North America Product Design and Development Services (CRO, Medical Device Companies) Market Analysis Report 2022-2030 – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–The report “Analysis Report of the North America Product Design and Development Services Market Size, Share and Trends by End-Use (CROs, Medical Device Companies), by Application, by service and segment forecast, 2022-2030” has been added for from ResearchAndMarkets.com offer.

The North America product design and development services market size is expected to reach USD 5.66 billion by 2030, registering a CAGR of 11.7%

The COVID-19 pandemic has had a significant impact on the market. During the crisis, product development companies faced the major challenge of how to continue their business activities without being affected by the disease.

Additionally, the enormous cost of development, the financial risk of missing the mark, and market timing have all contributed to the greatest challenges for medical device development and market-driving innovation.

However, the ease of the supply chain and the significant reduction in market entry barriers have led to the recovery of this market. The pandemic has dramatically increased the demand for diagnostic kits, personal protective equipment (PPE), ventilators and other essential medical supplies.

Since February 2020, the FDA has authorized more than 250 emergency use authorizations (EUAs). EUAs cover in vitro diagnostics and other test kits, PPE kits and ventilators, and ECMO devices, among others. The major market drivers are increasing complexity in product design, demand for quality products and cost reduction.

Medical and life science companies face extreme cost pressures to develop new and innovative products in shorter timeframes while complying with stringent medical device regulatory requirements. Manufacturers face more hurdles to bring high-quality, cost-effective products to market faster, as well as some internal factors, such as design and production.

Therefore, medical device companies take a design-to-manufacture approach where design, engineering, and production teams work collaboratively to develop the product model. This approach improves both product quality and profitability by decreasing development and design errors, thereby increasing success rates.

North America Product Design and Development Services Market Report Highlights

  • The research, strategy and concept generation segment dominated the market in 2021 due to the extensive research required at this stage

  • The surgical instruments segment held the major share of the market in 2021 owing to the complexity of the instruments which requires precise design and development

  • The medical device business segment is expected to show the fastest CAGR during the forecast period owing to the growing demand for advanced and quality medical products

  • Key companies focus on mergers, acquisitions, product innovation and other strategies to gain higher market share

  • For example, in November 2021, Planet Innovation (PI) acquired the North American operations of BIT Analytical Instruments GmbH, which manufactures regulated medical devices

Market Variables, Trends and Scope

Market Line Prospects

Parent Market Outlook

  • Medical Device Outsourcing Market

Related/auxiliary market prospects

  • Healthcare Contract Research Organization Market

  • Pharmaceutical outsourcing market

  • Healthcare contract manufacturing market

  • Healthcare IT Outsourcing Market

  • Regulatory Affairs Outsourcing Market

Market Driver Analysis

  • Increasing complexity of product design and engineering

  • Growing trend of smaller and portable products

  • Care moves from hospital to home

  • Growing demand for health data tracking

  • Increase funding for medical devices

  • Increase in device recalls

  • Increasing incorporation of electronics into medical devices, especially implants

Analysis of market constraints

  • High cost associated with product design and development

  • Threat of information loss for OEMs

  • Resistance, reluctance and rejection

Competitive analysis

  • Ximedica

  • Devicelab, Inc.

  • Jabil Inc.

  • Flex Ltd.

  • Plexus Corp.

  • Celestica Inc.

  • medical starfish

  • Nordson Medical

  • Planet Innovation

  • Donatelle

  • Cambridge Design Partnership

  • Aran Biomedical

For more information about this report visit https://www.researchandmarkets.com/r/m9mo0i

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