Life Science Product Design & Development Service Market to Grow with a CAGR of 11.17% through 2028

Rising demand for innovative healthcare solutions and advancements in technology are expected to drive the Global Life Science Product Design & Development Service Market growth in the forecast period, 2024-2028.

According to TechSci Research report, “Life Science Product Design & Development Service Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Life Science Product Design & Development Service Market stood at USD 24.37 billion in 2022 and is anticipated to grow with a CAGR of 11.17% in the forecast period, 2024-2028. This can be attributed to regulatory advancements. Regulatory bodies such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) have evolved their approval processes to facilitate faster product development, especially for life-saving treatments. These regulatory advancements provide incentives for companies to engage in research and development. Moreover, emerging markets are becoming increasingly important for the life science industry. Expanding access to healthcare in regions like Asia and Latin America presents both challenges and opportunities. Companies will need to adapt their product design and development strategies to meet the unique demands of these markets.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Global Life Science Product Design & Development Service Market.”

The healthcare market underwent significant disruptions with the onset of the COVID-19 pandemic, mainly due to containment measures aimed at curbing the virus's spread. These restrictions impacted various facets, including research and development, product design, and logistical operations, initially affecting the product design and development market. Nevertheless, the pandemic triggered a substantial surge in global demand for medical supplies like masks, ventilators, and oxygen concentrators. This surge may have a positive influence on the growth of the studied market. Additionally, the rise of telemedicine and the imperative for remote monitoring during the pandemic have the potential to significantly impact market growth. The increasing global demand for remote diagnostics and monitoring devices underscores this trend.

The design and development of medical devices are intricate procedures, subject to rigorous regulatory policies and reliant on a complex interplay of technologies, rendering the process costly and intricate. Moreover, it demands a specific skill set and expertise, placing an additional burden on core medical device manufacturers. Consequently, these companies are increasingly outsourcing product design and development to specialized firms to expedite processes and reduce overall development costs, a significant driver for the growth of the product design and development market. For instance, a study by Petra Maresova et al. in July 2020 outlined the multi-stage nature of medical device development, including phases like opportunity and risk analysis, concept and feasibility, verification and validation, product launch preparation, and product launch and post-launch assessment. These phases are sequential and punctuated by gateways with specific criteria that must be met before progression, making the process protracted and complex. Hence, the demand for medical product design and development service providers is expected to rise during the study's forecast period, leading to market growth.

Other factors contributing to market expansion include the increasing demand for compact and portable medical devices, particularly for home care, and the integration of medical technologies with digital advancements. This convergence, along with the growing burden of chronic diseases and the expanding geriatric population worldwide, is expected to fuel market growth. For example, according to the United Nations' World Population Aging Highlight 2020 report, the global geriatric population (aged 65 and above) is projected to increase from 727 million in 2020 to 1.5 billion by 2050, driving demand for various medical devices such as therapeutics, diagnostics, and surgical equipment. Nevertheless, constraints like inadequate funding for design and development and information security concerns among original equipment manufacturers (OEMs) are expected to temper the product design and development market's growth throughout the study's forecast period.

The Global Life Science Product Design & Development Service Market is segmented into phase, end-user, application, regional distribution, and company. Based on its end-user, pharmaceutical companies are poised for significant growth in the Global Life Science Product Design & Development Service Market during the forecast years for several compelling reasons. Firstly, the increasing demand for innovative and advanced healthcare solutions, driven by a growing global population and the prevalence of chronic diseases, creates a substantial market opportunity. These companies are at the forefront of research and development, constantly striving to bring novel drugs and therapies to market. Moreover, the ongoing trend towards personalized medicine and biopharmaceuticals places pharmaceutical firms in a prime position to capitalize on these emerging markets. Additionally, the COVID-19 pandemic has underscored the critical role of pharmaceutical companies in global health, leading to increased investments in research, development, and manufacturing capabilities. As a result, pharmaceutical companies are expected to remain key players in the life science product design and development services sector, fueling their growth in the coming years.

Based on region, the Asia-Pacific region is anticipated to claim a substantial portion of the Product Design and Development Market during the study's projected period. This is attributed to the abundant growth prospects presented by the region in terms of design, development, and manufacturing. Asia-Pacific houses some of the world's fastest-growing economies, including India and China, which provide cost-effective raw materials and skilled labor compared to developed nations. Consequently, medical device firms and original equipment manufacturers (OEMs) are increasingly outsourcing their design, development, and manufacturing services to these regions, fostering growth in Asia-Pacific throughout the study's forecast timeframe. Moreover, new investments in the region by companies are expected to further augment market growth. For example, in February 2022, Warburg Pincus announced a USD 210 million investment in Micro Life Sciences Private Limited, an Indian medical device manufacturing company and the parent organization of the Meril group of companies engaged in medical device design, development, and manufacturing. Consequently, due to these aforementioned factors, the Asia-Pacific region is poised to maintain a significant share in the studied market throughout the forecast period of the study.

Major companies operating in Global Life Science Product Design & Development Service Market are:

• Ximedica LLC
• DeviceLab Inc.
• Jabil Inc
• Flex Ltd
• Plexus Corp
• Nordson Medical Corp
• Celestica Inc
• StarFish Medical
• Planet Innovation Pty Ltd
• Donatelle

Download Free Sample Report

Customers can also request for 10% free customization on this report.

“The Global Life Science Product Design & Development Service Market is poised for transformation as it embraces emerging trends. To thrive in this dynamic landscape, companies must remain agile, invest in cutting-edge technologies, and stay attuned to regulatory changes. By doing so, they can continue to drive innovation in healthcare and contribute to improved patient outcomes worldwide. The convergence of these trends holds the promise of a future where healthcare solutions are increasingly personalized, efficient, and sustainable,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Life Science Product Design & Development Service Market By Phase (Concept & Requirements Development, Design Verification, Detailed Design & Process Development, Process Validation, Manufacturing Transfer & Design Validation, Production & Commercial Support, Research, Strategy, & Concept Generation), By End-User (Biotechnology Companies, Contract Research Organizations, Medical Device Companies, Pharmaceutical Companies), By Application (Biological Storage, Clinical Laboratory Equipment, Consumables, Diagnostic Equipment, Surgical Instruments, Therapeutic Equipment), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Life Science Product Design & Development Service Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Life Science Product Design & Development Service Market.

Contact

Mr. Ken Mathews

Techsci Research LLC

420 Lexington Avenue, Suite 300,

New York, United States- 10170

Tel: +13322586602

Email: [email protected]               

Website: www.techsciresearch.com