Research, Strategy, and Concept Generation Segment to Hold Largest Share of Product Design and Development Services Market during 2022–2028
According to our new research study on “Product Design and Development Services Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Services, 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 product design and development services market growth is attributed to technological advancements and the high demand for quality products in healthcare due to rising health concerns among the geriatric population.
North America held a significant market share in the product design and development services market. The market growth in countries such as the US and Canada is attributed to the extended presence of contract manufacturing organizations (CMOs) responsible for offering product design and development services.
High Demand for Quality Products in Healthcare due to Rising Health Concerns among Geriatric Population Drives Product Design and Development Services Market
According to the National Council on Ageing report, ~49 million Americans are aged 65 and over, and the population of this age is estimated to reach 98 million by 2060. Good health ensures security, independence, and productivity for the older population. However, millions in the aging population struggle daily with health challenges such as falls, chronic diseases, physical inactivity, oral health concerns, and behavioral health issues, thus hampering the quality of life. Furthermore, ~80% of the geriatric population possess at least one chronic condition, and 70% of Medicare beneficiaries have two or more. Demand for quality products with innovative design is rising to overcome such conditions. Moreover, medical device companies are improving clinical outcomes among patient groups through connected products. For example, Ximedica developed products focusing on data strategies for equipment, customers, and patients with elegant and personalized experiences for clinical users and patients by creating secure, scalable, and compliant digital solutions. Additionally, in November 2021, a Radiological Society of North America show in Chicago was arranged where medical device manufacturers showcased numerous product innovations. For example, GE Healthcare featured a new image-guided X-ray system with robot-like functionalities.
New products and services assemble personal and big data, including genomics, preference, lifestyle information, and social determinant factors, that can create ground-breaking solutions. For instance, Livongo is a chronic disease management platform that can be referred to as an "applied health signals" company using the Aggregate, Interpret (AI)+ Apply, and Iterate (AI) formula with functionality such as Aggregate, Interpret, Apply, and Iterate. Also, the platform delivers actionable, personalized, and timely recommendations that assist the user in managing chronic diseases. Therefore, the growing health concerns among the population are increasing the demand for quality products in healthcare, which boosts the growth of the product design and development services market.
Impact of COVID-19 Pandemic on Product Design and Development Services Market:
The rapid spread of COVID-19 has provided significant momentum to the product design and development services in 2020. While the COVID-19 pandemic continues to disrupt economies worldwide, the growing volume of medical waste is a huge challenge. However, with the onset of the COVID-19 pandemic, physicians and patients became more concerned about their safety; hence, raising apprehensions about the advancements in medical devices. This increased the demand for product design and development services. However, the risk of infection in surgeries and inappropriate sterilization of medical devices can increase the potential of outbreaks, hindering the market growth. In addition, the R&D of these services has been discontinued temporarily due to the diversion of professionals to satisfy the demand for pandemic-related products. Thus, owing to the above–mentioned factors, the pandemic has adversely affected the product design and development services market.
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.
Report : 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)