The "Product Design and Development Services Market Size, Share & Trends Analysis Report by Service (Research, Strategy, Concept Generation, Concept & Requirements Development), by Application, by End Use, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.

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 increasing demand for advanced technology, decreasing product costs, and decreasing time to design and manufacture a product. Life science and medical device companies face great pressure for cost and to develop innovative products in a short time frame as they have to comply with stringent regulatory requirements for medical devices.

The manufacturers face more hurdles in getting cost-effective high-quality products to market faster along with some internal factors, such as design and production.

Hence, medical device companies adopt a design-to-manufacturing approach where design, engineering, as well as production teams work in collaboration to develop the product model. This approach enhances both product quality and profitability by decreasing errors in development and designing thereby increasing success rates.

Outsourcing design engineering is anticipated to witness healthy growth in the forecast period as an increased number of manufacturers-from start-up ventures to established companies-capitalize on the benefits related to outsourcing design engineerings such as improved product design and cost-effectiveness to attain a competitive edge.

Furthermore, with the incorporation of IT into the healthcare industry, analysis of 3D models and software, for which the third parties are well trained are expected to promote growth.

COVID-19 has added complexity and challenge to medical device innovation. The product development firms are facing major challenges, such as how to continue with business operations while evading the effects of the crisis. Product development during the pandemic continues to show optimal scope.

However, companies have started several strategic initiatives to combat this and shape their business. For instance, in April 2020, FLEX partnered with PHILIPS and JABIL INC for the manufacturing of 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 and design strategy are essential to generate maximum revenue.
• The surgical instruments segment held a major market share of 27.9% in 2021, due to the detail designing require for making them suitable for direct contact with the human body.
• The medical device companies are projected to exhibit the fastest growth of 13.0% over the forecast period. This can be due to the increasing demand for advanced and quality medical products.

Market Variables, Trends & Scope

Market driver analysis

• Increasing complexity with respect to product design and engineering
• Increasing Trend of Smaller and Portable Products
• Care moving from hospital to home
• Increasing Demand For Health Data Tracking
• Increasing Funding For medical devices
• Increasing device recalls
• Increasing Incorporation of Electronics In Medical Devices Especially Implants

Market restraint analysis

• Lack of Funding
• Threat of information loss to OEMs
• Resistance, reluctance, and rejection

Market Lineage Outlook

• Parent market outlook
• Healthcare contract research organization market
• Medical device outsourcing market

Related/ancillary market outlook

• Pharmaceutical outsourcing market
• Healthcare contract manufacturing market
• Healthcare IT outsourcing market
• Regulatory affairs outsourcing market

Regulatory Framework

• Standards
• U.S.
• Canada
• Compliances

Market Variable Analysis

• Penetration & Growth Prospect Mapping
• Business Environment Analysis tools
• SWOT Analysis, by PEST
• Porter's five forces analysis
• Major Deals & Strategic Alliances Analysis
• COVID-19 Impact Analysis

Competitive Analysis

• Ximedica
• DeviceLab, Inc.
• Jabil Inc.
• Flex Ltd.
• Plexus Corp
• Celestica Inc.
• StarFish Medical
• Nordson Medical
• Planet Innovation
• Donatelle
• Cambridge Design Partnership
• Aran Biomedical

For more information about this report visit https://www.researchandmarkets.com/r/ni6fqq

View source version on businesswire.com: https://www.businesswire.com/news/home/20220629005582/en/