Medical Component Manufacturing Global Market Report 2024

The medical component manufacturing market size has grown strongly in recent years. It will grow from $13.29 billion in 2023 to $14.19 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth observed in the historical period can be attributed to several factors, including the expansion of pharmaceutical research and development (R&D), the growth of the healthcare industry, an increasing demand for diagnostic testing, the globalization of the chemical industry, and regulatory compliance requirements.

The medical component manufacturing market size is expected to see strong growth in the next few years. It will grow to $18.37 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The anticipated growth in the forecast period can be attributed to the rising demand for personalized medicine, an increased focus on biotechnology research, growth in environmental testing, the expansion of the food and beverage industry, and the globalization of drug manufacturing. Key trends expected in the forecast period include a growing emphasis on green chemistry practices, increased use of automation in laboratories, rising demand for specialty chemicals, the development of sustainable chemical processes, and the integration of artificial intelligence in laboratory workflows.

The increasing demand for medical devices is set to propel the growth of the medical component manufacturing market in the future. Medical devices encompass a wide range of instruments, machines, software, implants, or similar articles used in diagnosing, preventing, monitoring, treating, or alleviating diseases or medical conditions in humans. Medical component manufacturing plays a vital role in producing components such as injection-molded and electronic components used in these medical devices. Notably, in 2021, federal retail spending on medical devices such as contact lenses, eyeglasses, and hearing aids witnessed a substantial 21.8% increase compared to 2020, as reported by the Centers for Medicare & Medicaid Services, the US-based federal agency overseeing the Medicare program. Additionally, the US Food and Drug Administration (FDA) stated that 40 innovative medical devices gained approval in 2021, marking a 25% increase from the 32 approvals in 2020. This surge in demand for medical devices underscores the driving force behind the growth of the medical component manufacturing market.

The growing prevalence of chronic diseases is anticipated to fuel the expansion of the medical component manufacturing market. Chronic diseases are characterized by persistent and often slow-progressing symptoms, necessitating essential devices and components from medical component manufacturing for their diagnosis, treatment, and management. Globally, chronic diseases account for 74% of the 41 million deaths caused by non-communicable diseases (NCDs) each year, as reported by the World Health Organization in September 2022. Categories such as cardiovascular diseases, cancer, chronic respiratory diseases, and diabetes contribute significantly to this burden. According to a National Institutes of Health (NIH) report in 2023, the number of people aged 50 and older with at least one chronic illness is projected to increase by 99.5%, from 71.522 million in 2020 to 142.66 million in 2050. Hence, the rising prevalence of chronic diseases is a key driver for the medical component manufacturing market.

Technological advancements represent a pivotal trend gaining traction in the medical component manufacturing market. Major companies in this sector are actively developing advanced technologies to deliver innovative solutions, ensuring their competitive standing in the market. An example is the introduction of the Stratasys J5 MediJet 3D printer for medical component manufacturing by Stratasys Ltd., an Israel-based additive manufacturing company. Launched in June 2021, this printer offers multiple applications in a single system, facilitating the creation of highly detailed components. With up to 30% increased speed compared to similar 3D printers, the Stratasys J5 MediJet 3D printer incorporates a user-friendly workflow, featuring automatic build tray organization, adjustments, and support for the latest 3MF file format for seamless connectivity to third-party segmentation and design software.

Major companies in the medical component manufacturing market are also directing their efforts towards developing alternatives to silicone, such as thermoplastic elastomer (TPE) tubing, for applications in biopharmaceuticals, aiming to gain a competitive advantage. Thermoplastic elastomer (TPE) tubing combines the characteristics of plastic and rubber and is a flexible polymer tubing. For example, Freudenberg Medical, a US-based partner for the design and manufacturing of innovative medical components, introduced HelixFlex in December 2022. This high-purity TPE tubing is designed for biopharmaceutical fluid transfer applications, offering advantages such as weldability to existing tubing lines, heat-sealing for rapid and secure fluid transport, and various sterilization options. HelixFlex serves as a silicone alternative, addressing supply challenges in the market.

In November 2022, ARCH Medical Solutions Corp, a US-based medical equipment manufacturer, acquired Alpha Manufacturing & Design. This acquisition aimed to leverage the capabilities and innovation of both companies, enhancing ARCH Medical's ability to provide superior solutions for its customers. Alpha Manufacturing & Design LLC is a US-based full-service contract manufacturer specializing in highly engineered and complex surgical devices for spine, trauma, and other medical applications.

Major companies operating in the medical component manufacturing market report are Johnson & Johnson Services Inc., Abbott Laboratories Inc., 3M Company, Heraeus Holding GmbH, Medtronic plc, Danaher Corporation, Siemens Healthineers AG, Becton Dickinson and Company, Koninklijke Philips NV, Stryker Corporation, Baxter International Inc., Boston Scientific Corporation, Olympus Corporation, The Lubrizol Corporation, Intuitive Surgical Inc., Terumo Corporation, Varian Medical Systems Inc., West Pharmaceutical Services Inc., The Ensinger Group, 3D Systems Inc., Hudson Technologies Inc., Seisa Medical Inc, Viant Medical Inc., Anchor Harvey Components LLC, The Rodon Group, Nexxt Spine LLC, Hologic Inc., American Casting Company, Optimum Medical Limited, Walter Stern Inc.

North America was the largest region in the medical component manufacturing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical component manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the medical component manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary types of medical component manufacturing processes include forging, metal injection molding, 3D printing, ceramic injection molding, investment casting, plastic injection molding, and others. Forging is a process that entails shaping metal by applying localized compressive forces. Various services are associated with medical component manufacturing, including device development and manufacturing services, quality management services, and final goods assembly services. These services find applications in medical fields such as laparoscopy, pulmonary, urology and gynecology, cardiovascular, orthopedic, oncology, neurovascular, radiology, and others.

The medical component manufacturing market research report is one of a series of new reports that provides medical component manufacturing market statistics, including medical component manufacturing industry global market size, regional shares, competitors with a medical component manufacturing market share, detailed medical component manufacturing market segments, market trends and opportunities, and any further data you may need to thrive in the medical component manufacturing industry. This medical component manufacturing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The medical component manufacturing market consists of sales of neuromonitoring devices, surgical video systems, and imaging systems, cry lipolysis equipment. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.