Life Science Product Design & Development Service Market to Grow with a CAGR of 8.82% through 2030

Rising demand for innovative healthcare solutions and advancements in technology are expected to drive the Global Life Science Product Design & Development Service Market growth in the forecast period, 2026-2030.

According to TechSci Research report, “Life Science Product Design & Development Service Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”,  the Global Life Science Product Design & Development Service Market was valued at USD 25.05 Billion in 2024 and is expected to reach USD 41.69 Billion by 2030 with a CAGR of 8.82% during the forecast period. This can be attributed to regulatory advancements. Regulatory bodies such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) have evolved their approval processes to facilitate faster product development, especially for life-saving treatments. These regulatory advancements provide incentives for companies to engage in research and development. Moreover, emerging markets are becoming increasingly important for the life science industry. Expanding access to healthcare in regions like Asia and Latin America presents both challenges and opportunities. Companies will need to adapt their product design and development strategies to meet the unique demands of these markets.

The healthcare market underwent significant disruptions with the onset of the COVID-19 pandemic, mainly due to containment measures aimed at curbing the virus's spread. These restrictions impacted various facets, including research and development, product design, and logistical operations, initially affecting the product design and development market. Nevertheless, the pandemic triggered a substantial surge in global demand for medical supplies like masks, ventilators, and oxygen concentrators. This surge may have a positive influence on the growth of the studied market. Additionally, the rise of telemedicine and the imperative for remote monitoring during the pandemic have the potential to significantly impact market growth. The increasing global demand for remote diagnostics and monitoring devices underscores this trend.

The design and development of medical devices are intricate procedures, subject to rigorous regulatory policies and reliant on a complex interplay of technologies, rendering the process costly and intricate. Moreover, it demands a specific skill set and expertise, placing an additional burden on core medical device manufacturers. Consequently, these companies are increasingly outsourcing product design and development to specialized firms to expedite processes and reduce overall development costs, a significant driver for the growth of the product design and development market. For instance, a study by Petra Maresova et al. in July 2020 outlined the multi-stage nature of medical device development, including phases like opportunity and risk analysis, concept and feasibility, verification and validation, product launch preparation, and product launch and post-launch assessment. These phases are sequential and punctuated by gateways with specific criteria that must be met before progression, making the process protracted and complex. Hence, the demand for medical product design and development service providers is expected to rise during the study's forecast period, leading to market growth.

Other factors contributing to market expansion include the increasing demand for compact and portable medical devices, particularly for home care, and the integration of medical technologies with digital advancements. This convergence, along with the growing burden of chronic diseases and the expanding geriatric population worldwide, is expected to fuel market growth. For example, according to the United Nations' World Population Aging Highlight 2020 report, the global geriatric population (aged 65 and above) is projected to increase from 727 million in 2020 to 1.5 billion by 2050, driving demand for various medical devices such as therapeutics, diagnostics, and surgical equipment. Nevertheless, constraints like inadequate funding for design and development and information security concerns among original equipment manufacturers (OEMs) are expected to temper the product design and development market's growth throughout the study's forecast period.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Global Life Science Product Design & Development Service Market”

The Global Life Science Product Design & Development Service Market is segmented into phase, end use, application, regional distribution and company. 

Based on application, The growth trajectory of diagnostic equipment in the Global Life Science Product Design & Development Service Market is set to ascend during the forecast years due to a confluence of factors. The rising awareness and emphasis on early disease detection and prevention are driving increased investments in diagnostic technologies. Additionally, the aging global population and the surge in chronic diseases necessitate more advanced and accurate diagnostic tools. Furthermore, the integration of cutting-edge technologies such as artificial intelligence and machine learning into diagnostic equipment is enhancing their precision and diagnostic capabilities, making them indispensable in modern healthcare. The COVID-19 pandemic has also highlighted the significance of rapid and accurate diagnostics, catalyzing innovation and investment in this sector. Hence, diagnostic equipment is poised to play a pivotal role in the life science product design and development service market, ensuring sustained growth in the foreseeable future.

Based on region, Europe is the second-largest dominating region. Europe’s strong position in the market is driven by several key factors, including its robust healthcare infrastructure, a well-established regulatory environment, and a high concentration of life science companies. The region is home to numerous pharmaceutical and biotechnology firms, as well as a growing number of medical device manufacturers, which rely heavily on specialized design and development services for their product pipelines. One of the main factors propelling Europe’s position is the presence of a wide network of research institutions, universities, and innovation hubs. European countries such as Germany, Switzerland, France, and the UK have established themselves as global leaders in life sciences, fostering an ecosystem conducive to research and development (R&D) advancements. This has led to an increasing demand for product design and development services, particularly in the biotechnology, pharmaceuticals, and medical device sectors. Europe’s focus on innovation and R&D is supported by significant government investments in healthcare, making it a prime region for the growth of the life science product design and development service market.

Major companies operating in Global Life Science Product Design & Development Service Market are:

• Ximedica, LLC
• DeviceLab Inc. 
• Jabil Inc. 
• Flex Ltd
• Plexus Corp
• Nordson Corp
• Celestica Inc.
• StarFish Medical
• Planet Innovation Pty Ltd
• Donatelle Plastics, LLC

Download Free Sample Report

Customers can also request for 10% free customization on this report.

“The future of the Global Life Science Product Design & Development Service Market looks promising, driven by continuous advancements in biotechnology, medical devices, and pharmaceuticals. As companies increasingly rely on specialized services to navigate complex regulatory frameworks and shorten development timelines, demand for innovative solutions will continue to rise. Emerging technologies such as artificial intelligence, data analytics, and automation are expected to further accelerate product design and development processes, enhancing efficiency and reducing costs. Additionally, the growing focus on personalized medicine and sustainable practices will create new opportunities for service providers to cater to evolving market needs. With strong investments in R&D and strategic collaborations, the market is poised for significant growth, expanding across regions like North America, Europe, and Asia Pacific.,” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

“Life Science Product Design & Development Service Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Phase (Concept & Requirements Development, Design Verification, Detailed Design & Process Development, Process Validation, Manufacturing Transfer & Design Validation, Production & Commercial Support, Research, Strategy, & Concept Generation), By Application (Biological Storage, Clinical Laboratory Equipment, Consumables, Diagnostic Equipment, Surgical Instruments, Therapeutic Equipment), By End Use (Biotechnology Companies, Contract Research Organizations, Medical Device Companies, Pharmaceutical Companies), By Region and Competition, 2020-2030F”, has evaluated the future growth potential of Global Life Science Product Design & Development Service Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Life Science Product Design & Development Service Market.

Contact

TechSci Research LLC

420 Lexington Avenue, Suite 300,

New York, United States- 10170

Tel: +1-332-258-6602

Email: [email protected]

Website: www.techsciresearch.com