DUBLIN–(BUSINESS WIRE)–The report “Product Design and Development Services Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Services, Application and End User” has been added to from ResearchAndMarkets.com offer.
The product design and development services market is expected to grow from US$9,519.97 million in 2022 to US$17,663.12 million by 2028.
Technological advancements and high demand for quality healthcare products owing to rising health problems among the geriatric population are fueling the overall growth of the product design and development services market. Technological development has been recognized as a crucial element of business competitiveness.
For example, several technological advances involve artificial intelligence (AI) in healthcare products. AI-based medical devices can automate tasks, synthesize data from multiple sources, identify trends, process and analyze information from wearable sensors, identify disease or the onset of medical conditions, identify risk of infection associated with complications and conduct research.
Moreover, the potential of technologies is unlimited in the health 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 health care of people around the world, ultimately fueling account the growth of the market for product design and development services.
Imaging and diagnostic devices are bulky stationary devices that require patients to travel to a particular room in a hospital or doctor’s office. However, a new generation of compact devices is coming directly to a patient. For example, imaging and diagnostic equipment has improved dramatically over the past decade.
Costs are dropping dramatically and making the devices more accessible to small medical practices and clinics due to the technological influx of diagnostic devices. The advent of technology has given rise to innovative features such as computed tomography (CT) machines evolving from a 16-slice scanner to a 256-slice scanner capable of measuring changes in blood flow and detecting the smallest blockages occurring. forming in the blood vessels.
Therefore, improving every aspect of the technology results in increased efficiency, functionality and reliability. These aforementioned factors are responsible for boosting the overall growth of the product design and development services market during the forecast period.
According to the report of the National Council on Aging, approximately 49 million Americans are aged 65 and over, and the population of this age is expected to reach 98 million by 2060. Good health guarantees security, independence and the productivity of the elderly population. However, millions of people in the aging population struggle daily with health issues such as falls, chronic illnesses, physical inactivity, oral health issues, and behavioral health issues, which adversely affect to quality of life. Additionally, approximately 80% of the geriatric population has at least one chronic condition and 70% of Medicare beneficiaries have two or more.
The demand for quality products with innovative designs is increasing to overcome these conditions. Additionally, medical device companies are improving clinical outcomes among patient groups through connected products. For example, Ximedica has developed products focused 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.
In addition, in November 2021, a Radiological Society of North America show in Chicago was held, where medical device manufacturers showcased numerous product innovations. For example, GE Healthcare introduced a new image-guided x-ray system with robot-like functionality.
Market Opportunities in the Global Product Design and Development Services Market
According to the ISO report, medical devices help save patients’ lives and improve their health. In the global market, there are 500,000 devices based on the technology. In addition, ISO has many international standards and guidance documents to help the healthcare industry ensure product safety and efficacy by meeting many national, regional and international regulatory requirements and complying with product design specifications.
For example, ISO 20417 simplifies compliance with product information regulations by providing standard generic requirements that are consistent/permanent across devices across geographies. Additionally, ISO/TR 20416 Post-Market Surveillance for Manufacturers offers guidance to effectively monitor device safety, performance, and day-to-day use. These aforementioned factors would create lucrative opportunities for the growth of the product design and development services market over the forecast period.
Key market dynamics
High demand for quality products in the healthcare sector due to increasing health problems among the geriatric population
Data breach and information security issues
New standards and regulations favorable to the design and development of innovative products
Usefulness of portable medical devices
Starfish Inc. Product Engineering
Sterling Medical Devices
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