Product Design And Development Services Market: Process Validation And Manufacturing Transfer Segment Is Expected To Witness The Fastest Growth Rate Of 13.7%

 Product Design And Development Services Industry Overview

The global product design and development services market is expected to reach USD 24,092.2 million by 2030, registering a CAGR of 12.5%, according to a new report by Grand View Research, Inc. 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 Segmentation

Grand View Research has segmented the global product design and development services market based on services, application, end-use, and region:

Based on the Services, the market is segmented into Research, Strategy, & Concept Generation, Concept & Requirements Development, Detailed Design & Process Development, Design Verification, Process Validation, Manufacturing Transfer & Design Validation, and Production & Commercial Support.

  • The research, strategy, and concept generation segment dominated the market for product design and development services and accounted for the largest revenue share of 39.8% in 2022. The segment is also anticipated to maintain its position over the forecast period.

 

  • The process validation and manufacturing transfer segment is expected to witness the fastest growth rate of 13.7% over the forecast period. This may be due to the stringent regulations pertaining to the validation of medical devices. As per the Quality System Regulations (QSR), the process ought to be validated with a high degree of assurance when the output of a process cannot be fully verified by following testing and inspection.

 

Based on the Application, the market is segmented into Diagnostic Equipment, Therapeutic Equipment, Surgical Instruments, Clinical Laboratory Equipment, Biological Storage, Consumables, and Others.

  • The surgical instruments segment dominated the market with the largest revenue share of 27.8% in 2022. The segment is anticipated to maintain its position over the forecast period. This is mainly due to the complexity associated, which requires precise design and development.

 

  • The consumables and accessories segment is projected to witness the fastest CAGR of 13.9% over the forecast period. The segment includes all the medical devices and equipment which assist people in their daily lives. Examples include mobility aids like wheelchairs, walkers, canes and crutches, scooters, incontinence pads, and urinals..

 

Based on the End-use, the market is segmented into Medical Device Companies, Pharmaceutical Companies, Biotechnology Companies, and Contract Research Organizations.

  • The medical device companies segment accounted for the largest revenue share of 55.5% in 2022. This is attributed to the increasing demand for advanced and quality medical products. Implementation of new and innovative technologies is majorly important for creating and maintaining product competency.

 

  • Medical products covering the range of life assist devices, therapeutic devices, drug delivery systems, and patient monitors all are becoming smaller in size while increasing features and performance. Besides, with the patient as the intended user, these new products increasingly include design considerations typically related to consumer-type products such as wireless connectivity, portability, user interface, ruggedness, and industrial design.

 

Key Companies And Market Share Insights

The players are constantly involved in providing a wide range of services and equipment which can be an effective cost curbing tool for the recipient organization. Participants are also involved in mergers and acquisitions in order to increase penetration. For instance, in November 2021, Planet Innovation (PI) acquired the North American operations of BIT Analytical Instruments GmbH, which manufactures regulated medical devices. A key aim of the acquisition is for PI to expand its US manufacturing capabilities in order to support its growing US customer base. Some prominent players in the global product design and development services market include:

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

 

Order a free sample PDF of the Product Design And Development Services Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

Follow Us: LinkedIn | Twitter

Comments

Post a Comment

Popular posts from this blog

Cash Logistics Market: Cash Management Is Expected To Account For A High CAGR In The Coming Years

  Cash Logistics Industry Overview The global cash logistics market size was valued at USD 23.03 billion in 2021 and is expected to expand at a CAGR of 8.2% from 2022 to 2030 as there is an alarming need for safety in cash handling practices. Factors such as the growing cash transactions, rise in the demand for the presence of ATMs, and surge in demand for the cash vaults are the major factors boosting the global logistics market. Additionally, an increase in the number of ATMs by banks in the urban as well as the rural areas to offer better services to the customer is also expected to create lucrative growth opportunities for the market over the forecast period. Subsequently, the cash needs to be moved periodically, and hence its safe and reliable transportation is of huge concern. Therefore, automated processes play a significant role in resolving challenges in logistics. Companies are developing Al-based ATM security software to increase accuracy in cash replenishment services...
Read more

Data Preparation Sector for Business Intelligence: Best Practices 2023-2030

  Data Preparation Industry Data Book | Forecast 2030 Data Preparation Industry Data Book - Data Collection and Labelling, Data Labelling Solutions and Services & Data Integration Market Grand View Research’s data preparation industry data book is a collection of market sizing information & forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research. Access the Global Data Preparation Industry Data Book, 2023 to 2030 , compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies   Data Collection And Labeling Market Report Highlights Automated image organizatio...
Read more

Smart Toys Market: Distribution Channel, The Offline Segment Held The Largest Revenue Share

  Smart Toys Industry Overview The global  smart toys market  size is expected to reach USD 34.13 billion by 2028, based on a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 16.5% from 2021 to 2028. The rise in disposable income, coupled with the growing demand for coding skills, is fueling the growth of the market. The growing importance of coding and STEM learning in schools and other organizations is propelling the demand for smart toys. The use of educational robots in classrooms for storytelling and play-to-learn interactive tablet toys help in delivering superior gaming and learning experience to students and players. Key players in the market are utilizing TV media and famous cartoon characters to capitalize on branded content to improve the entertainment value. The inclusion of social media and OTT platforms provides companies in the market to garner a larger consumer base in the market. Dora the Explorer and Sesame Street are some ...
Read more