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 offer.
North America’s market size for product design and development services is projected to reach USD 5.66 billion by 2030, growing at a CAGR of 11.7%
The COVID-19 pandemic has significantly impacted the market. During the crisis, the product development companies faced the major challenge of how to continue their business operations without being affected by the disease.
Also, huge development costs, financial risk of getting it wrong and market timing all contributed to the biggest challenges for medical device development and market-driven innovation.
However, the ease in the supply chain and the significant reduction of barriers to market entry have led to 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.
As of February 2020, the FDA has approved more than 250 Emergency Use Authorizations (EUAs). The EUAs cover, among other things, in vitro diagnostics and other test kits, PPE kits and ventilators and ECMO devices. The main 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 timeframes while meeting stringent medical device regulatory requirements. The manufacturers face more hurdles to get cost-effective, high quality products to market faster along with some internal factors such as design and manufacturing.
Therefore, medical device companies adopt a design-to-manufacturing approach where design, engineering, and manufacturing teams work together to develop the product model. This approach improves both product quality and profitability by reducing errors in development and design, increasing success rates.
Highlights of the North America Product Design and Development Market Report:
The Research, Strategy and Concept Generation segment dominated the market in 2021 due to the extensive research required at this stage
The surgical instruments segment had the largest market share in 2021 due to the complexity of instruments requiring precision design and development
The medical devices segment is expected to show the fastest CAGR over the forecast period due to increasing demand for advanced and high-performance medical products
Major companies focus on mergers, acquisitions, product innovation and other strategies to gain greater market share
For example, in November 2021 Planet Innovation (PI) acquired the North American activities of BIT Analytical Instruments GmbH, which produces regulated medical devices
Market variables, trends and scope
Market Lineage Outlook
Parent Market Outlook
Related/Additional Market Outlook
Healthcare contract research organization market
Pharmaceutical Outsourcing Market
Healthcare contract manufacturing market
Healthcare IT Outsourcing Market
Regulatory Outsourcing Market
Market Factor Analysis
Increasing complexity in product design and engineering
Increasing trend of smaller and portable products
Moving care from hospital to home
Increasing demand for health data tracking
Increasing funding for medical devices
Increasing Device Recalls
Increasing integration of electronics in medical devices, especially implants
Market Restriction Analysis
High costs associated with product design and development
Threat of Information Loss for OEMs
Resistance, reluctance and rejection
For more information on this report, please visit https://www.researchandmarkets.com/r/m9mo0i
Check out the source version at businesswire.com: https://www.businesswire.com/news/home/20220512005673/en/
Laura Wood, senior press manager
For EST business hours, call 1-917-300-0470
For USA/CAN Toll Free Call 1-800-526-8630
For GMT office hours, call +353-1-416-8900