SAN FRANCISCO,The global product design and development services market size is expected to reach USD 17.1 billion by the end of 2026, exhibiting a CAGR of 10.9% over the forecast period, according to a new report published by Grand View Research, Inc. Low product cost, short time-to-market, and demand for advanced technologies are some of the factors boosting the growth. Medical and life sciences companies face extreme cost pressures to develop new innovative products in shorter time frames while complying with stringent regulatory requirements of medical device. The regulatory process greatly affects the pathway of device development.
Key suggestions from the report:
The research, strategy, and concept generation services segment accounted for the highest revenue share in 2018 as the stage requires extensive research and business and design strategy that generate maximum revenue
The surgical instruments segment held major market share of 26.6% in 2018, due to the complexity of instruments required in detailed designing for making them suitable for direct contact with human body
Key players in emerging economies of Asia Pacific and Latin America are witnessing significant increase in their revenue owing to the presence of lucrative growth opportunities. Medical device Original Equipment Manufacturers (OEMs) are outsourcing the production of their devices to these economies due to availability of labor and raw materials at affordable cost
Some of the players operating in the product design and development services market are Ximedica; DeviceLab Inc.; Jabil Inc.; Flex Ltd.; Plexus Corp.; Celestica Inc.; Starfish Medical; Nordson MEDICAL; Planet Innovation; and Donatelle
Read 150 page research report with ToC on “Product Design And Development Services Market Size, Share & Trends Analysis Report By Services, By Application (Diagnostic Equipment, Surgical Instruments), By End Use, By Region, And Segment Forecasts, 2019 – 2026” at: https://www.grandviewresearch.com/industry-analysis/product-design-development-services-market
The manufacturers face more hurdles in getting cost-effective high-quality products to market faster along with some internal factors, such as designing and production. Hence, medical device companies adopt a design-to-manufacturing approach where design, engineering, as well as production teams work in collaboration to form 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 over the forecast period as an increased number of manufacturers-from start-up ventures to established companies-capitalize on the benefits related to outsourcing design engineering such as improved product design and cost-effectiveness to attain a competitive edge.
Besides, expert engineering organizations can offer broad multidisciplinary expertise to supplement internal skills, resulting into superior as well as market-dominating products. Outsourcing to a third-party can bring greater control to the development of a medical device as they are bound by contract to perform and deliver.
Grand View Research has segmented the global product design and development services market based on services, application, end use, and region:
Product Design and Development Services Outlook (Revenue, USD Million, 2015 – 2026)
Research, Strategy, & Concept Generation
Concept & Requirements Development
Detailed Design & Process Development
Process Validation, Manufacturing Transfer & Design Validation
Production & Commercial Support
Product Design and Development Services Application Outlook (Revenue, USD Million, 2015 – 2026)
Clinical Laboratory Equipment’s
Product Design and Development Services End-use (Revenue, USD Million, 2015 – 2026)
Medical Device Companies
Contract Research Organizations
Product Design and Development Services Regional Outlook (Revenue, USD Million, 2015 – 2026)
Middle East & Africa
Find more research reports on Medical Devices Industry, by Grand View Research:
Cardiac Resynchronization Therapy (CRT) Market – Increasing prevalence of cardiac disorders and rising incidences of heart failure are expected to boost the Cardiac Resynchronization Therapy market growth over the forecast period..
Intraocular Lens Market – Globally increasing incidence of cataract as a result of a large aging demographic segment and rising cases of diabetic retinopathy are driving the intraocular lens market.
Cleanroom Technology Market – Various initiatives undertaken to create awareness, such as online magazines dedicated to specifying trends in cleanroom technology, and presence of cleanroom company directories are expected to propel the market growth.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
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.
SOURCE Grand View Research, Inc.