Medical Component Manufacturing Market Size & Outlook, 2025-2033

Medical Component Manufacturing Market Overview

The global medical component manufacturing market size was valued at USD 16.12 billion in 2024 and is projected to grow from USD 16.94 billion in 2025 to USD 25.23 billion in 2033, growing at a CAGR of 5.1% over the forecast period (2025-2033). Increasing investments in healthcare infrastructure and the growing need for reliable medical devices are key growth drivers.

Key Market Insights

• North America dominated the medical component manufacturing industry and accounted for a 38% share in 2024.
• Based on process, plastic injection molding leads the market for its efficiency, precision, and wide medical applications.
• Based on service, device development, and manufacturing leads the market, covering the full process of designing and producing medical devices while ensuring regulatory compliance.
• Based on application, the cardiovascular segment leads the global market, due to high disease prevalence and growing demand for advanced treatment and surgical components.

Market Size & Forecast

• 2024 Market Size: USD 16.12 billion
• 2033 Projected Market Size: USD 25.23 billion
• CAGR (2025-2033): 5.1%
• Largest market in 2024: North America
• Fastest-growing market: Europe

The increasing prevalence of chronic diseases, an aging population, and the growing need for healthcare services drive the demand for a wide range of medical devices, thereby boosting the medical component manufacturing market.

Moreover, the trend toward personalized medicine, which involves tailoring medical treatment to individual patient needs, requires customized medical components, increasing the demand for specialized manufacturing services.

Medical component manufacturing pertains to producing medical components utilized in medical equipment, instruments, and implants for monitoring, therapeutics, and diagnostics. The market encompasses a wide range of segments, including surgical instruments and technologies, orthopedics, cardiovascular devices, diagnostic apparatus, dental instruments and technologies, diabetes devices, 3D imaging, quality systems, measurement and inspection, lasers, and assembly, among other areas.

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Medical Component Manufacturing Market Drivers

Increasing Demand for Medical Devices

The medical device sector will grow fast, reaching USD 795.0 billion by 2030. Lifestyle-related diseases and smart devices like trackers will enhance medical equipment demand. Medical device users will enhance demand for medical component producers. This is because of technological developments allowing for real-time patient data analysis. For instance, AliveCor released a heart rate-monitoring medical band. This gadget tracks heart rate and stroke to detect cardiac issues with a medical bracelet connected to a smart app. The bracelet sends physicians EKG/ECGs from sensors. Similarly, Portable Medical Technology developed an EU-approved app. The software helps physicians decide how to treat lung, colon, breast, and gut stromal tumors.

Furthermore, medical component sales will certainly increase due to medical device collaboration. For instance, IBM Watson Health and Siemens Healthineers offered value-based hospital and community health management. The new venture may assist companies in establishing clinical solutions, imaging, and medical technology data businesses. Medical component manufacturing should rise. The aforementioned factors are predicted to drive the medical component manufacturing sector's growth.

Rising Geriatric Population

The global aging population has experienced a pattern shift due to declining fertility rates and increasing life expectancy. The trend of longer lifespans has resulted in a significant increase in the proportion of elderly individuals or the geriatric population. The geriatric population is forecasted to grow by 100% over the next three decades, with a projected size of 1.5 million by the year 2050. The aging population exhibits greater healthcare requirements in contrast to the younger demographic, thereby anticipated to spur medical device demand and yield a favorable outcome for medical component production.

Additionally, the United States is a huge market for medical devices and has experienced an increase in the elderly population. According to the U.S. Census Bureau estimations, the population is expected to increase to 95 million by 2060. The increasing elderly population is expected to drive the demand for medical devices in the foreseeable future.

Market Restraint

High Material Costs Associated with 3d Printing

Materials for 3D printing, especially powder metals, can be quite pricey. There could be a 10-100x increase in price due to variations in the materials used. For printing, size, shape, and purity are essential, which can impact the pricing of the final product. According to the SR data, the going rate for 3D-printed stainless steel is USD 8.00 per square centimeter. Stainless steel, which is used in conventional production, is quite pricey.

In addition, the market analysis demonstrates that 3D printing faces quality, multi-material printing, material pricing, size, and scalability issues. In order to address these challenges, 3D printing will be employed in more medical applications as technology and material science progress. SR investigation indicated that the additive manufacturing process requires many hours for each horizontal inch. While working prototypes are possible, widespread production is unlikely. The above factor has the potential to restrain expansion in the production of medical components.

Market Opportunity

Technological Advancements

Regulations and technological advancements in medical devices are ongoing. Manufacturers should utilize a comprehensive data management approach to understand their data and maintain compliance. Automation of the supply chain and data-driven decision-making can boost productivity, and continuous innovation is required for new product development. To gain market share, manufacturers might improve their production processes. This can create new opportunities for market growth.

Additionally, an industry study indicates several opportunities for industry providers in China and India. Despite lower penetration rates, large populations have greater market development potential for medical devices. These administrations have enhanced public healthcare by emphasizing medical infrastructure and rural healthcare facilities. Without requiring regulatory approval, the Indian government automatically accepts 100 percent of all foreign direct investment (FDI) in this sector.

Regional Insights

North America led the global medical component manufacturing industry with a 38% market share and is estimated to exhibit a CAGR of 4.9% over the forecast period. The North American market for medical component manufacturing is anticipated to experience growth due to heightened investments in healthcare and a surge in demand for medical products. This trend is evident in the United States, Canada, and Mexico. The increasing age of the population and longer life expectancies are anticipated to drive the market for medical devices and associated products. The North American market also saw the U.S. as the top revenue generator, with a share of over 85.0% in 2020.

Furthermore, North America is estimated to experience the highest growth rate in the 3D printing market, driven by an increasing need for 3D printers that offer larger sizes, enhanced features, and greater compatibility with various materials. 3D medical printing technology is expected to offer a plethora of opportunities shortly. There is potential for research hospitals and universities in the United States to engage in collaborative efforts to investigate emerging opportunities in various fields. These may include developing innovative applications for spinal surgery, tumor removal, and craniofacial surgery, using 3D printing technology for surgical planning, and creating live cells and biomaterials.

Europe Market Trends

In Europe, the German market for medical and related products is expected to experience growth, with exports being a key factor in driving this trend. According to market research, the medical device industry in the country is currently the largest in Europe and ranks third globally. In 2020, the medical device export market was dominated by European countries, which held the largest share at 41%. The increasing healthcare expenses in the country, despite a high percentage of the insured population, are fuelling the need for medical devices. The projection indicates potential benefits for manufacturers of medical components. In addition, the medical device industry in Germany primarily comprises small and medium-sized enterprises, with a significant portion of their revenue generated from exports. As of 2020, the medical device industry in Germany comprises more than 1,200 manufacturers.

Asia-Pacific Market Trends

Asia-Pacific is expected to grow substantially over the forecast period. The region is responsible for 60% of the world's total population. The market for medical component manufacturing is predicted to benefit from the projected increase in demand for medical devices in the region due to factors such as the expanding private healthcare sector, rising income levels, and government incentives for medical device companies. A high aging population in certain countries, such as Japan, is the primary driver of the medical component manufacturing industry in the region. Due to large number of small and medium-sized manufacturers, the region has established itself as a prominent provider of medical components. According to market research, Olympus, Terumo, Hoya, Sonic Healthcare, Nipro, and Shimadzu are among the top medical device companies. The Asia-Pacific region is dominated by key product manufacturers such as China, Japan, and South Korea due to the strong industrial infrastructure in these economies.

Process Insights

In the market, plastic injection molding is the dominant segment by process. This method is highly preferred due to its versatility, efficiency, and cost-effectiveness in producing complex and precise medical components at scale. Plastic injection molding is ideal for creating a wide range of medical devices, from simple parts to intricate assemblies, with consistent quality and minimal material waste. Its ability to produce high volumes of parts quickly makes it invaluable in meeting the stringent demands of the healthcare sector. Additionally, advancements in biocompatible plastics and precision molding technologies have expanded its application in producing critical components for medical devices, further cementing its dominant position in the market.

Service Insights

Device development and manufacturing services lead the market by service in the global market. This segment encompasses the end-to-end process of designing, developing, and manufacturing medical devices, which is crucial for bringing innovative medical technologies to market. Companies specializing in these services provide the necessary expertise and infrastructure to translate conceptual designs into functional medical devices that meet regulatory standards. The demand for comprehensive development and manufacturing solutions has surged, driven by the rapid pace of medical innovation and the need for reliable production capabilities. These services are essential for startups and established companies alike, enabling them to focus on innovation while relying on experts to handle the complexities of manufacturing, thereby making this segment dominant.

Application Insights

Cardiovascular applications are the dominant segment in the medical component manufacturing market. This segment’s prominence is driven by the high prevalence of cardiovascular diseases worldwide and the continuous demand for advanced medical components used in diagnostics, treatment, and surgical procedures. Components such as stents, catheters, and heart valves require precise manufacturing processes to meet the stringent quality and performance standards essential for patient safety. Innovations in minimally invasive cardiovascular devices and the growing need for efficient and reliable treatment options fuel the demand in this segment. Consequently, the cardiovascular application segment garners significant focus and investment, underscoring its dominant position in the market for medical components.

List of key players in Medical Component Manufacturing Market

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.

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Recent Developments

• In September 2025, Krish Biomedicals inaugurated a new facility at the Medical Device Park in Noida, India, to manufacture ultra-low temperature deep freezers (-86°C) for vaccines and cell storage, along with centrifuges, plasma thawing baths, and blood-bank refrigerators. This launch strengthens the company’s capabilities in critical medical components for cold chain management and specimen handling.
• In March 2025, Samsung’s NeuroLogica launched its next-generation mobile CT portfolio in India, including the CereTom Elite, OmniTom Elite, OmniTom Elite PCD, and BodyTom 32/64. These systems deliver flexible, high-quality imaging for ICUs, operating rooms, and emergency care, reinforcing Samsung’s role in the medical component manufacturing market.
• In February 2025, Meril launched the Mizzo Endo 4000, a next-generation robotic soft-tissue surgical system in India. Designed to enhance precision, control, and accessibility in minimally invasive surgeries, the system represents a significant advancement in medical component manufacturing and positions Meril as a key innovator in robotic healthcare technology.