CHICAGO, Aug. 9, 2024 /PRNewswire/ -- The global Medical
Device Engineering Market is expected to grow from USD 12.0 billion in 2024 to USD 20.1 billion by 2029, at a CAGR of 10.8%. 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 enhance device functionality and manufacturing efficiency.
Despite high costs and investment barriers, opportunities 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 APAC due to favorable regulatory changes. Key players
include L&T Technology Services, Infosys, and HCL Technologies,
focusing on outsourcing and expanding services to meet growing
demands and regulatory standards.
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L&T Technology Services Limited: Leading Innovator in
Medical Device Engineering
L&T Technology Services Limited (LTTS) stands out as a top
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: Prominent Player in Medical Device
Engineering
Infosys is a leading 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: Expert in Medical Device
Engineering
HCL Technologies Limited is a renowned leader in global
engineering solutions 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.
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Medical Device Engineering Market Segmentation: Key Areas of
Focus
In 2023, the global medical device engineering market was
segmented into various types, including 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,
and product support & maintenance services. Among these, the
software development & testing services segment is projected to
experience the fastest growth. This surge is driven by ongoing
advancements in medical technology and the increasing integration
of software to enhance the functionality, connectivity, and
interoperability of medical devices.
Device Type Segmentation: Diagnostic Imaging Equipment
Leads
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.
Regional Insights: North
America at the Forefront
Geographically, the medical device engineering market is divided
into North America, Europe, Asia
Pacific, Latin America, the
Middle East, and Africa. North
America held the largest market share in 2023, primarily due
to the advanced healthcare infrastructure in the United States and a high demand for
sophisticated medical devices. The presence of major device
companies and stringent regulatory requirements in this region
further stimulates the need for specialized engineering
services.
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