Product Design and Development Services Market Analysis Report 2022: Research, Strategy, Concept Generation, Concept Development and Requirements – Global Forecast to 2030 – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–The “Product Design and Development Services Market Size, Share and Trend Analysis Report by Service (Research, Strategy, Concept Generation, Concept and Requirement Development), By Application, By End Use, and Segment Forecast, 2022-2030” has been added to from ResearchAndMarkets.com offer.

The global product design and development services market is expected to reach USD 24.1 billion by 2030, registering a CAGR of 12.5%

The major drivers of this market are the growing demand for advanced technologies, decreasing product costs, and reducing the time to design and manufacture a product. Life science and medical device companies are facing high cost pressure and developing innovative products in a short period of time as they must comply 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.

Design engineering outsourcing is expected to see healthy growth over the forecast period as more manufacturers – from start-ups to established companies – capitalize on the benefits of design engineering outsourcing. , such as improving product design and profitability to achieve competitive advantage.

Moreover, with the integration of IT in the healthcare industry, the analysis of 3D models and software, for which third parties are well trained, is expected to promote growth.

COVID-19 has added complexity and challenges to medical device innovation. Product development companies face major challenges, such as continuing business operations while avoiding the effects of the crisis. Product development during the pandemic continues to show optimal reach.

However, companies have launched several strategic initiatives to combat this and shape their business. For example, in April 2020, FLEX partnered with PHILIPS and JABIL INC to manufacture hospital ventilators for the treatment of COVID-19 patients.

Product Design and Development Services Market Report Highlights

  • Research, strategy and concept generation dominated the market with a share of 39.9% in 2021, as a considerable amount of research and business strategy and design is essential to generate maximum revenue.

  • The surgical instruments segment held a major market share of 27.9% in 2021, owing to the design details required to make them suitable for direct contact with the human body.

  • Medical device companies are expected to show the fastest growth of 13.0% over the forecast period. This may be due to the growing demand for advanced and quality medical products.

Market Variables, Trends and Scope

Market Driver Analysis

  • Growing complexity in 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

  • Increased incorporation of electronics in medical devices, especially implants

Analysis of market constraints

  • Lack of funds

  • Threat of information loss for OEMs

  • Resistance, reluctance and rejection

Market Line Prospects

  • Parent Market Outlook

  • Healthcare Contract Research Organization Market

  • Medical Device Outsourcing Market

Related/auxiliary market prospects

  • Pharmaceutical outsourcing market

  • Healthcare contract manufacturing market

  • Healthcare IT Outsourcing Market

  • Regulatory Affairs Outsourcing Market

Regulatory framework

  • Standards

  • WE

  • Canada

  • Compliances

Analysis of market variables

  • Mapping of penetration and growth prospects

  • Business environment analysis tools

  • SWOT analysis, by PEST

  • Porter’s Five Forces Analysis

  • Analysis of major transactions and strategic alliances

  • COVID-19 Impact Analysis

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/ni6fqq

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