SAN FRANCISCO, Jan. 22, 2020 /PRNewswire/ -- 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
- 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
- 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
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
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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.
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