Global Product Design and Development Services Market Forecast to 2028 : New Standards and Regulations Supportive Towards Innovative Product Design and Development - ResearchAndMarkets.com
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The product design and development services market is expected to grow from US$ 9,519.97 million in 2022. to US$ 17,663.12 million by 2028.
Technological advancements and high demand for quality products in healthcare due to rising health concerns among the geriatric population fuel the overall market growth of product design and development services market. Technological development has been recognized as a crucial component of business competitiveness.
For example, several technological advancements involve artificial intelligence (AI) in healthcare products. AI-based medical devices can automate tasks, synthesize data from multiple sources, pinpoint trends, process and analyze information from wearable sensors, identify disease or the onset of medical conditions, identify risk for infection associated with complications, and research.
Moreover, the potential of technologies is limitless in the healthcare sector. The influx of technology will allow professionals to diagnose, collect data, and treat medical conditions more accurately and less invasively, improving the health and healthcare of people globally, which ultimately fuel the growth of product design and development services market.
Imaging and diagnostic machines are bulky stationary devices requiring patients to visit a particular room in a hospital or physician's office. However, a new generation of compact devices comes directly to a patient. For example, imaging and diagnostic equipment have significantly improved in the past decade.
With costs dropping dramatically and making devices more accessible to smaller medical practices and clinics owing to the technological influx in diagnostic devices. The technological advent has resulted in innovative features such as computed tomography (CT) machines evolving from a 16-slice scanner to a 256-slice scanner capable of measuring changes in blood flow and detecting the smallest blockages forming in blood vessels.
Therefore, improvement in every aspect of technology results in increasing efficiency, functionality, and reliability. Such aforementioned factors are responsible for stimulating the overall growth of the product design and development services market during the forecast period.
According to the National Council on Ageing report, ~49 million Americans are aged 65 and over, and the population of this age is estimated to reach 98 million by 2060. Good health ensures security, independence, and productivity for the older population. However, millions in the aging population struggle daily with health challenges such as falls, chronic diseases, physical inactivity, oral health concerns, and behavioral health issues, thus hampering the quality of life. Furthermore, ~80% of the geriatric population possess at least one chronic condition, and 70% of Medicare beneficiaries have two or more.
Demand for quality products with innovative design is rising to overcome such conditions. Moreover, 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 with robot-like functionalities.
Market Opportunities of Global Product Design and Development Services Market
According to the ISO report, medical devices assist in saving the lives of patients and improving their health. In the global market, 500,000 technology-based devices exist. Additionally, ISO has many international standards and guidance documents to help the healthcare sector ensure product safety and effectiveness by meeting many national, regional, and international regulatory requirements and adhering to product design specifications.
For example, ISO 20417 simplifies meeting product information regulations by offering standard generic requirements that are consistent/permanent across all devices across geographies. Moreover, ISO/TR 20416 post-marketing surveillance for manufacturers offers guidance to effectively monitor the device's safety, performance, and everyday use. Such aforementioned factors would create lucrative opportunities for the growth of the product design and development services market during the forecast period.
Key Market Dynamics
- Advancements in Technologies
- High Demand for Quality Products in Healthcare due to Rising Health Concerns Among Geriatric Population
- Data Breach and Information Security Concerns
- New Standards and Regulations Supportive Towards Innovative Product Design and Development
- Utility of Portable Medical Devices
- DeviceLab Inc.
- Jabil, Inc.
- FLEX LTD.
- Plexus Corp.
- Celestica Inc.
- Starfish Product Engineering Inc.
- NORDSON CORPORATION
- Planet Innovation
- Sterling Medical Devices
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