The design and development of a medical device is a complex process that involves end-user needs, application requirements, specifications, and regulations, all of which must be balanced and followed in order for a product to be developed successfully. As a result, there is much more to designing, developing, and introducing a product to the market than simply coming up with an innovative idea, building a product, and distributing it to the masses.
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Data Bridge Market Research analyses that the product design and development services market was valued at USD 5.93 billion in 2021 and is expected to reach the value of USD 8.21 billion by the year 2029, at a CAGR of 5.30% during the forecast period. The growing demand for small and portable products has had a direct impact on the growth of the market for product design and development services.
Increased competition among key market players
Rising complexity in enabling product design and engineering, increased competition among players to increase revenue while reducing costs, and preferences for mini and portable products are expected to boost the growth of the product design and development services market during the forecast period.
Growing geriatric population as well as rising awareness
The medical device manufacturing industry is expected to grow at a rapid pace as a result of the growing geriatric population, as well as health concerns and rising health-care costs. As a result, manufacturers are launching new product development projects at a rapid pace, particularly in developing markets such as India and China. As a result, manufacturers will need a proper execution strategy to address the market's concerns and needs. This is likely to increase demand for services, boosting the market for product design and development services.
North America dominates the product design and development services market due to the prevalence of contract research organisations, whereas Asia-Pacific is expected to grow at the fastest rate from 2022 to 2029 due to the easy availability of raw materials and labour at low prices.
Some of the major players operating in the Product Design and Development Services Market are Ximedica (U.S), Jabil Inc. (U.S), Flex Ltd. (Singapore), Plexus Corp. (U.S), Celestica Inc. (U.S), StarFish Product Engineering Inc. (Canada), Nordson Corporation (U.S), Planet Innovation (Australia), Donatelle (U.S), HS Design (U.S), among others.
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