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North America Product Design & Development Services (CROs, Medical Device Companies) Market Analysis Report 2022-2030 – ResearchAndMarkets.com

North America Product Design & Development Services (CROs, Medical Device Companies) Market Analysis Report 2022-2030 - ResearchAndMarkets.com

DUBLIN–(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

  • Medical device outsourcing market

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

Competitive Analysis

  • Ximedica
  • Devicelab, Inc.
  • Jabil Inc.
  • Flex Ltd.
  • Plexus Corp
  • Celestica Inc.
  • Starfish Medical
  • Nordson Medical
  • Planet Innovation
  • Donatelle
  • Cambridge Design Partnership
  • Aran Biomedical

For more information about this report visit https://www.researchandmarkets.com/r/m9mo0i