Product Design Development Services Market to Record a Growth of USD 5.74 billion between 2022 and 2027, Asia to Occupy 46% Market Share - Technavio

NEW YORK, Jan. 30, 2024 /PRNewswire/ -- The product design development services market is set to grow by USD 5.74 billion from 2022 to 2027 progressing at a CAGR of 9.44% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The market is driven by Advancements in healthcare technology. Asia will contribute 46% to the growth during the forecast period. Countries including China and India has significant growth in various industries such as manufacturing, healthcare, and technology. The APAC product design and development services market is driven by growing demand for innovative, high-quality products and the need to reduce costs and improve efficiency.  -Here is an Exclusive report talking about scenarios with a historical period (2017-2021) and forecast period (2023-2027). Download a FREE Sample Report in minutes!

The report provides a holistic update, size and forecast, trends, growth drivers, and challenges, as well as vendor analysis. 

Advances in technology extensively drive the demand for product design and development services. Wearable devices like fitness trackers and smartwatches are becoming popular. Such devices can track health metrics, including heart rate, sleep patterns, and physical activity, helping users to monitor and manage their vitals and routines. Thus, the demand for product design and development services is on the rise. 

The analysis includes Application, End-user, and geography landscape. This study identifies the digitalization in healthcare industry, high spending on research and development (R&D), and increasing M&A as one of the prme reasons driving the growth during the next few years.

• The surgical instruments segment is expected to grow significantly during the forecast period. The main purpose of surgical instruments is to ensure patient safety during surgical procedures. Good product design helps ensure instrument safety and efficacy, reducing the risk of injury and complications during surgery. Surgical instruments must be designed to reduce physical strain on the surgeon during lengthy operations. 

This report presents a detailed picture by the way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters- View a Sample Report

Companies Mentioned

• Aran Biomedical
• Biomerics LLC
• Cambridge Design Partnership Ltd.
• Celestica Inc.
• Delve
• DeviceLab Inc.
• Flex Ltd.
• Freudenberg SE
• IndiaCADworks
• Integrated Computer Solutions Inc.
• Jabil Inc.
• KKR BOSE DESIGN SERVICES Pvt. Ltd.
• Nordson Corp.
• Nuova Donatella
• Planet Innovation Holdings
• Plexus Corp.
• StarFish Product Engineering Inc.
• Steripack Group Ltd.
• Veranex
• RA Global Tech Solutions LLP

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Major Applications

The Market encompasses a range of services such as industrial design, prototyping, and CAD, focusing on user experience. With emphasis on thinking and rapid prototyping, it facilitates concept development and innovation. Services include validation and engineering, ensuring human-centered and cost-effective solutions while considering sustainability and ergonomics. 

Related Reports:

The rapid application development (RAD) market is estimated to grow at a CAGR of 39.7% between 2022 and 2027. The size is forecast to increase by USD 129.02 billion.

The multiexperience development platforms (MXDP) market size is estimated to grow at a CAGR of 21.9% between 2022 and 2027. The size is forecast to increase by USD 4,670.38 million. 

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provides actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.

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