Global Product Design Development Services Market Size Study, by Application, by End-user and Regional Forecasts 2022-2032

Description

Global Product Design Development Services Market is valued at approximately USD 12.16 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 9.44% over the forecast period 2024-2032. Product Design Development Services encompass the entire process of creating a new product, from conceptualization to market launch. This process includes market research, product design, prototyping, testing, engineering, and manufacturing, with the goal of developing innovative, functional, and aesthetically pleasing products that meet customer needs and business objectives.

The market is set for significant growth, driven by various factors. Advancements in healthcare technology are revolutionizing product design and development processes, enhancing the quality and efficiency of medical devices. Additionally, the increasing prevalence of diseases is fueling demand for innovative healthcare solutions in smart healthcare, further fueling market expansion. Medical device manufacturers, patients, and providers seek customized procedure trays and small, portable products that meet their end-user needs and application requirements. However, associated costs, strict regulations, and rising healthcare costs pose challenges to market growth. Nonetheless, advancements in cutting-edge technology, such as wireless capabilities and mobile apps, offer opportunities for innovation and collaboration among technology companies and manufacturers of medical devices.

The market is witnessing significant growth driven by advancements in new technologies and software, catering to monitoring and tracking purposes in the healthcare sector. Medical device manufacturers, providers, payers, and practitioners demand customized procedure trays and small, portable products to meet end-user needs efficiently. With the geriatric population on the rise, there's an increased need for quality products and strict regulatory compliance. Collaboration software tools and virtual private networks facilitate seamless communication among manufacturers and technology companies, ensuring cutting-edge technology integration. Despite associated costs and rising healthcare expenses, market demand continues to grow for wireless-capable devices and mobile apps in healthcare solutions.

The key regions considered for the global Product Design Development Services Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is a dominating region in the Product Design Development Services Market in terms of revenue. The market growth in the region is being attributed to factors including strong emphasis on innovation, rapid technological advancements, the increasing complexity of product development, the growing need for speed-to-market, and a robust venture capital ecosystem supporting new product launches. Whereas, the market in Asia Pacific is anticipated to grow at the fastest rate over the forecast period fueled by rapid industrialization, increasing consumer demand for innovative products, the growing middle class with rising disposable incomes, and a favorable government focus on manufacturing and export-oriented industries. Additionally, cost-effective labor and a large pool of engineering talent are contributing to the market's growth.

Major market players included in this report are:

Medtronic Plc
General Electric Co.
Stryker Corp.
Thermo Fisher Scientific Inc.
Koninklijke Philips N.V.
Siemens AG
Boston Scientific Corp.
Johnson and Johnson Services Inc.
3M Co.
FUJIFILM Corp.
Canon Inc.
Olympus Corp.
Smith and Nephew plc
B.Braun SE
Bruker Corp.

The detailed segments and sub-segment of the market are explained below:

By Application:

Surgical Instruments
Diagnostic Equipment
Therapeutic Equipment
Clinical Laboratory Equipment
Others

By End-user:

Medical Device Companies
Pharmaceutical Companies
Biotechnology Companies
Contract Research Organizations

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
Rest of Europe
Asia Pacific
China
India
Japan
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Years considered for the study are as follows:

Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with country-level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of the competitive structure of the market.
Demand-side and supply-side analysis of the market.

Chapter 1. Global Product Design Development Services Market Executive Summary

1.1. Global Product Design Development Services Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Application
- 1.3.2. By End-user
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Product Design Development Services Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Product Design Development Services Market Dynamics

3.1. Market Drivers
- 3.1.1. Advancements in Healthcare Technology
- 3.1.2. Increasing Prevalence of Diseases
3.2. Market Challenges
- 3.2.1. High Costs and Stringent Regulations
- 3.2.2. Rising Healthcare Costs
3.3. Market Opportunities
- 3.3.1. Technological Advancements in Wireless Capabilities and Mobile Apps
- 3.3.2. Collaboration Among Technology Companies and Medical Device Manufacturers

Chapter 4. Global Product Design Development Services Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top Investment Opportunity
4.4. Top Winning Strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Product Design Development Services Market Size & Forecasts by Application 2022-2032

5.1. Segment Dashboard
5.2. Global Product Design Development Services Market: Application Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. Surgical Instruments
- 5.2.2. Diagnostic Equipment
- 5.2.3. Therapeutic Equipment
- 5.2.4. Clinical Laboratory Equipment
- 5.2.5. Others

Chapter 6. Global Product Design Development Services Market Size & Forecasts by End-user 2022-2032

6.1. Segment Dashboard
6.2. Global Product Design Development Services Market: End-user Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. Medical Device Companies
- 6.2.2. Pharmaceutical Companies
- 6.2.3. Biotechnology Companies
- 6.2.4. Contract Research Organizations

Chapter 7. Global Product Design Development Services Market Size & Forecasts by Region 2022-2032

7.1. North America Product Design Development Services Market
- 7.1.1. U.S. Product Design Development Services Market
  - 7.1.1.1. Application breakdown size & forecasts, 2022-2032
  - 7.1.1.2. End-user breakdown size & forecasts, 2022-2032
- 7.1.2. Canada Product Design Development Services Market
7.2. Europe Product Design Development Services Market
- 7.2.1. U.K. Product Design Development Services Market
- 7.2.2. Germany Product Design Development Services Market
- 7.2.3. France Product Design Development Services Market
- 7.2.4. Spain Product Design Development Services Market
- 7.2.5. Italy Product Design Development Services Market
- 7.2.6. Rest of Europe Product Design Development Services Market
7.3. Asia-Pacific Product Design Development Services Market
- 7.3.1. China Product Design Development Services Market
- 7.3.2. India Product Design Development Services Market
- 7.3.3. Japan Product Design Development Services Market
- 7.3.4. Australia Product Design Development Services Market
- 7.3.5. South Korea Product Design Development Services Market
- 7.3.6. Rest of Asia Pacific Product Design Development Services Market
7.4. Latin America Product Design Development Services Market
- 7.4.1. Brazil Product Design Development Services Market
- 7.4.2. Mexico Product Design Development Services Market
- 7.4.3. Rest of Latin America Product Design Development Services Market
7.5. Middle East & Africa Product Design Development Services Market
- 7.5.1. Saudi Arabia Product Design Development Services Market
- 7.5.2. South Africa Product Design Development Services Market
- 7.5.3. Rest of Middle East & Africa Product Design Development Services Market

Chapter 8. Competitive Intelligence

8.1. Key Company SWOT Analysis
8.2. Top Market Strategies
8.3. Company Profiles
- 8.3.1. Thermo Fisher Scientific Inc.
  - 8.3.1.1. Key Information
  - 8.3.1.2. Overview
  - 8.3.1.3. Financial (Subject to Data Availability)
  - 8.3.1.4. Product Summary
  - 8.3.1.5. Market Strategies
- 8.3.2. Koninklijke Philips N.V.
- 8.3.3. Siemens AG
- 8.3.4. Boston Scientific Corp.
- 8.3.5. Johnson and Johnson Services Inc.
- 8.3.6. 3M Co.
- 8.3.7. FUJIFILM Corp.
- 8.3.8. Canon Inc.
- 8.3.9. Olympus Corp.
- 8.3.10. Smith and Nephew plc
- 8.3.11. B.Braun SE
- 8.3.12. Bruker Corp.
- 8.3.13. Medtronic Plc
- 8.3.14. General Electric Co.
- 8.3.15. Stryker Corp.

Chapter 9. Research Process

9.1. Research Process
- 9.1.1. Data Mining
- 9.1.2. Analysis
- 9.1.3. Market Estimation
- 9.1.4. Validation
- 9.1.5. Publishing
9.2. Research Attributes