The Product Design and Development Services Market is expected to grow from US$9,519. 97 million in 2022 at US$17,663. 12 million by 2028; it is expected to grow at a CAGR of 10.9% from 2022 to 2028.
New York, July 20. 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Product Design and Development Services Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Services, Application, and End User” – https://www.reportlinker .com/p06295695/?utm_source=GNW
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 limitless in the health sector.
The influx of technologies 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 the patient.
For example, imaging and diagnostic equipment has improved dramatically over the past decade, with costs dropping dramatically and making the devices more accessible to small medical practices and clinics due to the technological influx of devices. of diagnosis.
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 National Council on Aging report, approximately 49 million Americans are aged 65 and older, and the population of that age is expected to reach 98 million by 2060. Good health ensures security, independence and 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, about 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.
The global product design and development services market is segmented into services, applications, and end users. Based on services, the product design and development services market is segmented into research, strategy and concept generation; development of concepts and requirements; detailed design and process development; design verification; process validation, manufacturing transfer and design validation; and other services.
The segment of research, strategy and concept generation is estimated to account for the largest market share from 2022 to 2028. However, the segment of process validation, manufacturing transfer and validation of design is expected to register the highest CAGR during the forecast period.
Research and strategy help inspire and inform decisions, providing the cultural and user insights needed to create remarkable product strategies and designs. Concept generation is a process that begins with a set of customer needs and target specifications and culminates in a scope from which a final design will be selected.
Moreover, this service is used in the early stages of the product development cycle. Service inspires innovation and develops a compelling and executable product vision. It is used for various procedures such as background investigation, user identification, business and design strategy, concept generation, competitive and comparative landscape research, and technology research and evaluation . For example, in 2020, the National Human Genome Research Institute (NHGRI) released its strategic vision, which presents a compendium of ideas and compelling insight that creates more opportunities in human genomics for the next period. forecast. These factors are responsible for the growth of this segment, which is ultimately expected to help the product design and development services market over the forecast period.
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 adhering to specifications. of product design. For example, ISO 20417 simplifies compliance with product information regulations by offering 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.
The Gulf Cooperation Council (GCC), Indian National Institute of Metrology Standardization and Industrial Quality, Centers for Disease Control and Prevention, United States Food and Drug Administration and American Association for the Advancement of Science are among the primary and secondary sources that were referred. while preparing the report on the global Product Design and Development Services market.
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