The global medical component manufacturing market is experiencing a significant surge, with a projected growth from $12.44 billion in 2022 to $17.03 billion in 2027, at a CAGR of 6.4%, according to the Medical Component Manufacturing Global Market Report 2023 from the Business Research Company. This growth is primarily driven by the escalating demand for medical devices. In 2021, federal retail spending increased by 21.8%, per the Centers for Medicare and Medicaid Services, the report notes.
Segmentation, Key Market Players
The medical component manufacturing market can be segmented based on process, service and application.
- Different manufacturing processes include forging, metal injection molding, 3D printing, ceramic injection molding, investment casting and plastic injection molding.
- Services provided in the market include device development and manufacturing services, quality management services and final goods assembly services.
- The application areas of medical devices are composed of laparoscopy, pulmonary, urology and gynecology, cardiovascular, orthopedic, oncology, neurovascular and radiology.
Key players such as Johnson & Johnson Services Inc., Abbott Laboratories Inc. and 3M Company, among others, are contributing to market developments by using advanced technologies and collaborative efforts. According to the report, they are focused on finding solutions to meet the growing demand for medical devices and the evolving needs of healthcare professionals and patients.
Machine Design has reported on some of the technological advancements being made in this segment, including using injection molding to design a “smart” wheelchair and hybrid manufacturing techniques that enabled the production of a bionic hand.
Shaping Market Trends, Driving Growth
The medical component manufacturing landscape is seeing an emphasis on technological advancements, according to the report. For example, Stratasys Ltd. has introduced the J5 MediJet 3D printer, which showcases the industry’s commitment to finding cutting-edge solutions to overcome challenges and meet demand in this sector, the report notes.
In line with the industry’s growth trajectory, companies are pursuing strategic acquisitions to foster collaborations and enhance capabilities within the medical component manufacturing market. The report offers the ARCH Medical Solutions Corp. acquisition of Alpha Manufacturing & Design LLC as an example. By combining forces, companies aim to stay ahead in this market and provide high-quality medical devices.