North America Product Design & Development Services Market Set to Record Exponential Growth by 2030: Grand View Research Inc.

 North America Product Design & Development Services Market Growth & Trends

The North America product design & development services market size is expected to reach USD 5.66 billion by 2030, registering a CAGR of 11.7% over the forecast period, according to a new report by Grand View Research, Inc. The COVID-19 pandemic has significantly impacted the market. During the crisis, the product development firms faced the major challenge of how to continue with business operations while not getting affected by the disease. Also, the huge cost of development, the financial risk of missing the mark, and market timing altogether contributed to the greatest challenges for medical device development and market driving innovation.

However, the ease in the supply chain and significant reduction in market entry barriers have resulted in the recovery of this market. The pandemic has significantly increased the demand for diagnostic kits, Personal Protective Equipment (PPE), ventilators, and other critical medical supplies. Since February 2020, the FDA has authorized over 250 Emergency Use Authorizations (EUAs). The EUAs cover in vitro diagnostics and other testing kits, PPE kits & ventilators, and ECMO devices, among others. The major drivers of the market are increasing complexity in product design, demand for quality products, and cost reduction.

Medical and life sciences companies face extreme cost pressures to develop new and innovative products in shorter time frames while complying with the stringent regulatory requirements of the medical device. The manufacturers face more hurdles in getting cost-effective high-quality products to market faster along with some internal factors, such as design and production. Hence, medical device companies adopt a design-to-manufacturing approach where design, engineering, as well as production teams work in collaboration to develop the product model. This approach enhances both product quality and profitability by decreasing errors in development and designing, thereby increasing success rates.

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North America Product Design & Development Services Market Report Highlights

• The research, strategy, & concept generation segment dominated the market in 2021 owing to the extensive research required at this stage
• The surgical instruments segment held the major market share in 2021due to the complexity of instruments that requires the need for precise design and development
• The medical device companies segment is projected to exhibit the fastest CAGR over the forecast period due to the increasing demand for advanced and quality medical products
• Key companies focus on mergers, acquisitions, product innovation, and other strategies to gain a higher market share
• For example, in November 2021, Planet Innovation (PI) acquired the North American operations of BIT Analytical Instruments GmbH, which manufactures regulated medical devices

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North America Product Design & Development Services Market Segmentation

Grand View Research has segmented the North America product design & development services market on the basis of services, application, end-use, and region:

North America Product Design & Development Services Outlook (Revenue, USD Million, 2017 - 2030)

• Research, Strategy, & Concept Generation
• Concept & Requirements Development
• Detailed Design & Process Development
• Design Verification & Validation
• Process Validation & Manufacturing Transfer
• Production & Commercial Support

North America Product Design & Development Services Application Outlook (Revenue, USD Million, 2017 - 2030)

• Diagnostic Equipment
• Therapeutic Equipment
• Surgical Instruments
• Clinical Laboratory Equipment
• Biological Storage
• Consumables
• Others

North America Product Design & Development Services End-use Outlook (Revenue, USD Million, 2017 - 2030)

• Medical Device Companies
• Pharmaceutical Companies
• Biotechnology Companies
• Contract Research Organizations

North America Product Design & Development Services Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
  • US.
  • Canada

List of Key Players of North America Product Design & Development Services Market

• Ximedica
• DeviceLab Inc.
• Jabil Inc.
• Flex Ltd.
• Plexus Corp.
• Celestica Inc.
• Starfish Medical
• Nordson Medical
• Planet Innovation
• Donatelle
• Cambridge Design Partnership
• Aran Biomedical

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.