Product Design Development Services Market size is set to grow by USD 5.73 billion from 2023-2027, Advancements in healthcare technology to boost the market growth, Technavio

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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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.

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Segment Overview 

This product design development services market report extensively covers market segmentation by

1. Application
   • 1.1 Surgical instruments
   • 1.2 Diagnostic equipment
   • 1.3 Therapeutic equipment
   • 1.4 Clinical laboratory equipment
   • 1.5 Others
2. End-user
   • 2.1 Medical device companies
   • 2.2 Pharmaceutical companies
   • 2.3 Biotechnology companies
   • 2.4 Contract research organizations
3. 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.

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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.

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SOURCE Technavio