Medical Component Manufacturing Market Report 2025

The medical component manufacturing market size has grown strongly in recent years. It will grow from $14.28 billion in 2024 to $15.17 billion in 2025 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to growth in pharmaceutical R&D, expansion of the healthcare industry, increasing demand for diagnostic testing, 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 $20.22 billion in 2029 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to rising demand for personalized medicine, increased focus on biotechnology research, growth in environmental testing, expansion of the food and beverage industry, and globalization of drug manufacturing. Major trends in the forecast period include a growing emphasis on green chemistry practices, increased use of automation in laboratories, rising demand for specialty chemicals, development of sustainable chemical processes, and integration of artificial intelligence in laboratory workflows.

The growing demand for medical devices is expected to drive the expansion of the medical component manufacturing market in the future. Medical devices include instruments, machines, appliances, software, implants, and similar items used for diagnosing, preventing, monitoring, treating, or alleviating medical conditions in humans. Medical component manufacturing involves producing parts such as injection-molded and electronic components for these devices. For example, in January 2024, the International Trade Administration, a US-based government agency, reported that the medical devices industry increased from $1.85 billion in 2021 to $2.04 billion in 2022. Thus, the rising demand for medical devices is propelling the medical component manufacturing market.

The increasing prevalence of chronic diseases is anticipated to drive the growth of the medical component manufacturing market in the coming years. Chronic diseases are long-term medical conditions characterized by ongoing and often slowly progressing symptoms. Medical component manufacturing plays a crucial role by providing essential devices and components for diagnosing, treating, and managing these diseases. For example, in June 2024, the Australian Institute of Health and Welfare, an Australia-based government agency, reported that the death rate associated with chronic conditions increased from 459 deaths per 100,000 people in 2021 to 490 deaths per 100,000 people in 2022. Therefore, the rising number of chronic diseases is fueling the medical component manufacturing market.

Major companies in the medical component manufacturing market are investing in advanced technologies such as metal injection molding, which improves precision and minimizes production waste. Metal injection molding technology is a manufacturing process that merges injection molding and powder metallurgy to create complex, high-precision metal parts by injecting a blend of metal powder and polymer into a mold. For example, in October 2024, Biomerics, a US-based medical equipment manufacturing firm, introduced vertically integrated metal injection molding (MIM) services. This new MIM service, offered through a Center of Excellence, enhances the company's capabilities in producing complex, high-performance interventional medical devices.

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 include 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 2024. 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.

Medical component manufacturing involves the production of individual components or parts utilized in the manufacturing of medical devices, instruments, and equipment for healthcare applications. These components are integral to various medical purposes, including surgical instruments, implantable devices, diagnostic equipment, and more.

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.

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