The medical manufacturing industry is rapidly becoming one of the fastest growing industries in the world. As the population continues to age, many resources are being put towards developing new medical devices that can be used to treat these patients.
From 2015 to 2020, the growth of the technical medical device market is expected to grow at compound annual growth rate (CAGR) of 5.5%. This translates to an equivalent of $428,970,000 USD. Several factors are contributing to this growth, such as technological advances, chronic disease, an aging population that is growing, and a rise in disability adjusted life years (DALYs).
Overall, there are 10 types of medical devices that are distinguished by type and/or region.
- In vitro diagnostics (IVD)
- Diagnostic imaging devices
- Cardiology devices
- Orthopedic devices
- Endoscopy devices
- Ophthalmology devices
- Orthopedic devices
- Diabetes care devices
- Anesthesia/respiratory care devices
- Kidney/dialysis devices
The largest share of the global market comes from North America, followed by Europe and Asia-Pacific. Due to easy access of advanced medical devices and established channels of distribution, the U.S. is currently the top market. However, with a rapidly growing region, Asia-Pacific is being driven by a large population and increasing health care needs in their healthcare infrastructure which is constantly improving.
At Tella Tool, engineering support is offered to aide in design for manufacturability for new projects and ideas. We offer high/low volume precision metal stampings, assemblies, fabricating, and CNC machining solutions. Our precise and quality work is well suited for most industries, including the rapidly growing medical manufacturing industry.
Tella Tool is committed to helping customers find the perfect solution for their needs, whether for the medical manufacturing market or any other industry. At Tella Tool we believe in supporting our customers fully – providing innovative engineering support, reliable product quality, and responsive customer service to our entire growing customer base. Contact us here for more information.