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LONDON, Nov. 14, 2023 (GLOBE NEWSWIRE) — The Business Research Company’s Medical Component Manufacturing Global Market Report 2023 unveils a robust trajectory, forecasting growth from $12.44 billion in 2022 to $13.29 billion in 2023, reflecting a commendable compound annual growth rate (CAGR) of 6.8%. This momentum is anticipated to continue, propelling the medical component manufacturing market to $17.03 billion by 2027 at a steady CAGR of 6.4%.
Catalyst for Growth: Surging Demand for Medical Devices
The driving force behind this remarkable medical component manufacturing market growth is the escalating demand for medical devices globally. Medical devices, encompassing a vast array of instruments, appliances, software, and implants, play a crucial role in diagnosing, preventing, monitoring, treating, or alleviating diseases or medical conditions in humans. Medical component manufacturing, which produces components like injection-molded and electronic components for medical devices, is pivotal in meeting this demand. Notably, in 2021, federal retail spending on medical devices in the US increased by 21.8%, as reported by the Centers for Medicare & Medicaid Services. Additionally, the US Food and Drug Administration approved 40 innovative medical devices in 2021, marking a 25% increase from the previous year.
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Medical Component Manufacturing Market Leaders
Key players steering the medical component manufacturing market include Johnson & Johnson Services Inc., Abbott Laboratories Inc., 3M Company, and Siemens Healthineers AG. This illustrious lineup emphasizes the medical component manufacturing market’s depth and the commitment of industry leaders to fostering innovation and advancing healthcare technologies.
Trend Spotlight: Technological Advancements
Advancements in technology take center stage as a key trend in the medical component manufacturing market. Stratasys Ltd., an Israel-based additive manufacturing company, introduced the Stratasys J5 MediJet 3D printer in June 2021, showcasing the industry’s dedication to innovation. The MediJet 3D printer, known for its speed and efficiency, represents a significant leap in creating highly detailed medical components. As technology continues to evolve, companies in the market are actively pursuing innovative solutions to maintain their competitive edge.
Regional Dynamics and Market Segmentation
North America led the medical component manufacturing market in 2022, while Asia-Pacific is anticipated to be the fastest-growing region in the forecast period.
The medical component manufacturing market is segmented based on processes (forging, metal injection molding, 3D printing, ceramic injection molding, investment casting, plastic injection molding, and other processes), services (device development and manufacturing services, quality management services, final goods assembly services), and applications (laparoscopy, pulmonary, urology and gynecology, cardiovascular, orthopedic, oncology, neurovascular, radiology, and other applications).
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In conclusion, the Medical Component Manufacturing Global Market Report 2023 serves as an invaluable resource for businesses aiming to capitalize on the evolving landscape of medical device manufacturing market. By leveraging the insights presented in the report, industry players can stay ahead of trends, embrace technological advancements, and align their strategies with the increasing demand for innovative medical devices. Seize the opportunity to propel your business to new heights by leveraging this comprehensive report.
Medical Component Manufacturing Global Market Report 2023 by The Business Research Company provides insights on the medical component manufacturing market size, medical component manufacturing market segments, medical component manufacturing market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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