Report : North America 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 North America Product Design and Development Services Market is speculated to be worth US$ 4,564.15 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America product design and development services market was valued at US$ 2,477.73 million in 2022 and is expected to reach US$ 4,564.15 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.
For the older population, good health ensures security, independence, and productivity. However, millions in the aging population struggle daily with falls, chronic diseases, physical inactivity, oral health concerns, behavioral health issues, and other health challenges that hamper the quality of life. For records, 80% of the geriatric population possess at least one chronic condition, and 70% of Medicare beneficiaries have two or more. To overcome such conditions, demand for quality products with innovative design is rising. Also, medical device companies are improving clinical outcomes among patient groups through connected products. For example, Ximedica developed products focusing on data strategies for equipment, customers, and patients with elegant and personalized experiences for clinical users and patients by creating secure, scalable, and compliant digital solutions. Additionally, in November 2021, a Radiological Society of North America show in Chicago was arranged where medical device manufacturers showcased numerous product innovations. For example, GE Healthcare featured a new image-guided X-ray system that possesses functionality like a robot.
New products and services assemble personal and big data, including genomics, preference, lifestyle information, and social determinant factors, that can create ground-breaking solutions. One such example of the solution is Livongo. Livongo is a chronic disease management platform that can be referred to as an "applied health signals" company using the Aggregate, Interpret (AI)+ Apply, and Iterate (AI) formula with functionality such as Aggregate, Interpret, Apply, and Iterate. Also, the platform delivers actionable, personalized, and timely recommendations that assist the user in managing chronic disease. Therefore, the growing health concerns among the population propel the demand for quality products in healthcare, which positively influences the 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 North America 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 38.5%. It accrued US$ 943.97 million in 2022 and is estimated to generate US$ 1,768.26 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$ 671.87 million. It is projected to garner US$ 1,247.16 million by 2028 to expand at 10.9% 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$ 1,365.84 million in 2022 and is estimated to generate US$ 2,517.55 million by 2028 to grow at a CAGR of 10.7% over the forecast period.
Our regional analysis states that the US captured 89.6% market share in 2022. It was assessed at US$ 2,218.89 million in 2022 and is likely to hit US$ 4,078.52 million by 2028, exhibiting a CAGR of 10.7% during the forecast period.
Key players dominating the North America 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.
- In July 2020, Ximedica announced partnership with KeborMed to offer Ximedica customers a new and complete turnkey solution for launching and supporting medical devices, in a streamlined, faster, and more affordable manner
- In April 2021, Ximedica announced partnership with Moderna Inc. for developing a prototype for rapid mobile manufacturing of vaccines and therapeutics as a part of Defense Advanced Research Project Agency's (DARPA) Nucleic Acid On-Demand World-Wide (NOW) Program. Both the companies will work together for creating an innovative, deployable, robust prototype solution that can respond quickly to future pathogen outbreaks at their source present everywhere.
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