The global medical component manufacturing market size was valued at USD 10.36 billion in 2020 and is projected to reach USD 15.93 billion by 2030, growing at a CAGR of 4.4% from 2021 to 2030. The market’s growth is being driven by the rising demand for medical devices, which is closely linked to the increasing prevalence of lifestyle-related diseases such as diabetes, cardiovascular disorders, and obesity. Additionally, the growing adoption of healthcare services and the expansion of smart medical devices, including wearables, are expected to further fuel market demand over the forecast period.

The healthcare sector has witnessed a significant transformation in treatment and diagnostic approaches due to the rising use of wearables and other medical devices in home settings. These devices enable continuous health monitoring and provide clinicians with real-time intelligence that can be used to prevent, detect, and manage diseases more effectively. At the same time, patients benefit from reduced hospital visits and improved convenience, as they can monitor their health and receive alerts without the need for frequent in-person consultations.

Among global markets, the U.S. stands out as one of the leading regions for medical devices, renowned for its advanced technology, innovation, and high-quality products. Investments in research and development (RD) for medical devices in the U.S. have more than doubled over recent decades, reflecting a strong commitment to technological advancement and innovation. This continued focus on RD is expected to significantly propel the market for medical component manufacturing, enabling the production of more sophisticated, efficient, and reliable medical devices to meet the growing global healthcare demand.

Key Market Trends Insights:

• In 2020, North America dominated the global medical component manufacturing market, holding the largest revenue share of over 40.0%. The region’s leadership can be attributed to its well-established healthcare infrastructure, high adoption of advanced medical technologies, and strong presence of major medical device manufacturers. The continuous focus on innovation, coupled with substantial investments in research and development, has enabled North America to maintain a significant share in the global market.

• Within North America, the U.S. emerged as the key contributor, accounting for the largest revenue share of over 85.0% in 2020. The U.S. market is characterized by its cutting-edge technology, stringent regulatory standards, and strong emphasis on quality and safety, which together drive the demand for high-precision medical components. The presence of numerous globally recognized medical device companies and a robust RD ecosystem further reinforce the U.S.’s dominant position in the region.

• By process, plastic injection molding held the largest revenue share of over 65.0% in 2020. This manufacturing process is widely preferred due to its high efficiency, precision, and cost-effectiveness, making it ideal for producing complex and high-volume medical components. Plastic injection molding allows for the fabrication of durable, lightweight, and reliable parts, which are essential in a wide range of medical devices, including wearables, diagnostic equipment, and therapeutic instruments. The scalability and versatility of this process continue to make it a preferred choice for medical component manufacturers globally.

Order a free sample PDF of the Medical Component Manufacturing Market Intelligence Study, published by Grand View Research.

Market Size Forecast:

• 2020 Market Size: USD 10.36 Billion

• 2030 Projected Market Size: USD 15.93 Billion

• CAGR (2021-2030): 4.4%

• North America: Largest market in 2020

Key Companies Market Share Insights:

The global medical component manufacturing market is characterized by intense competition, driven by the presence of numerous established players and emerging companies across different regions. The growing demand for components used in healthcare applications, coupled with the rapid development of innovative medical devices, is motivating key players to expand their presence in target markets and strengthen their global footprint. This competitive environment encourages continuous innovation, investment in technology, and the pursuit of strategic partnerships to maintain market relevance.

Leading companies are consistently enhancing their product offerings to meet evolving industry demands. This strategy enables them to secure a strong market position by strategically locating their RD centers, adopting diverse growth strategies, advancing technology, and diversifying their product portfolios. Companies actively compete by leveraging cutting-edge technologies, product innovations, and process improvements, ensuring that their offerings align with the specific requirements of various healthcare applications.

This dynamic competitive landscape underscores the importance of innovation, strategic expansion, and technological advancement as key factors that differentiate market leaders. By focusing on these aspects, companies are able to cater to the growing and varied demands of medical device manufacturers, maintain operational efficiency, and enhance their influence across global markets.

Key Players

• Anchor Harvey

• Rejointsrl

• Nexxt Spine, LLC

• 3D Systems, Inc.

• Heraeus Holding

• Simalex

• American Casting Company

Explore Horizon Databook – The world's most expansive market intelligence platform developed by Grand View Research.

Conclusion:

The global medical component manufacturing market is experiencing steady growth, driven by increasing demand for medical devices, particularly due to the prevalence of lifestyle-related diseases and the rising adoption of smart healthcare technologies like wearables. Advancements in manufacturing processes, such as plastic injection molding, 3D printing, and forging, are enhancing production capabilities and efficiency. North America leads the market, bolstered by strong healthcare infrastructure and significant investments in research and development. The U.S., in particular, plays a pivotal role in driving market expansion. Companies in the sector are focusing on innovation and strategic partnerships to meet the evolving needs of the healthcare industry, positioning themselves for sustained growth in the coming years.