North America Product Design & Development Services Market Regional Industry Size and Forecast up to 2030

North America Product Design & Development Services Industry Overview

The North America product design & development services market size was valued at USD 2.15 billion in 2021 and is anticipated to exhibit a compound annual growth rate (CAGR) of 11.7% over the forecast period.

The COVID-19 pandemic had a considerable impact on the market. Restrictions on movement & stay-at-home orders helped reduce the spread of the virus. However, this is creating an obstacle in the supply chain, which created a temporary shortage of PPE kits, masks, gloves, and test kits in the region. The COVID-19 pandemic also led to the shut down of manufacturing plants to establish quarantine zones to contain the spread, which has impacted the medical devices industry in the region.

Gather more insights about the market drivers, restrains and growth of the North America Product Design & Development Services Market

According to an article published by Mondaq, the medical devices industry is heavily reliant on China for the procurement of critical components, such as printed circuit boards and complex finished medical devices. China is among the fourth-largest supplier of medical technology to the U.S. However, a temporary closure of manufacturing facilities in China affected the market in the U.S.The recovery of the market in the post-COVID-19 era started with the reduction in market entry barriers that reduced the shortage in medical supply. The increased production of medical devices, such as test kits, MRI machines, and ventilators, in the region, has started.

For instance, in January 2022, the Biden Administration decided to buy one billion tests kits for people living in the U.S. to support testing in the country. There was also high demand for ventilators during the pandemic, owing to which, the Canadian government ordered around 40,000 ventilators in the country in October 2020. Such initiatives are likely to positively impact market growth. The design and development of a medical device is a complex process predominant with end-user needs, application requirements, specifications, and regulations and must be balanced and & for the successful development of a product.

Hence, there is much more that goes into designing, developing, as well as introducing a product to the market than just coming up with an innovative idea, building a product, and offering it to the masses.Medical technology is rapidly evolving and becoming more interconnected. Universally, the manufacturers of medical devices are shifting from a transaction-based approach to an approach that encompasses focusing on creating value for patients, providers, payers, and practitioners by providing medical tools and surgical instruments that are innovative, highly cost-efficient, and speak volumes about the product quality.

For instance, customized procedure trays that may be tailor-made as per the need of surgeons.The medical device manufacturing industry is anticipated to grow by leaps and bounds due to the increasing geriatric population as well as health concerns and increased health care costs. Thus, manufacturers are undertaking new product development projects at a high speed. Hence, the manufacturers will require a proper execution strategy to address the concerns and needs of the patients in the market. This is likely to increase the demand for the services, thereby boosting the market for product design and development services.

Browse through Grand View Research’s Medical Devices Industry Research Reports.

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Market Share Insights

• November 2021: Planet Innovation (PI) acquired the North American operations of BIT Analytical Instruments GmbH, which manufactures regulated medical devices. A key aim of the acquisition is for PI to expand its U.S. manufacturing capabilities to support its growing U.S. customer base.
• 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.

Key Companies profiled:

Some prominent players in the North America product design & development services market include

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

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