Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Introduction to Agile-Based Medical Devices Design
Agile software development is an iterative approach that involves breaking down the development process into smaller parts. In this method, the code is designed, developed and then tested and the process is repeated several times in order to achieve optimal software development.
The Agile-based medical devices design involves creation of complex medical devices that are highly precise and are able to satisfy the consumer demands through Agile methodologies. Agile practices are being increasingly adopted by medical organizations. However, the methodology is relatively new and requires more awareness for manufacturers that use the traditional waterfall methodology of medical device development.
Market Size and Forecast
The Agile-based design for medical devices is a relatively newer methodology as compared with the traditional Waterfall method. The ability to obtain continuous feedback through Agile-based development and the flexibility to alter the product design during the development process itself is anticipated to raise the demand for Agile-based approach in the medical industry.
The Agile-based medical devices design market is anticipated to record a significant CAGR over the forecast period i.e. 2019-2027. The market is segmented by design phase, by agile methodology, by end user and by region. On the basis of end user, the end user segment is further segmented into medical device manufacturers, hospitals and others, out of which, the medical device manufacturers segment is anticipated to hold the largest share in the Agile-based medical devices design market on account of increasing demand for customized medical devices by medical device manufacturers. Moreover, the various systems or design phases used in the methodology that allow specialists to design the device and then integrate the various systems together to form a highly effective medical device design is anticipated to drive the market growth. Rising demand for better quality of medical products by patients is another factor estimated to support the growth of this segment. The market for medical devices is anticipated to witness a notably high growth in various regions during the upcoming years, creating a higher demand for adoption of Agile practices, thus impacting the market growth.
Growth Drivers
Increased Efficiency Of Device Design Delivery To End Users To Boost The Market Growth
Faster delivery of medical device designs that are produced using Agile-based methods is estimated to result in substantial growth of the market. Various prototypes of the device are frequently delivered to the end users in order to reduce the delivery time and obtain regular feedback and further improve the functioning of the device. In addition to this, the better quality of product developed and high customer satisfaction among the end users are other factors contributing to the market growth.
Possibility Of Frequent Changes In Design To Propel The Market Growth
Agile-based medical devices design provides flexibility to the developers for changes that can be made while the device design is undergoing the development process. Changes can be made according to the customer demands, thereby resulting in a medical device that responds well to the patient requirements.
Restraints
Greater Client Demands To Restrain The Market Growth
Frequent changes in the designs on account of customer demands require a larger number of resources and manpower which is estimated to become a major restraining factor for the Agile-based medical devices design market.
Market Segmentation
Our in-depth analysis of the Agile-based medical devices design market includes the following segments:
By Design Phase
By Agile Methodology
By End User
By Region
On the basis of regional analysis, the Agile-based medical devices design market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in North America is anticipated to hold the leading share in Agile-based medical device design market which can be attributed to the increasing adoption of Agile methodologies as well as growing presence of medical device manufacturers in the region. The rising demand for product management methodology that improves the product quality and ensures faster delivery of the medical device to end users is estimated to significantly drive the market growth in countries such as the US.
Additionally, the markets in Europe and Asia Pacific regions are similarly estimated to grow at a high rate during the forecast period as a result of increasing acceptance of Agile methodology for the design and development of medical devices. The growing medical industry and increasing technological advances in the regions are further anticipated to support the market growth.
The Agile-based medical devices design market is further classified on the basis of region as follows:
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