Product Design And Development Services Market Size, Share & Trends Report

Product Design And Development Services Market Size, Share & Trends Analysis Report By Service, (Research, Strategy, & Concept Generation, Concept & Requirements Development), By Application, By End-user, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-4-68038-144-3
  • Number of Report Pages: 150
  • Format: PDF, Horizon Databook
  • Historical Range: 2018 - 2023
  • Forecast Period: 2024 - 2030 
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the product design and development services market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for product design and development services market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of product design and development services market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Product Design And Development Services Market Categorization:

The product design and development services market was categorized into four segments, namely service (Research, Strategy, & Concept Generation, Concept & Requirements Development, Detailed Design & Process Development, Design Verification, Process Validation, Manufacturing Transfer & Design Validation, Production & Commercial Support), application (Diagnostic Equipment, Therapeutic Equipment, Surgical Instruments, Clinical Laboratory Equipment, Biological Storage, Consumables), end-user (Medical Device Companies, Pharmaceutical Companies, Biotechnology Companies, Contract Research Organizations), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The product design and development services market was segmented into service, application, end-user, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The product design and development services market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S., Canada, the UK, Germany, France, Italy, Spain, Norway, Sweden, Denmark, China, Japan, India, South Korea, Thailand, Australia, Brazil, Argentina, Mexico, South Africa, Saudi Arabia, UAE, Kuwait.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Product design and development services market companies & financials:

The product design and development services market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • XIMEDICA (VERANEX) - In January, 2021, Ximedica was aquired by a private equity firm Summit Partners to form a new MedTech service company-Veranex. The company is a medical device product realization firm that delivers innovative devices across various product categories, such as dental products, in-home diagnostics, remote patient monitoring, oral appliances, medical imaging devices, infusion & drug delivery systems, emergency care systems, laparoscopic devices, endoscopic devices, and more.

  • DEVICELAB, INC. - Established in 2001, and located in Tustin, U.S.The company completed developing around 100 major products comprising 22 tabletop instruments, 20 handheld devices, 16 medical carts, and 9 disposable medical devices. DeviceLab, Inc., is a full-service medical device design and engineering firm. The company specializes in medical device design, patient monitors/imaging systems, diagnostic instruments, lasers & LED technologies, and digital health, wireless, & wearables.

  • JABIL INC. - Jabil, Inc. provides complete design, manufacturing, project management, and supply change services across broad range of industries. The company caters to segments such as Diversified Manufacturing Services (DMS) and Electronic Manufacturing Services (EMS). The EMS segment is focused around leveraging supply chain design and engineering, and IT, technologies largely focused on core electronics.

  • FLEX LTD. - Flex Ltd., formerly known as Flextronics International Ltd., provides sketch-to-scale services including innovative design, engineering, manufacturing, and supply chain services as well as solutions from conceptual sketch to full-scale production. The company offers solutions for industrial, healthcare, and automotive industries, whereas the Flex Agility Solutions provides its solutions for lifestyle, consumer devices, and communications, enterprise, and cloud industry.

  • PLEXUS CORP - Plexus Corp provides support to all the facets of the product realization process, including supply chain solutions, design & development, manufacturing, new product introduction, and aftermarket services. The company offers customer services for a broad range of industries, such as healthcare and life sciences, aerospace & defence, and industrial. The company provides services for customers in Europe, Asia Pacific, the Middle East & Africa, and Europe.

  • CELESTICA INC. -Celestica, Inc. operates via two business segments, including Advanced Technology Solutions (ATS) and Connectivity & Cloud Solutions (CCS). The company offers a wide range of services, such as design & development, component sourcing, supply chain management, engineering services, assembly & test, system integration, complex mechanical assembly, precision machining, electronics manufacturing, aftermarket repair & return, order fulfillment, and systems integration.

  • STARFISH MEDICAL - Starfish Medical provides design, development, and contract manufacturing services to medical devices and life sciences companies.It uses precisely refined processes and technical capabilities in product definition & development, technology development, as well as quality management to take medical devices from the ideation stage through product design & definition and into the first prototype. It partners with innovative companies to create breakthrough products for many medical specialty areas.

  • NORDSON MEDICAL - Nordson MEDICAL serves various markets including cardiovascular, bioprocessing, electrophysiology, gastrointestinal, in vitro diagnostics, neurovascular, ophthalmic, dialysis, orthopedics & spine, patient monitoring, structural heart, ENT, interventional radiology, neuraxial, dental, peripheral vascular, wound & respiratory care, and other industrial markets, including inkjet, electronic cooling, food & beverages, consumer packaged goods, and analytical instrumentation.

  • PLANET INNOVATION - Planet Innovation is a product design and contract manufacturing company that focusses on designing medical devices for compliance with America and European standards as well as regulations. The company was established in 2009, and located in Victoria, Australia. It has six business divisions that are PI design services, PI commercial services, PI manufacturing services, PI digital services, and incubator.

  • DONATELLE - Donatelle is a medical device design & development and contract manufacturing firm. The company specializes in product design & development, contract manufacturing, prototyping, liquid silicone molding, injection molding, micro-molding, precision machining, secondary operations, assembly & packaging, sterilization management, and process validation.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Product Design And Development Services Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Product Design And Development Services Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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