Product Design & Development Services Market Size Worth $17.1 Billion by 2026

Grand View Research, Inc.

SAN FRANCISCO, Jan. 22, 2020 /PRNewswire/ -- The global product design and development services market size is expected to reach USD 17.1 billion by the end of 2026, exhibiting a CAGR of 10.9% over the forecast period, according to a new report published by Grand View Research, Inc. Low product cost, short time-to-market, and demand for advanced technologies are some of the factors boosting the growth. Medical and life sciences companies face extreme cost pressures to develop new innovative products in shorter time frames while complying with stringent regulatory requirements of medical device. The regulatory process greatly affects the pathway of device development.

Key suggestions from the report:

• The research, strategy, and concept generation services segment accounted for the highest revenue share in 2018 as the stage requires extensive research and business and design strategy that generate maximum revenue
• The surgical instruments segment held major market share of 26.6% in 2018, due to the complexity of instruments required in detailed designing for making them suitable for direct contact with human body
• Key players in emerging economies of Asia Pacific and Latin America are witnessing significant increase in their revenue owing to the presence of lucrative growth opportunities. Medical device Original Equipment Manufacturers (OEMs) are outsourcing the production of their devices to these economies due to availability of labor and raw materials at affordable cost
• Some of the players operating in the product design and development services market are Ximedica; DeviceLab Inc.; Jabil Inc.; Flex Ltd.; Plexus Corp.; Celestica Inc.; Starfish Medical; Nordson MEDICAL; Planet Innovation; and Donatelle

Read 150 page research report with ToC on "Product Design And Development Services Market Size, Share & Trends Analysis Report By Services, By Application (Diagnostic Equipment, Surgical Instruments), By End Use, By Region, And Segment Forecasts, 2019 - 2026" at: https://www.grandviewresearch.com/industry-analysis/product-design-dev ...