Report : Europe 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 10.7% CAGR, the Europe Product Design and Development Services Market is speculated to be worth US$ 3,352.46 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe product design and development services market was valued at US$ 1,825.93 million in 2022 and is expected to reach US$ 3,352.46 million by 2028, registering an annual growth rate of 10.7% from 2022 to 2028. Rising technological advancements and benefits of the product design and development services are the critical factors attributed to the market expansion.
Adoption of technologies plays a crucial role in business competitiveness. The use of technologies in healthcare allows professionals to diagnose, collect data, and treat medical conditions accurately and less invasively, improving the health of people. Imaging and diagnostic machines are bulky stationary devices requiring patients to visit a particular room in a hospital or physician's office. Considerable technological developments have been noticed in imaging and diagnostic equipment in the past decade. A new generation of compact devices can be used anywhere for patients. With costs dropping of imaging and diagnostic equipment dramatically and making devices accessible to smaller medical practices and clinics owing to the technological influx in diagnostic devices.
The technological advent has resulted in innovative features. For instance, AI-based medical devices can automate tasks, synthesize data from multiple sources, pinpoint trends, process and analyze information from wearable sensors, identify disease or the onset of medical conditions, identify risk for infection associated with complications. Also, computed tomography (CT) machines evolving from a 16-slice scanner to a 256-slice scanner can measure changes in blood flow and detect the smallest blockages in blood vessels. Therefore, improvements in every aspect of technology increase efficiency, functionality, and reliability. Such aforementioned factors stimulate the overall growth of the product design and development services market.
On the contrary, various concerns related to data breach and information security hurdles the growth of Europe 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 38.1%. It accrued US$ 693.33 million in 2022 and is estimated to generate US$ 1,294.01 million by 2028 to grow at a CAGR of 11.0% 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 27.2% market share in 2022, amassing US$ 495.82 million. It is projected to garner US$ 911.28 million by 2028 to expand at 10.7% 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 55.1% share of the domain, the medical companies segment dominated the market in 2022. It accrued US$ 1,006.60 million in 2022 and is estimated to generate US$ 1,848.26 million by 2028 to grow at a CAGR of 10.7% over the forecast period.
Our regional analysis states that Germany captured 32.1% market share in 2022. It was assessed at US$ 585.88 million in 2022 and is likely to hit US$ 1,073.46 million by 2028, exhibiting a CAGR of 10.6% during the forecast period.
Key players dominating the Europe product design and development services market are Celestica Inc.; FLEX LTD.; Jabil, Inc.; NORDSON CORPORATION; and Plexus Corp. 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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