Europe Product Design and Development Services Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Services (Research, Strategy, and Concept Generation; Concept and Requirement Development; Detailed Design and Process Development; Process

Europe Product Design and Development Services Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Services (Research, Strategy, and Concept Generation; Concept and Requirement Development; Detailed Design and Process Development; Process Validation, Manufacturing Transfer, and Design Validation; and Other Services), Application (Diagnostic Equipment, Therapeutic Equipment, Surgical Instruments, Clinical Laboratory Equipment, Biological Storage, Consumables, and Others), and End User (Medical Companies, Pharmaceutical Companies, Biotechnology Companies, and Contract Research Organizations)   

The product design and development services market in Europe is expected to grow from US$ 1,825.93 million in 2022 to US$ 3,352.46 million by 2028. It is estimated to grow at a CAGR of 10.7% from 2022 to 2028.
High Demand for Quality Products in Healthcare due to Rising Health Concern
Among Geriatric Population
For the older population, good health ensures security, independence, and productivity. However, millions in the aging population struggle daily with falls, chronic diseases, physical inactivity, oral health concerns, behavioral health issues, and other health challenges that hamper the quality of life. For records, 80% of the geriatric population possess at least one chronic condition, and 70% of Medicare beneficiaries have two or more. To overcome such conditions, demand for quality products with innovative design is rising. Also, medical device companies are improving clinical outcomes among patient groups through connected products. For example, Ximedica developed products focusing on data strategies for equipment, customers, and patients with elegant and personalized experiences for clinical users and patients by creating secure, scalable, and compliant digital solutions. Additionally, in November 2021, a Radiological Society of Europe show in Chicago was arranged where medical device manufacturers showcased numerous product innovations. For example, GE Healthcare featured a new image-guided X-ray system that possesses functionality like a robot.
New products and services assemble personal and big data, including genomics, preference, lifestyle information, and social determinant factors, that can create ground-breaking solutions. One such example of the solution is Livongo. Livongo is a chronic disease management platform that can be referred to as an applied health signals company using the Aggregate, Interpret (AI)+ Apply, and Iterate (AI) formula with functionality such as Aggregate, Interpret, Apply, and Iterate. Also, the platform delivers actionable, personalized, and timely recommendations that assist the user in managing chronic disease. Therefore, the growing health concerns among the population propel the demand for quality products in healthcare, which positively influences the growth of the product design and development services market.

Market Overview

The Europe product design and development services market is segmented into Germany, France, Italy, Spain, the UK, Russia, and the Rest of Europe. In Europe, the product design and development services market is witnessing growth due to the rising adoption of advanced medical devices with reduced time to design and manufacture a device. Moreover, the growing healthcare expenditure and advanced infrastructure arelikely to create more market opportunities in the coming years in the region.
The Europe product design and development services market is categorized into the US, Canada, and Mexico. Europe is likely to capture a significant share of the global market in 2022. The market growth in Europe 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 Europen product design and development services market during the forecast period.
Europe Product Design and Development Services Market Revenue and Forecast to 2028 (US$ Million)

Europe Product Design and Development Services Market Segmentation

Europe 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 France, Germany, UK, Italy, Spain, and the Rest of Europe. Germany dominated the market share in 2022.
Celestica Inc.; FLEX LTD.; Jabil, Inc.; NORDSON CORPORATION; and Plexus Corp. are the leading companies operating in the product design and development services market in the region.

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