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.
The market for product design and development services is driven by analyzing current market requirements and responding to various technological advancements, as well as rising health concerns among the population that demand high-quality products in healthcare. However, the growth of this market is hindered by data breaches and concerns regarding information security.
New Standards and Regulation Supportive Toward Innovative Product Design and Development Creating Opportunities for Market Players
The ISO report indicates that medical devices play a crucial role in saving patients' lives and improving their health. With the availability of 500,000 technology-based devices in the global market, ISO has developed various international standards and guidance documents to help ensure the safety and effectiveness of healthcare products by meeting regulatory requirements and adhering to product design specifications at national, regional, and international levels. For instance, ISO 20417 simplifies compliance with product information regulations by providing standard generic requirements that are consistent and permanent across all devices and geographies. Additionally, ISO/TR 20416 offers guidance to manufacturers on post-marketing surveillance to monitor device safety, performance, and usability effectively. This standard is essential in quickly tracking adverse effects and identifying areas for improvement in safety, performance, and usability. Such factors are expected to create lucrative growth opportunities for 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
The product design and development services market is divided into several segments based on the end user, which includes medical companies, pharmaceutical companies, biotechnology companies, and contract research organizations (CROs). In 2022, the largest market share was held by the medical device companies segment. However, it is projected that the contract research organization (CROs) segment will experience the highest compound annual growth rate (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:
The product design and development services market is divided into various segments based on the services offered, including research, strategy, and concept generation; concept and requirements development; detailed design and process development; design verification; process validation, manufacturing transfer, and design validation; and other services. The market is also segmented based on application, which includes diagnostic equipment, therapeutic equipment, surgical instruments, clinical laboratory equipment, biological storage, consumables, and others. Additionally, the market is categorized by end user into medical companies, pharmaceutical companies, biotechnology companies, and contract research organizations (CROs). Furthermore, the market is divided into different regions, including North America (comprising the US, Canada, and Mexico), Europe (including France, Germany, the UK, Spain, Italy, and the Rest of Europe), Asia Pacific (including China, India, Japan, Australia, South Korea, and the Rest of APAC), the Middle East & Africa (including Saudi Arabia, the UAE, South Africa, and the Rest of MEA), and South & Central America (including Brazil, Argentina, and the Rest of SAM).
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