NEW YORK , June 16, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Product Design and Development Services Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Services (Research, Strategy, and Concept Generation; Concept and Requirement Development; Detailed Design and Process Development; Process Validation, Manufacturing Transfer, and Design Validation; and Other Services), Application (Diagnostic Equipment, Therapeutic Equipment, Surgical Instruments, Clinical Laboratory Equipment, Biological Storage, Consumables, and Others), and End User (Medical Companies, Pharmaceutical Companies, Biotechnology Companies, and Contract Research Organizations)", the global product design and development services market size is expected to grow from $9.51 Billion in 2022 to $17.66 Billion by 2028; it is expected to register a CAGR of 10.9% from 2022 to 2028.
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Product Design and Development Services Market Strategic Insights:
No. of Charts & Figures
Services, Application, and End User
North America; Europe; Asia Pacific; Latin America; MEA
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Product Design and Development Services Market Analysis: Competitive Landscape and Key Developments
Ximedica, DeviceLab Inc., Jabil Inc., FLEX LTD., Plexus Corp., Celestica Inc., StarFish Product Engineering Inc., NORDSON CORPORATION, Planet Innovation, and Sterling Medical Devices are among the key companies operating in the product design and development services market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to tap into prevailing business opportunities.
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In February 2020 , Jabil launched Jabil Healthcare, the largest healthcare manufacturing solutions provider. Jabil combines Nypro with its orthopedics, spine, trauma, and associated medical instruments businesses to deliver unmatched depth and breadth of advanced manufacturing solutions and innovative technical capabilities.
In March 2018 , Flex Ltd expanded its digital health capabilities and launched BrightInsight Connected Health Solution on the Google Cloud Platform. Flex company provides solutions that design and builds intelligent products for a connected world and has expanded its service offerings for the healthcare industry with a new digital health offering. BrightInsight is a secure, managed services solution built on the Google Cloud Platform that can aggregate data and deliver real-time insights to optimize the value of connected drug, device, or combination products.
Product Design and Development Services Market Analysis: Key Insights
The product design and development services market growth driven by the technological advancements and high demand for quality products in healthcare due to rising health concerns among the geriatric population.
Asia Pacific is expected to dominate the product design and development services market in during the forecast period China holds the largest market share in this region as it is home to major medical, pharmaceutical, and biotechnology product manufacturing companies serving the global market. China has over 300 medical contract research organizations such as Pharmaron, Shanghai Medicilon, Shanghai ChemPartner, and JOINN Laboratories. These contract research organizations and medical & pharmaceutical companies are the prime end users of product design and development services.
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Medical device manufacturers and pharmaceutical companies are prone to the global market competition, which encourages them to manufacture innovative products that will boost the market growth in the coming years. Further, the growing geriatric population in China is expected to offer vital growth opportunities for the product design and development services market in the coming years by creating demand for various medical and diagnostic innovative products. The geriatric population is likely to be diagnosed with diabetes, arthritis, stroke, cancer, and other geriatric diseases, leading to surgeries, trauma, and other medical emergencies. According to World Health Organization, in 2019, there were ~254 million people aged 60 and older and ~176 million people above age 65 and over. It is estimated that ~402 million people (28% of the total population) will be over 60 by 2040. Thus, the rising geriatric population creates demand for various innovative products in the Chinese market, and a rising number of medical devices and pharmaceutical companies are likely to offer lucrative opportunities for growth of product design and development services market.
Increasing Technological Advancements Positively Influence Overall Product Design and Development Services Market Growth during the Forecast Period:
Technological development has been recognized as a crucial component of business competitiveness. For example, several technological advancements involve artificial intelligence (AI) in healthcare products. AI-based medical devices can automate tasks, synthesize data from multiple sources, pinpoint trends, process and analyze information from wearable sensors, identify disease or the onset of medical conditions, identify risk for infection associated with complications, and research. Moreover, the potential of technologies is limitless in the healthcare sector. The influx of technology will allow professionals to diagnose, collect data, and treat medical conditions more accurately and less invasively, improving the health and healthcare of people globally.
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Product Design and Development Services Market: Segmental Overview
Based on services, the product design and development services market are 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).
Product Design and Development Services Market: COVID Impact
There has been a rising demand for product design and development services amid the COVID-19 pandemic, stimulating the overall market growth. Many nations have been facing challenges in preventing the transmission of SARS-CoV-2, such as mental and physical exhaustion of various professionals and resources in the healthcare & diagnostics industry. Therefore, the development of new products and technologies helped overcome these challenges. Since the COVID-19 outbreak, the healthcare industry's response to the outbreak has been phenomenal. Various medical technology manufacturers responded to the rapidly evolving challenges through multiple interventions and innovations. However, the COVID-19 pandemic led to disruption in healthcare product development in the first quarter of 2020. Product development practices have changed due to constraints such as working from home, uncertain demand, low customer or supplier activities, and collaboration.
Travel restrictions had increased the time for order and shipping materials, making the transportation of prototypes more difficult, thereby requiring more creative ways to deliver and interact with customers. Nations have seen increased product innovations owing to the COVID-19 pandemic. For instance, in China , manufacturers such as Wondfo developed Influenza/2019-nCoV Antigen Combo Test, which could distinguish between flu and COVID-19 infection.
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In Australia , Medtronic designed and developed robotic process automation (RPA) solution for Medtronic CareLink 360- patient remote monitoring. After the onset of the COVID-19 pandemic, the product design and development services market has developed several approaches such as mass production and distribution of COVID-19 vaccines that contribute to market recovery and growth, including long-term market needs and network planning through supportive government policies for businesses in the product design and development services market.
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