Report : Asia Pacific Product Design and Development Services Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Services (Research, Strategy, and Concept Generation; Concept and Requirement Development; Detailed Design and Process Development; Process Validation, Manufacturing Transfer, and Design Validation; and Other Services), Application (Diagnostic Equipment, Therapeutic Equipment, Surgical Instruments, Clinical Laboratory Equipment, Biological Storage, Consumables, and Others), and End User (Medical Companies, Pharmaceutical Companies, Biotechnology Companies, and Contract Research Organizations)
At 11.1% CAGR, the Asia Pacific Product Design and Development Services Market is speculated to be worth US$ 7,407.91 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific product design and development services market was valued at US$ 3,946.34 million in 2022 and is expected to reach US$ 7,407.91 million by 2028, registering an annual growth rate of 11.1% from 2022 to 2028. Utility of Portable Medical Devices is the critical factor attributed to the market expansion.
Advancements in technology have resulted in portable critical care devices, and the trend continues to grow owing to the performance of the batteries that power them. The expanding range of portable devices consists of diverse products from hand-carried cardiac ultrasound units to portable ventilators. Designers of portable medical devices consider the capability of existing battery technology while creating a new product. Also, the power supply is crucial in designing portable medical devices, particularly when the device performs critical care functions with constantly improving battery technology. Therefore, portable medical devices are expected to become a crucial trend in the product design and development services market in the coming years.
On the contrary, various concerns related to data breach and information security hurdles the growth of Asia Pacific product design and development services market.
Based on services, the product design and development services market is segmented into research, strategy, and concept generation; concept and requirements developments; detailed design and process development; design verification; process validation, manufacturing transfer, and design validation; and other services. Research, strategy, and concept generation segment accounted for the largest market share with a share of to 38.0%. It accrued US$ 1,497.73 million in 2022 and is estimated to generate US$ 2,854.51 million by 2028 to grow at a CAGR of 11.3% over the forecast period.
Based on application, the product design and development market is segmented into diagnostic equipment, therapeutic equipment, surgical instruments, clinical laboratory equipment, biological storage, consumables, and others. The surgical instruments segment held 27.1% market share in 2022, amassing US$ 1,069.97 million. It is projected to garner US$ 2,007.84 million by 2028 to expand at 11.1% CAGR during 2022–2028.
Based on the end user, the product design and development services market has been categorized into medical companies, pharmaceutical companies, biotechnology companies, and contract research organizations (CROs). With 55.2% share of the domain, the medical companies segment dominated the market in 2022. It accrued US$ 2,177.87 million in 2022 and is estimated to generate US$ 4,090.33 million by 2028 to grow at a CAGR of 11.1% over the forecast period.
Our regional analysis states that China captured 55.3% market share in 2022. It was assessed at US$ 2,182.72 million in 2022 and is likely to hit US$ 4,168.43 million by 2028, exhibiting a CAGR of 11.4% during the forecast period.
Key players dominating the Asia Pacific product design and development services market are Celestica Inc.; DeviceLab Inc.; FLEX LTD.; Jabil, Inc.; NORDSON CORPORATION; Planet Innovation; Plexus Corp.; Starfish Product Engineering Inc.; Sterling Medical Devices; and Ximedica among others.
A few key market developments from top market players are as follows:
- In July 2020, Jabil Launches Jabil Healthcare, the Largest Healthcare Manufacturing Solutions Provider. Jabil combines Nypro with its Orthopedics, Spine, Trauma, and associated medical instruments businesses to deliver unmatched depth and breadth of advanced manufacturing solutions and innovative technical capabilities.
- In Sep 2021, BioSig Technologies, Inc. announced partnership with Plexus Corp. intended for biomedical signaling processing platform designed to improve signal fidelity and uncover the full range of ECG and intra-cardiac signals.
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