Product Design and Development Services Industry Overview
The product design and development services market size was valued at USD 8.6 billion in 2021 and is anticipated to exhibit a compound annual growth rate (CAGR) of 12.5% from 2022 to 2030. New standards and regulations, the need to reduce cost, and innovate the product quickly, as well as increasing demand for quality products and healthcare, are some of the major factors driving the growth. Developing medical devices often involves strict regulations and cutting-edge technology that gives an extra level of complexity to the manufacturing process.
The design and development of a medical device is a complex process predominant with end-user needs, application requirements, specifications, and regulations and must be balanced and followed for the successful development of a product. Hence, there is much more that goes into designing, developing, as well as introducing a product to the market than just coming up with an innovative idea, building a product, and offering it to the masses.
Gather more insights about the market drivers, restraints, and growth of the Global Product Design And Development Services Market
Medical technology is rapidly evolving and becoming more interconnected. Universally, the manufacturers of medical devices are shifting from a transaction-based approach to an approach that encompasses focusing on creating value for patients, providers, payers, and practitioners by providing medical tools and surgical instruments that are innovative, highly cost-efficient, and speak volumes about the product quality. For instance, customized procedure trays that may be tailor-made as per the need of surgeons.
The medical device manufacturing industry is anticipated to grow by leaps and bounds due to the increasing geriatric population as well as health concerns and increased health care costs. Thus, manufacturers are undertaking new product development projects at a high speed, especially in developing markets such as India and China. Hence, the manufacturers will require a proper execution strategy to address the concerns and needs of the patients in the market. This is likely to increase the demand for the services, thereby boosting the market for product design and development services.
The COVID-19 pandemic has disrupted product development. There has been a change in the product development practice by restrictions including work from home, uncertain demand, no travel to customers or supplier’s virtual private network, and collaboration software tools. The travel restrictions have led to longer material ordering and shipping times which in turn made the movement of prototypes more difficult and create a need for more creative means to interact with supplies and customers.
Post COVID-19 product design & development services market has developed a few approaches that help in market recovery and for future growth of the market such as strategic alliances, accessing post-COVID risk in the product design and development sector, comparing with competitors by understanding strategic baseline, understanding long-term needs of the market, and network planning.
Browse through Grand View Research's Medical Devices Industry Related Reports
Durable Medical Equipment Market - The global durable medical equipment market size was valued at USD 196.4 billion in 2021 and is anticipated to expand at a CAGR of 5.9% over the forecast period.
Surgical Equipment Market - The global surgical equipment market size was valued at USD 14.34 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.3% from 2022 to 2030.
Product Design And Development Services Industry Segmentation
Grand View Research has segmented the global product design and development services market based on services, application, end-use, and region:
Product Design And Development Services Outlook (Revenue, USD Million, 2018 - 2030)
- Research, Strategy, & Concept Generation
- Concept & Requirements Development
- Detailed Design & Process Development
- Design Verification
- Process Validation, Manufacturing Transfer & Design Validation
- Production & Commercial Support
Product Design And Development Services Application Outlook (Revenue, USD Million, 2018 - 2030)
- Diagnostic Equipment
- Therapeutic Equipment
- Surgical Instruments
- Clinical Laboratory Equipment
- Biological Storage
- Consumables
- Others
Product Design And Development Services End-use Outlook (Revenue, USD Million, 2018 - 2030)
- Medical Device Companies
- Pharmaceutical Companies
- Biotechnology Companies
- Contract Research Organizations
Product Design And Development Services Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA (Middle East & Africa)
Market Share Insights:
November 2021: Planet Innovation (PI) acquired the North American operations of BIT Analytical Instruments GmbH, which manufactures regulated medical devices. A key aim of the acquisition is for PI to expand its US manufacturing capabilities in order to support its growing US customer base.
Key Companies profiled:
Some prominent players in the global Product Design and Development Services Industry include
- Ximedica
- DeviceLAb
- Jabil, Inc.
- Flex Ltd
- Plexus Corp
- Nordson Medical
- Celestica, Inc.
- Starfish Medical
- Planet Innovation
- Donatelle
- Cambridge Design Partnership
- Aran Biomedical
Order a free sample PDF of the Product Design And Development Services Market Intelligence Study, published by Grand View Research.
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