Key trends in medical device manufacturing

Xometry conducted a benchmark study on the state of the medical device manufacturing market in 2023 – here are some highlights.

ART ELEMENTS: ISTOCKPHOTO.CM

Revenue

  • 75% expect their company will generate more sales in 2023
  • 4% expect to generate less sales in 2023
  • 21% expecting to generate the same amount of sales as 2022

Reshoring

  • 48% have reshored some or all operations
  • 67% are likely to extremely likely to add North American suppliers to their supply chains in the next 12 months

Top 3 services to source domestically

  • Additive manufacturing
  • Injection molding
  • Automation technologies

Barriers to sourcing domestically

  • Price
  • Availability
  • Vendor responsiveness

Key factors when choosing a new manufacturing partner

  • Experience manufacturing similar components/products
  • Cost
  • Responsiveness

Artificial Intelligence (AI)

  • 61% have or are actively embracing AI
  • 70% who deployed AI have seen an immediate ROI
  • 80% plan to deploy AI technologies during the next 2 years

Source:
https://www.xometry.com/resources/design-guides/medical-device-report-2023

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September 2023
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