DUBLIN, May 12, 2022– (BUSINESS WIRE) – The “North America Product Design & Development Services Market Size, Share & Trends Analysis Report by End-use (CROs, Medical Device Companies), by Application, by Service, and Segment Forecasts, 2022-2030 “report has been added to ResearchAndMarkets.com’s offering.
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%
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.
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
Market Variables, Trends & Scope
Market Lineage Outlook
Parent market outlook
Related / ancillary market outlook
Healthcare contract research organization market
Pharmaceutical outsourcing market
Healthcare contract manufacturing market
Healthcare IT outsourcing market
Regulatory affairs outsourcing market
Market driver analysis
Increasing complexity in product design and engineering
Increasing trend of smaller and portable products
Care moving from hospital to home
Increasing demand for health data tracking
Increasing funding for medical devices
Increasing device recalls
Increasing incorporation of electronics in medical devices, especially implants
Market restraint analysis
High cost associated with product design and development
Threat of information loss to OEMs
Resistance, reluctance, and rejection
For more information about this report visit https://www.researchandmarkets.com/r/m9mo0i
View source version on businesswire.com: https://www.businesswire.com/news/home/20220512005673/en/
Laura Wood, Senior Press Manager
For EST Office Hours Call 1-917-300-0470
For US / CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call + 353-1-416-8900