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.
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.
Browse full research report on Product
Design And Development Services Market: https://www.grandviewresearch.com/industry-analysis/product-design-development-services-market
Further key
findings from the report suggest:
- 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
Browse request sample of this report by
Grand View Research: https://www.grandviewresearch.com/industry-analysis/product-design-development-services-market/request/rs1
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
- Design Verification
- Process Validation,
Manufacturing Transfer & Design Validation
- Production &
Commercial Support
Product Design
and Development Services Application Outlook (Revenue, USD Million, 2015 -
2026)
- Diagnostic
Equipment’s
- Therapeutic
Equipment’s
- Surgical Instruments
- Clinical Laboratory
Equipment’s
- Biological Storage
- Consumables
- Others
Product Design
and Development Services End-use (Revenue, USD Million, 2015 - 2026)
- Medical Device
Companies
- Pharmaceutical
Companies
- Biotechnology
Companies
- Contract Research
Organizations
Product Design
and Development Services Regional Outlook (Revenue, USD Million, 2015 - 2026)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Columbia
- Middle East &
Africa
- South Africa
- Saudi Arabia
- UAE
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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