October 19, 2022
The next substantial need for consumer companies which will triple in size over this decade
By Andrew Glickman
New and innovative products that are out in the marketplace were once fostered from an initial idea that exponentially grew into so much more. The global consumer products and retail market is enormous. How big exactly? A 2021 Coherent Market Insights report estimated it at over $18 trillion dollars, and it’s forecast to grow to over $29 trillion by 2028.
As the market for global consumer products continues to exponentially grow over the next 5-6 years, the need for product design and development will continue to be a greater need as consumer companies create new versions of existing products as well as new types of innovative products in general.
According to a 2022 Grandview Research report, the product design and development services market size was valued at $9.4 billion as of this year, with anticipated growth to triple value and achieve over $24 billion in value by 2030. While the US and Asia continue to lead the market from a geographical standpoint, there are a few drivers/factors that are helping to increase the demand of new product creations:
- The need to reduce costs and innovate the product quickly
- Major companies focusing on partnerships and collaborations, leading to enhanced market presence
- Mergers & acquisitions to gain both market share and capabilities as well as a competitive edge in the market
- Increased demand for quality products across markets
- Significant increased demand in the medical devices/healthcare space
- The development of many products, especially in medical devices and aerospace/defense, involves strict regulations and cutting-edge technology that gives an extra level of complexity to the manufacturing process
When starting with an initial idea/napkin scratch, there are many steps and questions that remain to be answered on where to go from there. There are plenty of pieces and considerations that companies skip or don’t think of, ranging from specs/feature specs to regulations/safety requirements to fulfillment requirements and more. What are the stages of design and development from the initial idea? There are countless pieces that go into each of these, but a simplified breakdown of the areas is:
- Product Launch
PCH International can work with companies through each of these stages and in every area, including all different aspects of engineering that consists of design verification, electrical, firmware, mechanical, systems, and more. It doesn’t matter if the company is a VC funded start-up or a 100-year-old company looking to diversify, PCH has handled both types and everything in-between.
Inquire and see how PCH International can help bring your next innovative idea to fruition.