 (Usd Million)

Table 57 Us: Medical Device Engineering Market, By Device Type,

2022–2029 (Usd Million)

Table 58 Canada: Key Macroeconomic Indicators

Table 59 Canada: Medical Device Engineering Market, By Service Type,

2022–2029 (Usd Million)

Table 60 Canada: Medical Device Engineering Market, By Device Type,

2022–2029 (Usd Million)

Table 61 Europe: Medical Device Engineering Market, By Country,

2022–2029 (Usd Million)

Table 62 Europe: Medical Device Engineering Market, By Service Type,

2022–2029 (Usd Million)

Table 63 Europe: Medical Device Engineering Market, By Device Type,

2022–2029 (Usd Million)

Table 64 Germany: Key Macroeconomic Indicators

Table 65 Germany: Medical Device Engineering Market, By Service Type,

2022–2029 (Usd Million)

Table 66 Germany: Medical Device Engineering Market, By Device Type,

2022–2029 (Usd Million)

Table 67 Uk: Key Macroeconomic Indicators

Table 68 Uk: Medical Device Engineering Market, By Service Type,

2022–2029 (Usd Million)

Table 69 Uk: Medical Device Engineering Market, By Device Type,

2022–2029 (Usd Million)

Table 70 France: Key Macroeconomic Indicators

Table 71 France: Medical Device Engineering Market, By Service Type,

2022–2029 (Usd Million)

Table 72 France: Medical Device Engineering Market, By Device Type,

2022–2029 (Usd Million)

Table 73 Italy: Key Macroeconomic Indicators

Table 74 Italy: Medical Device Engineering Market, By Service Type,

2022–2029 (Usd Million)

Table 75 Italy: Medical Device Engineering Market, By Device Type,

2022–2029 (Usd Million)

Table 76 Spain: Key Macroeconomic Indicators

Table 77 Spain: Medical Device Engineering Market, By Service Type,

2022–2029 (Usd Million)

Table 78 Spain: Medical Device Engineering Market, By Device Type,

2022–2029 (Usd Million)

Table 79 Rest Of Europe: Medical Device Engineering Market, By Service Type, 2022–2029 (Usd Million)

Table 80 Rest Of Europe: Medical Device Engineering Market, By Device Type, 2022–2029 (Usd Million)

Table 81 Asia Pacific: Medical Device Engineering Market, By Country,

2022–2029 (Usd Million)

Table 82 Asia Pacific: Medical Device Engineering Market, By Service Type,

2022–2029 (Usd Million)

Table 83 Asia Pacific: Medical Device Engineering Market, By Device Type,

2022–2029 (Usd Million)

Table 84 Japan: Key Macroeconomic Indicators

Table 85 Japan: Medical Device Engineering Market, By Service Type,

2022–2029 (Usd Million)

Table 86 Japan: Medical Device Engineering Market, By Device Type,

2022–2029 (Usd Million)

Table 87 China: Key Macroeconomic Indicators

Table 88 China: Medical Device Engineering Market, By Service Type,

2022–2029 (Usd Million)

Table 89 China: Medical Device Engineering Market, By Device Type,

2022–2029 (Usd Million)

Table 90 India: Key Macroeconomic Indicators

Table 91 India: Medical Device Engineering Market, By Service Type,

2022–2029 (Usd Million)

Table 92 India: Medical Device Engineering Market, By Device Type,

2022–2029 (Usd Million)

Table 93 Australia: Key Macroeconomic Indicators

Table 94 Australia: Medical Device Engineering Market, By Service Type,

2022–2029 (Usd Million)

Table 95 Australia: Medical Device Engineering Market, By Device Type,

2022–2029 (Usd Million)

Table 96 South Korea: Key Macroeconomic Indicators

Table 97 South Korea: Medical Device Engineering Market, By Service Type, 2022–2029 (Usd Million)

Table 98 South Korea: Medical Device Engineering Market, By Device Type,

2022–2029 (Usd Million)

Table 99 Rest Of Asia Pacific: Medical Device Engineering Market, By Service Type, 2022–2029 (Usd Million)

Table 100 Rest Of Asia Pacific: Medical Device Engineering Market, By Device Type, 2022–2029 (Usd Million)

Table 101 Latin America: Medical Device Engineering Market, By Country, 2022–2029 (Usd Million)

Table 102 Latin America: Medical Device Engineering Market, By Service Type, 2022–2029 (Usd Million)

Table 103 Latin America: Medical Device Engineering Market, By Device Type, 2022–2029 (Usd Million)

Table 104 Brazil: Key Macroeconomic Indicators

Table 105 Brazil: Medical Device Engineering Market, By Service Type,

2022–2029 (Usd Million)

Table 106 Brazil: Medial Device Engineering Market, By Device Type,

2022–2029 (Usd Million)

Table 107 Mexico: Key Macroeconomic Indicators

Table 108 Mexico: Medical Device Engineering Market, By Service Type,

2022–2029 (Usd Million)

Table 109 Mexico: Medical Device Engineering Market, By Device Type,

2022–2029 (Usd Million)

Table 110 Rest Of Latin America: Medical Device Engineering Market, By Service Type, 2022–2029 (Usd Million)

Table 111 Rest Of Latin America: Medial Device Engineering Market, By Device Type, 2022–2029 (Usd Million)

Table 112 Middle East & Africa: Medical Device Engineering Market, By Country, 2022–2029 (Usd Million)

Table 113 Middle East & Africa: Medical Device Engineering Market, By Service Type, 2022–2029 (Usd Million)

Table 114 Middle East & Africa: Medical Device Engineering Market, By Device Type, 2022–2029 (Usd Million)

Table 115 Gcc Countries: Medical Device Engineering Market, By Service Type, 2022–2029 (Usd Million)

Table 116 Gcc Countries: Medial Equipment Maintenance, By Device Type,

2022–2029 (Usd Million)

Table 117 Rest Of Middle East & Africa: Medical Device Engineering Market,

By Service Type, 2022–2029 (Usd Million)

Table 118 Rest Of Middle East & Africa: Medial Device Engineering Market,

By Device Type, 2022–2029 (Usd Million)

Table 119 Medical Device Engineering Market: Degree Of Competition

Table 120 Service Type Footprint

Table 121 Device Type Footprint

Table 122 Regional Footprint

Table 123 Medical Device Engineering Market: Detailed List Of

Key Startup/Sme Players

Table 124 Medical Device Engineering: Competitive Benchmarking Of Key Startup/Sme Players, By Region

Table 125 Medical Device Engineering Market: Deals, January 2020–july 2024

Table 126 Medical Device Engineering Market: Expansions,

January 2020–july 2024

Table 127 Medical Device Engineering Market: Developments,

January 2020–july 2024

Table 128 L&T Technology Services Limited (Ltts): Company Overview

Table 129 L&T Technology Services Limited (Ltts): Services Offered

Table 130 L&T Technology Services Limited (Ltts): Deals

Table 131 L&T Technology Services Limited (Ltts): Expansions

Table 132 Infosys Limited: Company Overview

Table 133 Infosys Limited: Services Offered

Table 134 Infosys Limited: Deals

Table 135 Hcl Technologies Limited: Company Overview

Table 136 Hcl Technologies Limited: Services Offered

Table 137 Hcl Technologies Limited: Deals

Table 138 Hcl Technologies Limited: Expansions

Table 139 Tata Consultancy Services Limited: Company Overview

Table 140 Tata Consultancy Services Limited: Services Offered

Table 141 Tata Consultancy Services Limited: Developments

Table 142 Cyient: Company Overview

Table 143 Cyient: Services Offered

Table 144 Wipro Limited: Company Overview

Table 145 Wipro Limited: Services Offered

Table 146 Tech Mahindra Limited: Business Overview

Table 147 Tech Mahindra Limited: Services Offered

Table 148 Tech Mahindra Limited: Developments

Table 149 Capgemini: Company Overview

Table 150 Capgemini: Services Offered

Table 151 Capgemini: Developments

Table 152 Accenture Plc: Business Overview

Table 153 Accenture Plc: Services Offered

Table 154 Alten Group: Company Overview

Table 155 Alten Group: Services Offered

Table 156 Alten Group: Deals

Table 157 Flex Ltd: Business Overview

Table 158 Flex Ltd: Services Offered

Table 159 Althea Group: Business Overview

Table 160 Althea Group: Services Offered

Table 161 Embien Technologies India Pvt Ltd.: Company Overview

Table 162 Embien Technologies India Pvt Ltd.: Services Offered

Table 163 Embien Technologies India Pvt Ltd.: Deals

Table 164 Saraca Solutions Private Limited: Company Overview

Table 165 Saraca Solutions Private Limited: Services Offered

Table 166 Consonance: Business Overview

Table 167 Consonance: Services Offered

Table 168 Med Institute: Business Overview

Table 169 Med Institute: Services Offered

Figures List

Figure 1 Medical Device Service Engineering Market Segmentation

Figure 2 Study Years Considered

Figure 3 Research Design

Figure 4 Key Data From Secondary Sources

Figure 5 Breakdown Of Primary Interviews, By Company Type,

Designation, And Region

Figure 6 Primary Sources: Medical Device Engineering Market

Figure 7 Research Methodology: Hypothesis Building

Figure 8 Revenue-based Market Size Estimation

Figure 9 Data Triangulation Methodology

Figure 10 Medical Device Engineering Market, By Service Type,

2024 Vs. 2029 (Usd Million)

Figure 11 Medical Device Engineering Market, By Device Type,

2024 Vs. 2029 (Usd Million)

Figure 12 Geographic Snapshot: Medical Device Engineering Market

Figure 13 Increase In Prevalence Of Chronic Disorders: Major Factor Driving Market Growth

Figure 14 Patient Monitoring Devices &Life Support Devices And China Accounted For Largest Segmental Shares Of Asia Pacific Market In 2023

Figure 15 China To Register Highest Growth Rate During Forecast Period

Figure 16 North America To Continue To Dominate Medical Device Engineering Market During Forecast Period

Figure 17 Developing Markets To Register Higher Growth

Rates During Forecast Period

Figure 18 Medical Device Engineering Market: Drivers, Restraints, Opportunities, And Challenges

Figure 19 Medical Device Engineering Market: Value Chain Analysis

Figure 20 Supply Chain Analysis

Figure 21 Medical Device Engineering Market: Porter’s Five Forces Analysis

Figure 22 Patent Publication Trends, 2014–2024

Figure 23 Top Applicants And Owners (Companies/Institutions) For Medical Device Engineering Patents, 2014–2024

Figure 24 Average Selling Price Of Medical Device Regulatory Consulting Services For Hcl Technologies Limited, By Region, 2023 (Usd)

Figure 25 Influence Of Stakeholders In Buying Process For Medical Device Engineering Based On End User

Figure 26 Key Buying Criteria For Medical Device Engineering Based On End User

Figure 27 Key Features Of Generative Ai In Medical Device Engineering Market

Figure 28 Medical Device Engineering Market: Ecosystem

Figure 29 Medical Device Engineering Market: Trends/ Disruptions Affecting Customers’ Businesses

Figure 30 Number Of Deals & Fundings In Medical Device Engineering Market, 2018–2022 (Usd Million)

Figure 31 Number Of Investor Deals, By Key Player, 2018–2022

Figure 32 Value Of Investor Deals, By Key Player, 2018–2022 (Usd Million)

Figure 33 North America: Medical Device Engineering Market Snapshot

Figure 34 Asia Pacific: Medical Device Engineering Market Snapshot

Figure 35 Overview Of Strategies Deployed By Key Service-based Companies

Figure 36 Revenue Analysis Of Top Three Players In Medical Device Engineering Market, 2019–2023 (Usd Million)

Figure 37 Market Share Analysis Of Key Players, 2023

Figure 38 Ev/Ebitda Of Key Vendors

Figure 39 Year-to-date (Ytd) Price Total Return And 5-year

Stock Beta Of Key Vendors

Figure 40 Medical Device Engineering Market:

Company Evaluation Matrix (Key Players), 2023

Figure 41 Company Footprint, 2023

Figure 42 Medical Device Engineering Market: Company Evaluation Matrix (Startups/Smes), 2023

Figure 43 Brand/Product Comparative Analysis, By Model

Figure 44 R&D Expenditure Of Key Players, 2022 Vs. 2023 (Usd Million)

Figure 45 L&T Technology Services Limited (Ltts): Company Snapshot, 2023

Figure 46 Infosys Limited: Company Snapshot, 2023

Figure 47 Hcl Technologies Limited: Company Snapshot, 2023

Figure 48 Tata Consultancy Services Limited: Company Snapshot, 2024

Figure 49 Cyient: Company Snapshot, 2023

Figure 50 Wipro Limited: Company Snapshot, 2024

Figure 51 Tech Mahindra Limited: Company Snapshot, 2023

Figure 52 Capgemini: Company Snapshot, 2023

Figure 53 Accenture Plc: Company Snapshot, 2023

Figure 54 Alten Group: Company Snapshot, 2023

Figure 55 Flex Ltd: Company Snapshot, 2024