Product Design Development Services Market Size to grow by USD 5,739.02 million from 2022 to 2027. The advancements in healthcare technology are driving the market

NEW YORK, June 6, 2023 /PRNewswire/ -- The market size of product design and development services is estimated to grow at a CAGR of 9.44% during 2022-2027. The market size is expected to grow to USD 5,739.02 million. Market growth is dependent on several factors such as advancements in healthcare technology, increasing prevalence of disease, and increasing demand for medical devices. Advances in technology extensively drive the demand for product design and development services. Wearable devices such as fitness trackers and smartwatches are becoming popular. Such devices can track health metrics, including heart rate, sleep patterns, and physical activity, helping users to monitor and manage their vitals and routines. Therefore, the demand for product design and development services is on the rise. Discover some insights on market size historic period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report - Request a sample report

Product design development services market – Vendor AnalysisVendor Landscape - The global product design development services market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer product design development services in the market are Aran Biomedical, Biomerics LLC, Cambridge Design Partnership Ltd., Celestica Inc., Delve, DeviceLab Inc., Flex Ltd., Freudenberg SE, IndiaCADworks, Integrated Computer Solutions Inc., Jabil Inc., KKR BOSE DESIGN SERVICES Pvt. Ltd., Nordson Corp., Nuova Donatella, Planet Innovation Holdings, Plexus Corp., StarFish Product Engineering Inc., Steripack Group Ltd., Veranex, and RA Global Tech Solutions LLP and others.The global product design development services market is at its growing stage. Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

What's New? -

Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession

Global competitiveness and key competitor positions

Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Vendor Offerings -

Aran Biomedical: The company offers product design development services such as design risk analysis.

Biomerics LLC: The company offers product design development services such as clinical validation.

Cambridge Design Partnership Ltd.: The company offers product design development services such as safety critical high integrity systems development.

For details on the vendor and its offerings – Request a sample report

Product design development services market - Segmentation Assessment

Segment OverviewTechnavio has segmented the market based on Application (Surgical instruments, Diagnostic equipment, Therapeutic equipment, Clinical laboratory equipment, and Others), End-user (Medical device companies, Pharmaceutical companies, Biotechnology companies, and Contract research organizations), and Geography (Asia, North America, Europe, and Rest of World (ROW)).

The market share of the surgical instruments segment is expected to grow significantly during the forecast period. The surgical instruments segment dominated the market with the highest market share in 2022. The main purpose of surgical instruments is to ensure patient safety during surgical procedures. Good product design ensures instrument safety and efficacy, reducing the risk of injury and complications during surgery. Surgical instruments must be designed to reduce physical strain on the surgeon during lengthy operations.

Geography OverviewBy geography, the global product design development services market is segmented into Asia, North America, Europe, and Rest of World (ROW). The report provides actionable insights and estimates the contribution of all regions to the growth of the global product design development services market.

Asia is estimated to contribute 46% to the growth of the global market during the forecast period. Countries such as China and India has significant growth in various industries such as manufacturing, healthcare, and technology. The APAC product design and development services market is driven by growing demand for innovative, high-quality products and the need to reduce costs and improve efficiency. Market growth will also lead to the emergence of specialized design and development firms focusing on specific industries such as medical devices, which is expected to drive the growth of the global product design and development services market during the forecast period.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 - Download a Sample Report

Global Product Design Development Services Market – Market Dynamics

Leading Drivers - Advancements in healthcare technology is driving the market: Advances in technology greatly drive the demand for product design and development services. Wearable devices such as fitness trackers and smartwatches are growing in popularity. These devices can track health metrics such as heart rate, sleep patterns, and physical activity, helping users to monitor and manage their health. Demand for product design and development services is increasing as companies strive to develop new and innovative wearable devices that can provide even more advanced health monitoring capabilities.

Telemedicine involves using technology to provide telemedicine and has become increasingly popular in recent years. Telemedicine platforms allow patients to connect with their healthcare providers from home, which is especially beneficial for those with mobility or transportation issues. Demand for product design and development services is increasing as companies look to develop new telemedicine platforms that offer more advanced capabilities.

Artificial intelligence (AI) has the potential to revolutionize healthcare by analyzing big data and providing insights into patient care. AI-powered tools can help healthcare providers make more informed decisions about diagnosis and treatment, and enable patients to better manage their health. Demand for product design and development services is increasing as companies look to develop new AI-powered healthcare products that can improve patient outcomes.

Key Trends - Digitalization of healthcare industry is trending in this industry: Digitization has revolutionized the healthcare industry, changing the way healthcare services are delivered and consumed. With the increasing adoption of digital technologies such as telemedicine, wearables, and IoT devices, the demand for healthcare product design and development services is increasing.

The increasing use of connected, wearable, and IoT devices has created a need for product design and development services to create innovative devices that collect and transmit real-time health data. These devices help healthcare providers remotely monitor patients and make informed treatment decisions. The rise of digital healthcare platforms has created a need for product design and development services to create user-friendly and intuitive platforms that can improve patient engagement and adherence to treatment plans.

Major Challenges - Stringent regulations on medical device manufacturing is a major challenge impeding the growth of product design development services market: Healthcare products must comply with various regulations to ensure patient safety, which can be complex and time-consuming. The market players must comply with regulations such as FDA, HIPAA, and GDPR to ensure that the products meet the required standards. The global regulatory environment for medical devices is becoming increasingly stringent and unpredictable for manufacturers. The FDA and other US regulatory agencies require medical device manufacturers to conduct extensive compliance oversight.

Manufacturers are also subject to regular inspections for compliance with applicable quality system regulations governing the development, manufacture and maintenance of finished medical devices for human use. Therefore, stringent regulations on the design and manufacturing of medical devices may adversely affect the growth of the global product design development services market during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a free sample report!

What are the key data covered in this Product Design Development Services Market report?

CAGR of the market during the forecast period

Detailed information on factors that will drive the growth of the Product Design Development Services Market between 2023 and 2027

Precise estimation of the size of the Product Design Development Services Market size and its contribution to the market in focus on the parent market

Accurate predictions about upcoming trends and changes in consumer behavior

Growth of the Product Design Development Services Market industry across Asia, North America, Europe, and Rest of World (ROW)

A thorough analysis of the market's competitive landscape and detailed information about vendors

Comprehensive analysis of factors that will challenge the growth of Product Design Development Services Market vendors

Gain instant access to 17,000+ market research reports.

Technavio's SUBSCRIPTION platform

Related Reports:

The rapid application development (RAD) market is estimated to grow at a CAGR of 39.7% between 2022 and 2027. The size of the market is forecast to increase by USD 129.02 billion. This report extensively covers market segmentation by capacity (large enterprises and small and medium enterprises), deployment (on-premise and cloud-based), and geography (North America, Europe, APAC, South America, and Middle East and Africa). The increasing adoption of cloud-based services is notably driving the market growth, although factors such as the complexity involved in application development, planning, and estimation may impede the market growth.

The multiexperience development platforms (MXDP) market size is estimated to grow at a CAGR of 21.9% between 2022 and 2027. The market size is forecast to increase by USD 4,670.38 million. This multiexperience development platforms (MXDP) market report extensively covers market segmentation by end-user (IT and telecom, manufacturing, healthcare, BFSI, and others), deployment (cloud-based and on-premise), and geography (North America, Europe, APAC, Middle East and Africa, and South America). The growing penetration of cloud computing is notably driving the market growth, although factors such as data privacy and security concerns may impede the market growth.

Product Design Development Services Market Scope

Report Coverage

Details

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 9.44%

Market growth 2023-2027

USD 5,739.02 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

8.18

Regional analysis

Asia, North America, Europe, and Rest of World (ROW)

Performing market contribution

Asia at 46%

Key countries

US, Canada, Germany, China, and Japan, Canada, Mexico, Italy,Spain, India, Japan, Australia, and South Korea

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Aran Biomedical, Biomerics LLC, Cambridge Design Partnership Ltd., Celestica Inc., Delve, DeviceLab Inc., Flex Ltd., Freudenberg SE, IndiaCADworks, Integrated Computer Solutions Inc., Jabil Inc., KKR BOSE DESIGN SERVICES Pvt. Ltd., Nordson Corp., Nuova Donatella, Planet Innovation Holdings, Plexus Corp., StarFish Product Engineering Inc., Steripack Group Ltd., Veranex, and RA Global Tech Solutions LLP

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global product design development services market 2017 - 2021

4.2 Application Segment Analysis 2017 - 2021

4.3 End-user Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Application

6.1 Market segments

6.2 Comparison by Application

6.3 Surgical instruments - Market size and forecast 2022-2027

6.4 Diagnostic equipment - Market size and forecast 2022-2027

6.5 Therapeutic equipment - Market size and forecast 2022-2027

6.6 Clinical laboratory equipment - Market size and forecast 2022-2027

6.7 Others - Market size and forecast 2022-2027

6.8 Market opportunity by Application

7 Market Segmentation by End-user

7.1 Market segments

7.2 Comparison by End-user

7.3 Medical device companies - Market size and forecast 2022-2027

7.4 Pharmaceutical companies - Market size and forecast 2022-2027

7.5 Biotechnology companies - Market size and forecast 2022-2027

7.6 Contract research organizations - Market size and forecast 2022-2027

7.7 Market opportunity by End-user

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 Asia - Market size and forecast 2022-2027

9.4 North America - Market size and forecast 2022-2027

9.5 Europe - Market size and forecast 2022-2027

9.6 Rest of World (ROW) - Market size and forecast 2022-2027

9.7 US - Market size and forecast 2022-2027

9.8 Germany - Market size and forecast 2022-2027

9.9 China - Market size and forecast 2022-2027

9.10 Japan - Market size and forecast 2022-2027

9.11 Canada - Market size and forecast 2022-2027

9.12 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Aran Biomedical

12.4 Biomerics LLC

12.5 Cambridge Design Partnership Ltd.

12.6 Celestica Inc.

12.7 DeviceLab Inc.

12.8 Flex Ltd.

12.9 Freudenberg SE

12.10 Integrated Computer Solutions Inc.

12.11 Jabil Inc.

12.12 Nordson Corp.

12.13 Nuova Donatella

12.14 Planet Innovation Holdings

12.15 Plexus Corp.

12.16 StarFish Product Engineering Inc.

12.17 Veranex

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

About UsTechnavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]: www.technavio.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/product-design-development-services-market-size-to-grow-by-usd-5-739-02-million-from-2022-to-2027--the-advancements-in-healthcare-technology-are-driving-the-market---technavio-301842091.html

SOURCE Technavio