According to our latest research study on “Product Design and Development Services Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Service, Application, and End User,” the market is expected to grow from US$ 9,519.97 million in 2022 to US$ 17,663.12 million by 2028; it is estimated to grow at a CAGR of 10.9% from 2022 to 2028. The report highlights trends prevailing in the market and factors governing the market’s growth.
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Product design and development services provide their services by analyzing the current market requirements. Various technological advancements and rising health concerns among the population demanding quality products in healthcare are expected to drive the product design and development services market. However, data breaches and information security concerns are restraining the market growth.
New Standards and Regulation Supportive Toward Innovative Product Design and Development Creating Opportunities for Market Players
According to the ISO report, medical devices assist in saving the lives of patients and improving their health. In the global market, 500,000 technology-based devices exist. Additionally, ISO has many international standards and guidance documents to help the healthcare sector ensure product safety and effectiveness by meeting many national, regional, and international regulatory requirements and adhering to product design specifications. For example, ISO 20417 simplifies meeting product information regulations by offering standard generic requirements that are consistent/permanent across all devices across geographies. Moreover, ISO/TR 20416 post-marketing surveillance for manufacturers offers guidance to effectively monitor the device’s safety, performance, and everyday use. The standard is essential for tracking undesirable effects quickly and highlighting areas of improvement in terms of safety, performance, and usability. Such aforementioned factors would create lucrative opportunities for the growth of the product design and development services market during the forecast period.
Service-Based Insights
Based on service, the product design and development services market is segmented into research, strategy, and concept generation; concept and requirements developments; detailed design and process development; design verification; process validation, manufacturing transfer, and design validation; and other services. The research, strategy, and concept generation segment held the largest share of the market in 2022. However, the process validation, manufacturing transfer, and design validation segment is expected to register the highest CAGR in the product design and development services market from 2022 to 2028.
Application-Based Insights
Based on application, the product design and development services market is segmented into diagnostic equipment, therapeutic equipment, surgical instruments, clinical laboratory equipment, biological storage, consumables, and others. The surgical instruments segment held the largest product design and development services market share in 2022 and is anticipated to continue to be the largest shareholder during the forecast period.
End User-Based Insights
Based on end user, the product design and development services market is segmented into medical companies, pharmaceutical companies, biotechnology companies, and contract research organizations (CROs). In 2022, the medical device companies segment held the largest share of the market. However, the contract research organization (CROs) segment is expected to register the highest CAGR in the product design and development services market from 2022 to 2028.
Ximedica, DeviceLab Inc., Jabil Inc, Flex Ltd, Plexus Corp, Celestics Inc., Starfish Product Engineering Inc., Nordson Corporation, Planet Innovation, and Sterling Medical Devices are among the leading companies operating in the product design and development services market.
The report segments product design and development services market as follows:
Based on services, the product design and development services market is segmented into research, strategy, and concept generation; concept and requirements developments; detailed design and process development; design verification; process validation, manufacturing transfer, and design validation; and other services. Based on application, the market is segmented into diagnostic equipment, therapeutic equipment, surgical instruments, clinical laboratory equipment, biological storage, consumables, and others. Based on end user, the market is categorized into medical companies, pharmaceutical companies, biotechnology companies, and contract research organizations (CROs). Based on geography, the market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of APAC), the Middle East & Africa (Saudi Arabia, the UAE, South Africa, and the Rest of MEA), and South & Central America (Brazil, Argentina, and the Rest of SAM).
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