The product design and development services market in North America is expected to grow from US$ 2,477.73 million in 2022 to US$ 4,564.15 million by 2028. It is estimated to grow at a CAGR of 10.7% from 2022 to 2028.
The technological advent has resulted in innovative features. For instance, 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. Also, computed tomography (CT) machines evolving from a 16-slice scanner to a 256-slice scanner can measure changes in blood flow and detect the smallest blockages in blood vessels. Therefore, improvements in every aspect of technology increase efficiency, functionality, and reliability. Such aforementioned factors stimulate the overall growth of the product design and development services market.
Rising Technological Advancements
Adoption of technologies plays a crucial role in business competitiveness. The use of technologies in healthcare allows professionals to diagnose, collect data, and treat medical conditions accurately and less invasively, improving the health of people. Imaging and diagnostic machines are bulky stationary devices requiring patients to visit a particular room in a hospital or physician's office. Considerable technological developments have been noticed in imaging and diagnostic equipment in the past decade. A new generation of compact devices can be used anywhere for patients. With costs dropping of imaging and diagnostic equipment dramatically and making devices accessible to smaller medical practices and clinics owing to the technological influx in diagnostic devices.The technological advent has resulted in innovative features. For instance, 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. Also, computed tomography (CT) machines evolving from a 16-slice scanner to a 256-slice scanner can measure changes in blood flow and detect the smallest blockages in blood vessels. Therefore, improvements in every aspect of technology increase efficiency, functionality, and reliability. Such aforementioned factors stimulate the overall growth of the product design and development services market.
Market Overview
The North America product design and development services market is categorized into the US, Canada, and Mexico. North America is likely to capture a significant share of the global market in 2022. The market growth in North America is attributed to the extended presence of contract manufacturing organizations (CMOs) responsible for offering product design and development services. Further, the key market players across the region are expanding their reach of services through mergers and acquisitions. Moreover, the robust increase in the manufacturing of medical devices to meet the rising demand for efficient healthcare is expected to aid the growth of the North American product design and development services market during the forecast period.North America Product Design and Development Services Market Segmentation
North America product design and development services market is segmented into services, application, end user, and country. - Based on services, the product design and development services market is segmented into research, strategy, and concept generation; concept and requirements developments; detailed design and process development; design verification; process validation, manufacturing transfer, and design validation; and other services. Research, strategy, and concept generation segment accounted for the largest market share.- Based on application, the product design and development market is segmented into diagnostic equipment, therapeutic equipment, surgical instruments, clinical laboratory equipment, biological storage, consumables, and others. The surgical instruments segment is likely to dominate the market in 2022.
- Based on the end user, the product design and development services market has been categorized into medical companies, pharmaceutical companies, biotechnology companies, and contract research organizations (CROs). The medical companies held the largest market share in 2022.
- Based on country, the market is segmented into the US, Canada, and Mexico. The US dominated the market share in 2022.
Table of Contents
1. Introduction
3. Research Methodology
4. North America Product Design and Development Services Market - Market Landscape
5. North America Product Design and Development Services Market - Key Market Dynamics
6. Product Design and Development Services Market- North America Analysis
7. North America Product Design and Development Market Revenue and Forecast to 2028 - by Services
8. orth America Product Design and Development Market Revenue and Forecast to 2028 - by Application
9. North America Product Design and Development Market Revenue and Forecast to 2028 - by End User
10. North America Product Design and Development Services Market Revenue and Forecasts to 2028 - Country Analysis
11. Product Design and Development Services Market-Industry Landscape
12. Company Profiles
13. Appendix
List of Tables
List of Figures
Companies Mentioned
- Celestica Inc.
- DeviceLab Inc.
- FLEX LTD.
- Jabil, Inc.
- NORDSON CORPORATION
- Planet Innovation
- Plexus Corp.
- Starfish Product Engineering Inc.
- Sterling Medical Devices
- Ximedica
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 144 |
| Published | October 2022 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 2477.73 Million |
| Forecasted Market Value ( USD | $ 4564.15 Million |
| Compound Annual Growth Rate | 10.7% |
| Regions Covered | North America |
| No. of Companies Mentioned | 10 |
