The global precision parts market is growing at a substantial pace. Precision engineering which is the cornerstone of success in the healthcare and medical device industry is the key contributor to this growth. Medical devices, used to save lives in hospitals and surgery centers across the globe, depend heavily on accuracy and precision during the design and development processes. Precision engineering is also a critical need for high-tech innovations in the medical industry.

Medical devices like anaesthesia machines, defibrillators, patient vital signs monitors, and respiratory ventilators are used in critical conditions and hinge on high levels of precision for their effectiveness. Even the slightest of deviations in the design of precision parts or components for medical devices can result in the failure of the device and result in life-altering consequences including death.  A recent report on Precision Parts Market – Global Outlook and Forecast 2017-2022 says that several precision parts are used to manufacture medical equipment and other life-saving tools, which oftentimes require high precision injection molding.

Precision parts market to ride the constant innovation and technological advances in the bio-medical field

The highly critical work in the healthcare industry and the constant innovation and technological advances in the bio-medical field, necessitates the need to design and develop high devices and creates increasing demand in the precision parts market. These high devices rely largely on precision parts, to perform effectively and without any glitches.

The demand for minimally invasive curative and diagnostic procedures is growing exponentially as both medical service delivery organizations and patients are striving to reduce operational and recovery times and increase the accuracy of diagnosis and treatment. In the wake of the rising demand for such procedures, medical product manufacturers are designing smaller and smaller components with thinner walls and complex and minute features. This is increasing the value of micro-manufacturing in the healthcare industry and consequently the demand for precision parts in the medical devices market.

The precision parts market is being further boosted by the increasing trend among technology providers for forging partnerships with medical device OEMs, to ensure optimized healthcare solutions. With the innovations and developments in the healthcare industry and the increasing focus on no-invasive, cutting edge diagnostic and treatment solutions, medical device OEMs and technology providers can no longer work in silos. It is becoming increasingly imperative for medical OEMs to tap into the events and information resources to understand the opportunities that exist and technologies that need to be tapped into through effective engagements with technology providers.

As per analysts at Arizton, the demand for intricately engineered parts for use in the healthcare sector is set to grow at a CAGR of over 13% during 2016-2022

This will prove to be a significant contributor to the growth of the precision parts market across geographies.

Renishaw Plc., a UK based engineering and scientific technology company and a leading player in the precision parts market, with expertise in precision measurement products has a strong presence in the healthcare industry. Their technology provides support for neurosurgery, dentistry, chemical analysis, craniomaxillofacial surgery, and nanotechnology research process in the healthcare industry. Their market offerings include analytical tools that identify and characterize the structure and chemistry of materials, implants to specialist design centers and hospitals for craniomaxillofacial surgery, products and services that allow dental laboratories to manufacture high-quality dental restorations, and engineering solutions for stereotactic neurosurgery.

Another key player in the precision parts market, Singapore based Beyonics Pte Ltd., provides high value product solutions and precision medical devices for major healthcare companies across the world. It The company operates bio-burdened clean rooms for plastics injection molding and medical devices manufacturing following a strict process and under a controlled environment.

The UK based C. Brandauer & Co Ltd., serves a wide range of industries including healthcare. It specializes in manufacturing high-speed precision stamped components like surgical implants and dental floss cutters, and has technology and products cutting across industries reliant on the manufacturers in the precision parts market.

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