Medical device manufacturing industry set for huge growth
New forecasts predict a strong return for the medical device manufacturing industry post-pandemic. Precision engineering of medical device components is a primary focus at Axenics, so we’re delighted at the news and eager to work on new and expanding projects for the industry.
The medtech manufacturing industry could be in the early stages of “another multi-year period of outperformance,” according to a new analysis from investor relations, Barclays. Forecasts say the medical devices market will reach $657.98 billion by 2028, with a compound annual growth rate of 5.4% (Fortune Business Insights), with the U.S. market poised for dominance.
Both Barclays and Fortune Business Insights credit this growth partially to a need for more diagnostic equipment manufacturing, due to an aging population.
Fortune Business Insights reports that the rising incidence of chronic diseases such as diabetes, cancer, and heart diseases is fueling the demand for medical devices in North America. “According to the National Center for Chronic Disease Prevention and Health Promotion, around six in every 10 people in the U.S live with one of the above-mentioned chronic diseases. This further increases demand for these devices and encourages several companies to introduce innovative technologies in the field.”
TIG welding for medtech production
For diagnostic equipment projects, we rely on perhaps the cleanest form of metal welding possible, tungsten inert gas welding aka TIG welding. Medical diagnostic equipment production often includes the need for tiny weldments on gas and chemical process control solutions and transport piping and tubing.
If you picture the point of a sewing needle, that’s how miniscule we produce arc weldments on a variety of metals. For our medical device industry customers, we generally use stainless steel because of its corrosion-resistance and its ability to maintain its structure even after long-term exposure to different environments.
Transportation systems that move, mix and dispense gases and chemicals must remain free from contaminants, while ensuring safe, reliable transportation. Therefore, our expert team of welders consistently advances their skills for smaller, cleaner welds created with the utmost precision.
Speaking of cleanliness, when required by the project, TIG welding takes place in our Class 100 cleanroom. High-purity argon is our shielding gas of choice, as opposed to a combination of gases that do not have the same degree of purity. In addition, pre-sharpened, pure tungsten – known for its rigidity and high-temperature resistance – allows our welders to accomplish pristine, precise weldments.
Often, the welds are stronger than the base material. Tubing and piping components get tested before and after production to ensure there are no faults inside or outside the diameter.
Quantity without sacrificing quality
As the medical device market speeds up, we anticipate our existing customers and prospects will require additions to their production equipment and perhaps replacing portions of their tube or pipe systems that have aged beyond proper use.
The best solution for customers that produce large quantities of diagnostic equipment and medical instruments is orbital welding. Our machines create identical, repeatable welds for a variety of tube and pipe shapes and sizes. The automated process we use also guarantees your weldments are free from craters, sugaring or gaps – which can be devastating to your production when discovered too late.
Orbital welding on stainless steel components also presents a cost-effective solution for long-term projects or projects with a high volume of required fabrication.
Rapid growth for the medical device field
Barclays, which is predicting the return of medtech manufacturing, shares eight reasons for its prediction. and we’re already seeing some of this happen:
- Robust innovation
- Canceled procedures from the pandemic are likely to return
- New technology could increase diagnoses
- Direct-to-consumer advertising
- A more normal world later this year
- Hospital survey indicates return of elective surgeries
- Healthy balance sheets
- Aging population as a tailwind
If that list has you thinking about how your next projects will be affected, we’re eager to have a conversation, take a look at your plans (even a napkin drawing is helpful) and make you a spec piece.