The medical devices segment accounts for a significant share of the healthcare precision parts market.
Arizton’s recent market research report on the global precision parts market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by end-users (watches, healthcare, aerospace, electronics and semiconductors, automotive, and others) and geography (APAC, Europe, North America, Latin America, and MEA).
The global precision parts market is expected to grow at a CAGR of around 12% during the period 2018–2024.
Precision manufacturing involves the production and refurbishment of components/parts/items/pieces with a high level of accuracy measuring in microns. Precision parts are most often highly critical in nature and hence require high precision. They have tight tolerance and are generally manufactured in large quantities.
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. Automotive, electronics, medical equipment, and aerospace industries have grown rapidly over the last five years. The scope for new and niche vendors in the automotive sector has been very high. One of the key drivers for the proliferation of contract precision manufacturing is the cost-sensitivity of medium and large-scale end-users. While mechanization and vertical integration are clear drivers to profitability and risk mitigation for several large enterprises, they do warrant a significant capital cost and a reasonable scale for implementation.
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.
Increase in Automation Expenditure
The global industrial automation market is growing continuously as the demand for integrated and scalable products is at an all-time high. Industrial automation has facilitated the rise in demand for industrial products, which include sensors and instruments, electric motors and actuators, electrical relays and industrial control equipment, material handling equipment, and industrial robots. Also, as the traditional IT principles continue to merge with manufacturing technology, companies can harness the concept of “digital factory,” which provides a distinctive competitive advantage to companies in their respective industries. Precision parts have a great role to play in the implementation of the automation ecosystem as they can be designed and implemented on a modular basis without any impact on the larger system.
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 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.
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