Medical Device Services Market Size to Reach USD 36.76 Bn by 2034
Medical Device Services Market Key Takeaways
North America holds the dominant regional market position; Asia Pacific offers key growth opportunities.
Europe’s consistent growth highlights its importance in the global landscape.
Manufacturing services remain the backbone of the service type segment.
Innovation in product design & development is driving future value.
Surgical devices lead currently, but patient monitoring devices signal the next growth wave.
Medical device manufacturers continue to be the primary end-users; rising demand from healthcare facilities adds growth momentum.
Medical Device Services Market Overview
The Smart Medical Devices segment, encompassing devices integrated with digital health technologies and IoT capabilities, is experiencing rapid growth. These devices facilitate remote patient monitoring, real-time data collection, and personalized healthcare interventions.
The medical device services market evidenced rapid growth owing to technological developments, including telehealth, and the increasing significance of wearable health devices and patient-centered care. The growth number of patients with chronic illness including cancer, diabetes, and cardiovascular diseases.
As healthcare progress demands better, sophisticated medical devices, the medical sector faces an expanding necessity for more innovative equipment. The rise in patient numbers creates substantial demand for diagnostic and surgical procedures, stimulating market requirements for medical devices and supporting services.
Medical Device Services Market Drivers
The increasing adoption of digital health solutions and the emphasis on remote patient monitoring are primary drivers of this market segment. Patients and healthcare providers are increasingly relying on smart devices for continuous health tracking, which enhances chronic disease management and facilitates early intervention.
Medical Device Services Market Opportunities
The expansion of telehealth platforms, wearable sensors, and digital health applications offers substantial opportunities for service providers specializing in smart medical devices. Developing devices that seamlessly integrate with these platforms and provide accurate, real-time data can significantly improve patient outcomes and reduce healthcare costs.
Medical Device Services Market Challenges
Ensuring data security and patient privacy is a significant challenge in the realm of connected medical devices. The increased connectivity raises the risk of cyber threats, necessitating robust cybersecurity measures. Additionally, achieving interoperability among various devices and healthcare systems remains a complex task that requires standardized protocols and collaborative efforts among stakeholders.
Medical Device Services Market Regional Insights
North America held the dominating share of the medical device services market in 2024. The region benefits from positive reimbursement benefits, developed healthcare facilities, and quick acceptance of advanced medical equipment, thus establishing itself as a center for medical equipment development and service operations. Chronic disease increases with patient numbers have helped the region gain more control of this industry segment.
Medical device manufacturers based in the United States are migrating various business operations, such as regulatory reporting and clinical trial application work, as well as product design and maintenance, to specialized service providers. The high R&D expenditure and raw material management efficiency have raised the implementation of outsourcing practices, which lowers expenses.
Asia Pacific is anticipated to witness the fastest growth during the forecasted years due to the rising demand for innovative medical products by healthcare organizations. The rising incidence of cardiovascular diseases, diabetes, and infectious diseases is fueling the need for medical devices. This market growth is further supported by rising healthcare expenditures and government initiatives aimed at enhancing healthcare accessibility. The local market embraces premium medical devices very quickly, although research and development activities develop homegrown innovations to reduce import reliance.
- In March 2024, Stryker established its prototype and testing facility in India to advance national research and development operations within the nation. The 55,600-square-foot testing facility unites enhanced microbiological equipment with state-of-the-art systems through advanced infrastructure design.
Medical Device Services Market Recent Development
- In January 2025, IMQ Group established Elettra Tech Labs as a joint venture testing and inspection service provider for medical devices, electrical and electronic products through their launch in India.
- In May 2023, Emergo and the Shanghai Center for Medical Testing and Inspection (CMTC) announced the continuation of the medical device usability testing initiatives service in China. Emergo established this partnership to perform usability testing that met all Human Factors Engineering (HFE) guidelines mandated by China’s National Medical Products Administration (NMPA).
- In January 2023, ClariMed introduced its first MedTech services partner for medical product development with an integrated human-focused approach. NaviMed Capital created the Company in collaboration with its healthcare-specialized private investment firm.
Medical Device Services Market Top Companies
- Wipro
- IQVIA
- TATA Consultancy Services Limited
- UL LLC
- SGS
- Cognizant
- Dragerwerk AG and Co. KGaA
- Eurofins Scientific
- L&T Technology Services Limited
- Infosys Limited
- DEKRA
- IBM
- Charles River Laboratories
- Intertek Group plc
- Cardinal Health
- Brighter Health Network, LLC
- Others
Segments Covered in the Market
By Service Type
- Regulatory and quality compliance
- Product design and development
- Product testing and certification
- Manufacturing services
- Maintenance and calibration
- Post-market surveillance
- Others (it and software solutions, supply chain management)
By Device Type
- Diagnostic devices
- Therapeutic devices
- Surgical devices
- Patient monitoring devices
- Others
By End-User
- Medical device manufacturers
- Healthcare facilities
- Hospitals
- Clinics
- Diagnostic laboratories
- Others
- Academic institutions and research organizations
- Others
By Region
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Ready for more? Dive into the full experience on our website!