Product Design And Development Services Market To Reach $32.93 Billion By 2030

March 2024 | Report Format: Electronic (PDF)

Product Design And Development Services Market Growth & Trends

The global product design and development services market is expected to reach USD 32.93 billion by 2030, registering at a CAGR of 10.08%, according to a new report by Grand View Research, Inc. Growing technological innovations pertaining to the development of novel healthcare solutions along with increasing research and development activities in the healthcare industry are major aspects driving the product design and development services market growth. Technological advancements in product design and development including 3D printing for customized medical devices, artificial intelligence (AI) for data analysis and optimization, Internet of Things (IoT) for real-time monitoring, among others to provide better precision, efficiency, and customized solutions are expected to accelerate market growth potential in near future. Growing R&D activities in biomedical engineering such as bioinformatics, tissue engineering, and regenerative medicine further contribute to the development of the next-generation product design and development market.

Further, designing a new medical device is complicated, as there are many issues with products including product usability, feasibility, and design for manufacturing & assembly. There are also issues related to sterilization, biocompatibility, & FDA regulations, which have to be addressed. Increasing product complexity, new types of materials, less time-to-market, growing regulatory oversight, and rising risk of product failure are among the factors creating the need for product design and development services. Building a new medical device is a process that requires a multidisciplinary team and a deep understanding of technical and human factors related to connectivity.

Besides, high levels of inspection in the development of medical devices have led to various standards and regulations. Moreover, the extended scope of software-driven medical devices has led to additional requirements, increased complexity in development, and various types of development approaches. Hence, new advancements in software pertaining to algorithmic diagnostics, wearable devices, robotics, and remote medicine are expected to bolster market growth potential.

The growing adoption of personalized medicine is another factor accelerating market demand. The adoption of genomic sequencing technologies and biomarker identification enables the identification of genetic variations linked to disease susceptibility and treatment response, informing the design of medical devices and diagnostics that utilize genomic data for targeted interventions and personalized monitoring. Moreover, the development of highly targeted drugs and biologics, coupled with companion diagnostics, allows for precision therapeutic targeting based on individual molecular profiles, optimizing treatment outcomes and minimizing adverse reactions. This shift towards personalized medicine underscores a paradigmatic change in healthcare product development, emphasizing individualized approaches to diagnosis, treatment, and patient care that ultimately enhance clinical outcomes and facilitate personalized healthcare delivery.

Moreover, government and public organizations are providing funding to improve medical device R&D. For instance, in March 2022, the UK government provided over USD 326 million (£260 million) to assist NHS-led health research and development of new drugs, devices, and diagnostics. These planned investments are anticipated to sustain the market during the forecast period. Thus, a growing medical device pipeline, a significant amount of funding made by public organizations for medical device research, and a rise in the number of clinical studies focused on therapeutic areas, such as oncology, CNS, and others are expected to support market growth in the forthcoming years.

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Product Design And Development Services Market Report Highlights

  • Based on services, The research, strategy, & concept generation segment dominated the market in 2023. The high segment growth is driven by increasing investment in research and development activities, and the growing need for advanced solutions to cater to high market demand

  • Based on the application, surgical instruments held the largest market share in 2023 attributed to an increase in the number of noninvasive and minimally invasive surgeries across the world. Several market participants are actively involved in the development of advanced technology inbuilt medical devices to enhance precision and better patient outcome, further propelling segmental demand

  • Based on end-user, the medical device companies segment held the majority revenue share, accounting for over 45.8% in 2023. This can be attributed to the increasing demand for advanced medical products to improve patient lives. Device designing & regulatory services companies are crucial in the supply chain of a medical device. Implementation of new & innovative technologies is of primary importance for creating & maintaining product competency

  • North America dominated the product design and development services market with a share of 24.9% in 2023. The region has a strong R&D infrastructure and a robust healthcare industry, which has contributed to market growth. Furthermore, the U.S. has a sophisticated and well-developed manufacturing infrastructure for biopharmaceuticals

Product Design And Development Services Market Segmentation

Grand View Research has segmented the product design and development services market based on service, application, end-user, and region:

Product Design & Development Service Outlook (Revenue, USD Million, 2018 - 2030)

  • Research, Strategy, & Concept Generation

  • Concept & Requirements Development

  • Detailed Design & Process Development

  • Design Verification & Validation

  • Process Validation & Manufacturing Transfer

  • Production & Commercial Support

Product Design & Development Services Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Diagnostic Equipment

  • Therapeutic Equipment

  • Clinical Laboratory Equipment

  • Surgical Instruments

  • Biological Storage

  • Consumables

  • Others

Product Design & Development Services End-User Outlook (Revenue, USD Million, 2018 - 2030)

  • Medical Device Companies

  • Pharmaceutical Companies

  • Biotechnology Companies

  • Contract Research Organizations

Product Design & Development Services Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Australia

    • Thailand

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait

List of Key Players in Product Design And Development Services Market

  • Ximedica (Veranex)

  • DeviceLab, Inc.

  • Jabil Inc.

  • Flex Ltd.

  • Plexus Corp.

  • Celestica Inc.

  • StarFish Medical

  • Nordson Medical

  • Planet Innovation

  • Donatelle

  • Cambridge Design Partnership Ltd.

  • Integer Holdings Corporation

  • Cirtec

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