NEW
YORK, July 18, 2024 /PRNewswire/ -- The global
product design development services market size is estimated
to grow by USD 5.73 billion from
2023-2027, according to Technavio. The market is estimated to grow
at a CAGR of 9.44% during the forecast
period. Advancements in healthcare technology is
driving market growth, with a trend
towards digitalization in healthcare industry.
However, stringent regulations on medical device manufacturing
poses a challenge. Key market players include Aran
Biomedical, Biomerics LLC, Cambridge Design Partnership Ltd.,
Celestica Inc., Delve, DeviceLab Inc., Flex Ltd., Freudenberg SE,
IndiaCADworks, Integrated Computer Solutions Inc., Jabil Inc., KKR
BOSE DESIGN SERVICES Pvt. Ltd., Nordson Corp., Nuova Donatella, Planet Innovation Holdings,
Plexus Corp., StarFish Product Engineering Inc., Steripack Group
Ltd., Veranex, and RA Global Tech Solutions LLP.
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Forecast
period
|
2023-2027
|
Base Year
|
2022
|
Historic
Data
|
2017 - 2021
|
Segment
Covered
|
Application (Surgical
instruments, Diagnostic equipment, Therapeutic equipment, Clinical
laboratory equipment, and Others), End-user (Medical device
companies, Pharmaceutical companies, Biotechnology companies, and
Contract research organizations), and Geography (Asia, North
America, Europe, and Rest of World (ROW))
|
Region
Covered
|
Asia, North America,
Europe, and Rest of World (ROW)
|
Key companies
profiled
|
Aran Biomedical,
Biomerics LLC, Cambridge Design Partnership Ltd., Celestica Inc.,
Delve, DeviceLab Inc., Flex Ltd., Freudenberg SE, IndiaCADworks,
Integrated Computer Solutions Inc., Jabil Inc., KKR BOSE DESIGN
SERVICES Pvt. Ltd., Nordson Corp., Nuova Donatella, Planet
Innovation Holdings, Plexus Corp., StarFish Product Engineering
Inc., Steripack Group Ltd., Veranex, and RA Global Tech Solutions
LLP
|
Key Market Trends Fueling Growth
The healthcare industry has undergone substantial changes due to
digitalization, leading to the transformation of healthcare
delivery and consumption. Telemedicine, wearables, and IoT devices
are among the digital technologies increasingly adopted in
healthcare. This shift towards personalized healthcare has fueled
the demand for product design development services in creating
customized patient solutions. Connected devices, wearables, and IoT
devices require innovative product designs to collect and transmit
health data in real-time, enabling remote patient monitoring and
informed care decisions. Digital health platforms call for
user-friendly and intuitive designs to boost patient engagement and
adherence to treatment plans. The proliferation of health data
presents opportunities for product design development services to
create data analysis and interpretation solutions, ultimately
improving patient outcomes. In summary, digitalization has opened
up significant opportunities for the product design development
services market in the healthcare sector.
Product design development services are in high demand in
various industries, particularly in medical and healthcare. Trends
like 3D printing and the use of composite materials are
transforming the manufacturing process for medical devices,
surgical instruments, diagnostic equipment, therapeutic equipment,
clinical laboratory equipment, biological storage, consumables, and
more. Medical device companies, pharmaceutical companies,
biotechnology firms, contract research organizations, and
technology companies are investing in product design services to
meet the market demand for innovative, cost-effective solutions.
Concept generation and requirements development are crucial stages
in product design. Design verification and validation ensure strict
regulations are met. Production and commercial support help bring
devices to market. Associated costs are a consideration, especially
with rising healthcare costs and the geriatric population's health
concerns. Complexity and connectivity are key factors in today's
devices, with wireless capabilities becoming increasingly
important. Product design development services encompass
manufacturing process development, detailed design creation, and
design verification and validation for medical devices, surgical
instruments, and combination products. Companies in this space must
stay updated on the latest trends, including 3D printing, composite
materials, and wireless capabilities, to remain
competitive.
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Market Challenges
- Medical device design and development services involve creating
products that adhere to stringent regulations to ensure patient
safety. Regulations such as FDA, HIPAA, and GDPR require extensive
compliance, which can be complex and time-consuming for
manufacturers. The global regulatory environment for medical
devices is becoming increasingly strict, with agencies closely
monitoring design and manufacturing practices, including labeling
and adverse event reporting. Manufacturers face periodic
inspections for compliance with applicable quality system
regulations, which govern the designing, manufacturing, and
servicing of finished medical devices intended for human use. These
regulations can negatively impact the growth of the global product
design development services market due to the additional costs and
resources required for compliance.
- The Product Design Development Services Market for medical
devices faces several challenges. Associated costs can be high due
to strict regulations and the use of cutting-edge technology.
Medical device firms and technology companies must navigate complex
medical device development plans, including combination products
with wireless capabilities, mobile apps, connected devices, and
wearable sensors. The geriatric population and rising healthcare
costs increase market demand for advanced portable devices,
next-generation diagnostics, and home healthcare solutions.
Designing devices that meet medical requirements, consumer needs,
and regulatory standards requires precision and versatility.
Medical devices range from simple inhalers to complex combination
products with wireless capabilities, mobile apps, and connected
devices. The personal informatics movement and health
quantification trends call for compact designs, customized wearable
devices, and electronic patient records. Regulatory requirements,
such as Good Laboratory Practices, Good Clinical Practices, and
Good Manufacturing Practices, add to the complexity and
connectivity of product design development services. Market
expansion strategies include digital health technologies, novel
biomaterials, and regulatory compliance. Medical devices must cater
to various health concerns, including sleep monitoring, heat flux,
and galvanic skin response. Personalized medicine and digital
health technologies are driving innovation, with advanced devices
using accelerometers and sensors to monitor and improve overall
health.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This product design development services market report
extensively covers market segmentation by
- Application
- 1.1 Surgical instruments
- 1.2 Diagnostic equipment
- 1.3 Therapeutic equipment
- 1.4 Clinical laboratory equipment
- 1.5 Others
- End-user
- 2.1 Medical device companies
- 2.2 Pharmaceutical companies
- 2.3 Biotechnology companies
- 2.4 Contract research organizations
- Geography
- 3.1 Asia
- 3.2 North America
- 3.3 Europe
- 3.4 Rest of World (ROW)
1.1 Surgical instruments- The surgical instruments
segment led the Product Design Development Services Market in 2022,
holding the largest market share. Over the forecast period, this
segment is expected to continue its dominance. Surgical instruments
play a crucial role in ensuring patient safety during surgical
procedures. Effective product design ensures instruments are safe,
efficient, and minimize surgeon fatigue during lengthy procedures.
Advanced design methods are essential to develop unique biomedical
technologies for surgical equipment. Stringent quality control is
necessary for surgical instruments due to their high technological
orientation, price sensitivity, and intense competition. The
significant demand for surgical instruments will fuel the expansion
of the global Product Design Development Services Market throughout
the forecast period.
For more information on market segmentation with
geographical analysis including forecast (2023-2027) and historic
data (2017 - 2021) - Download a Sample Report
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Research Analysis
The Product Design Development Services Market encompasses the
creation and refinement of innovative medical devices using
cutting-edge technology. Associated costs can be significant due to
strict regulations and the need for high-quality materials like
composite materials. The market demand is driven by the growing
geriatric population and rising healthcare costs, leading medical
device firms and technology companies to invest in this sector. The
development process includes Concept Generation and Requirements
Development, followed by Detailed Design Creation, Manufacturing
Process Development, Design Verification, and Process Validation.
Various types of medical equipment are produced, including
Diagnostic Equipment, Therapeutic Equipment, Surgical Instruments,
and Clinical Laboratory Equipment. Biological Storage solutions are
also in demand. The market requires rigorous testing and
certification to ensure compliance with healthcare standards.
Market Research Overview
The Product Design Development Services Market is experiencing
significant growth due to the increasing demand for medical devices
that cater to the geriatric population and address health concerns
in the context of rising healthcare costs. This market is driven by
the integration of cutting-edge technology, strict regulations, and
the consumer-driven model. Medical device firms and technology
companies collaborate to create devices with advanced wireless
capabilities, such as mobile apps, connected devices, wearable
sensors, inhalers, and home healthcare equipment. These devices
often incorporate combination products, sleep monitoring, heat
flux, galvanic skin response, and personalized medicine. The market
also includes the development of next-generation diagnostic
equipment, advanced portable devices, and novel biomaterials.
Regulatory requirements, such as Good Laboratory Practices, Good
Clinical Practices, and Good Manufacturing Practices, are essential
for bringing these devices to market. Manufacturing process
development, detailed design creation, and production &
commercial support are crucial services offered by design
development firms. The market includes various segments, such as
diagnostic equipment, therapeutic equipment, surgical instruments,
clinical laboratory equipment, biological storage, consumables, and
more. Expansion strategies for companies in this market include the
use of 3D printing, manufacturing process optimization, and the
integration of digital health technologies.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Surgical Instruments
- Diagnostic Equipment
- Therapeutic Equipment
- Clinical Laboratory Equipment
- Others
- End-user
-
- Medical Device Companies
- Pharmaceutical Companies
- Biotechnology Companies
- Contract Research Organizations
- Geography
-
- Asia
- North America
- Europe
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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