Is Precision Parts Engineering Transforming the Medical Devices Industry? | Arizton

CHICAGO - Aug. 27, 2019 - PRLog -- Arizton's recent market research report on the global precision parts market provides comprehensive industry analysis, trend forecasts, and competitive analysis.

The global precision parts market is expected to grow at a CAGR of around 12% during the period 2018–2024.

The top drivers and trends propelling the growth of the global precision parts market are discussed below:

Increase in Outsourcing to Reduce Capital Cost

The increase in precision product manufacturing is fueling market growth significantly. A majority of vendors with application-specific capabilities are increasing at a rapid pace, especially in aerospace or automotive industries. One of the key drivers for the proliferation of contract precision manufacturing is the cost-sensitivity of medium and large-scale end-users.
Demand from the Healthcare Industry

Precision components play a key role in the advancement of medical technology. Investment casting is one of the most widely used processes for manufacturing medical device components as it ensures the quality and helps in the large-scale manufacturing of such components. The medical devices segment accounts for a significant share of the healthcare precision parts industry. Precision engineering is the cornerstone of success in the healthcare and medical devices industry. Medical devices are used to save lives in hospitals and surgical centers across the globe, and the importance of accuracy during the design process is critical. In the mature markets, the medical device industry is growing rapidly with a high level of innovation and technology adoption. However, emerging countries, especially in APAC, Latin America, and Africa still use traditional and less technology-intensive medical devices. Another key sector driving innovation in the healthcare and medical devices industry in micro-manufacturing. The demand for minimally invasive curative and diagnostic procedures is growing exponentially as medical service delivery organizations, and patients are striving to reduce operational and recovery times and increase the accuracy of diagnosis. Because of this increase in demand over the last decade, medical device manufacturers are designing smaller components with thinner walls and complex and minute features.

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Barnes Group, NN Inc., Martinrea International, Linamar International, WM Berg, Renishaw Group, and ARC Group Worldwide are identified as prominent vendors in the global precision parts market.

The complete overview of the latest market research report on the global precision parts market (https://www.arizton.com/market-reports/precision-parts-market-report-2024) by Arizton is now available.

The report offers a detailed study of major trends, drivers, challenges, and provides market sizing and forecast for major geographical regions and key countries.