Global Medical Component Manufacturing Market Grows at a CAGR of 5.1%

Introduction

Medical component manufacturing involves making and marketing components for monitoring, therapeutic, and diagnostic medical devices, tools, and implants. The market includes surgical, orthopedic, cardiovascular, diagnostic, dental, diabetes, 3D imaging, quality systems, measurement and inspection, lasers, and assembly segments.

Market Dynamics

Increasing Demand for Medical Devices Drives the Global Market

Advanced medical gadgets are predicted to grow in popularity. Due to technological advances like real-time patient data insights, medical device usage is predicted to rise, raising demand for medical component manufacturers. For instance, AliveCor released a wearable electrocardiogram medical band. This gadget monitors heart rate and stroke to detect cardiac problems. The product is a smart medical bracelet. Sensors on the band send EKG/ECGs to doctors.

In addition, collaboration in medical technologies is projected to continue to boost the medical device industry and the medical component manufacturing market. For instance, IBM Watson Health and Siemens Healthineers have partnered to provide value-based healthcare solutions for hospitals and population health management. The proposed joint venture might benefit clinical solutions, imaging, and medical technology data analysis. Such factors drive market growth.

Technological Advancements Create Tremendous Opportunities

Medical device regulations and technological development are continuous. Manufacturers should use a thorough data management approach to comprehend their data and ensure compliance. Productivity can be increased through supply chain automation and data-driven decision-making, and new product creation calls for ongoing innovation. Manufacturers might enhance their production techniques to increase their market share. This may open up fresh prospects for market expansion. An industry survey also suggests that China and India provide several chances for business providers. Despite lower penetration rates, large populations have a bigger market development potential for medical products. By emphasizing medical infrastructure and rural healthcare facilities, these administrations have improved public healthcare. Such factors are predicted to offer opportunities for market growth over the forecast period.

Regional Analysis

North America is the most significant global medical component manufacturing market shareholder and is estimated to exhibit a CAGR of 4.9% over the forecast period. In 2020, the U.S. made the most money on the North American market, with a share of over 85.0%. The North American market for medical components is expected to grow because more money is being put into healthcare, and more people are buying medical goods. People in the US, Canada, and Mexico will likely notice this change the most. The market for medical equipment and related goods is likely driven by the fact that people are living longer and getting older. In addition, the market in the area is expected to be driven by the presence of large players and the ability of customers to buy. The market study shows that 3D medical printing technology will likely open many doors shortly. Studying hospitals and universities in the United States could work together to explore new possibilities in different areas. These include making new tools for spinal surgery, removing tumors, and cranial surgery, as well as using 3D printing technology to plan surgeries and make living cells and biomaterials.

Key Highlights

• The global medical component manufacturing market size was valued at USD 15.34 billion in 2023. It is expected to reach USD 24.03 billion in 2032, growing at a CAGR of 5.1% over the forecast period (2024-2032).
• Based on process, the global medical component manufacturing market is bifurcated into forging, metal injection modeling, 3D printing, ceramic injection modeling, investment casting, and plastic injection modeling. The plastic injection molding technique dominates the global market and is estimated to grow at a CAGR of 4.2% during the forecast period.
• North America is the most significant global medical component manufacturing market shareholder and is estimated to exhibit a CAGR of 4.9% over the forecast period.

Competitive Players

1. Anchor Harvey
2. Rejoint SRL
3. Nexxt Spine LLC
4. 3D Systems, Inc.
5. Heraeus Holding
6. Simalex
7. American Casting Company
8. Optimum Medical Limited
9. MICRO Norwood Medical
10. Flex Ltd.
11. Jabil Inc.
12. TE Connectivity Ltd.
13. Sanmina Corporation
14. Nipro Corporation
15. Celestica Inc.

Recent Developments

• May 2024 -The USD 2 million refurbishment of Butler, Pennsylvania-based MRPC, a contract producer of medical device assemblies and components, was completed. Creating a cutting-edge cleanroom out of existing space in one of the company's buildings was the main goal of the eight-month project.
• February 2024 - The CEO position at Dayton-based Norwood Medical, a producer of medical devices, was announced. As a member of the Heraeus Group's board of managing directors, Jim Kircher succeeds Dr. Frank Stietz. The Heraeus Group is a German technology company that purchased Norwood Medical in December 2021

Segmentation

1. By Process
   1. Forging
   2. Metal Injection Molding
   3. 3D Printing
   4. Ceramic Injection Molding
   5. Investment Casting
   6. Plastic Injection Molding
   7. Others
2. By Service
   1. Device Development and Manufacturing Services
   2. Quality Management Services
   3. Final Goods Assembly Services
3. By Application
   1. Laparoscopy
   2. Pulmonary
   3. Urology And Gynecology
   4. Cardiovascular
   5. Others