Agile-Based Medical Devices Design Market Segmentation By Design Phase (Mechanical, Electrical, Software And Others); By Agile Methodology (Scrum, Crystal And Others); By End User (Medical Device Manufacturers, Hospitals And Others) – Global Demand Analysis & Opportunity Outlook 2027
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
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.
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.
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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.
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.
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.
Our in-depth analysis of the Agile-based medical devices design market includes the following segments:
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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