Medical Device Contract Research Organization Industry Overview
The global medical device contract research organization market size was estimated at USD 6.3 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 8.6% from 2021 to 2028.
The COVID-19 pandemic has markedly impacted the global market. This is largely due to the fact that the clinical trials were suspended during the pandemic as operating sites were closed and social distancing was maintained. Research for the treatment of COVID-19 has been developing at a remarkable rate. Research groups across the globe are using various medical devices that are required for the treatment process of COVID-19. A number of world-class research organizations have collaborated and received significant funding grants to support the rapid testing, production, and manufacturing of medical devices.
Gather more insights about the market drivers, restrains and growth of the Global Medical Device Contract Research Organization Market
The medical device contract research organization (CRO) market is growing at a steady pace owing to access to advanced technological resources. It saves time and is cost-efficient. CROs are becoming important in the medical and healthcare sectors. CROs have deep knowledge of complex regulatory requirements and audits as they work in clinical compliance on a daily basis. This helps them address all compliance challenges. Furthermore, high demand for effective medical devices, a growing patient population, and funding grants provided by the government for certain medical devices are also projected to drive the market.
CROs help in the development of new treatment lines and effective medical devices. Furthermore, this has helped professionals to check the effectiveness of new treatment procedures. Therefore, the ability of CROs to perform clinical research has helped in increasing the sales of medical devices across the globe. CROs are considering digital technologies on various accounts, which has become an integral part of medical research. This medical technology is often integrated with sensors and digital aids to make it more effective and efficient. CROs possess a wide range of capabilities, which, in turn, drive the market.
Browse through Grand View Research's Medical Devices Industry Research Reports.
- Medical Writing Market - The global medical writing market size was valued at USD 3.5 billion in 2021 and is expected to expand at a CAGR of 10.41% from 2022 to 2030. The high demand for medical writers can be attributed to a rise in CRO outsourcing, increased RD investments by market players, a favorable environment for clinical study in developing countries, and new medical device regulations.
- Clinical Trials Market - The global clinical trials market size was valued at USD 47.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.8% from 2022 to 2030. However, the market growth was hindered in 2020 due to the COVID-19 pandemic.
Medical Device Contract Research Organization Market Segmentation
Grand View Research has segmented the global medical device contract research organization market on the basis of phase, service, and region:
Medical Device CRO Phase Outlook (Revenue, USD Million, 2016 - 2028)
- Preclinical
- Clinical
Medical Device CRO Service Outlook (Revenue, USD Million, 2016 - 2028)
- Project Management/Clinical Supply Management
- Data Management
- Regulatory/Medical Affairs
- Medical Writing
- Clinical Monitoring
- Quality Management/Assurance
- Bio-statistics
- Investigator Payments
- Laboratory
- Patient Site Recruitment
- Technology
- Others
Medical Device CRO Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa
Market Share Insights
- In 2021: A medical device-focused CRO, NAMSA, acquired Clinlogix, which is a leading organization for clinical expertise, to have a global foothold in the market.
Key Companies profiled:
Some prominent players in the global medical device contract research organization market include
- Icon Plc
- IQVIA
- Covance
- Charles River Laboratories
- Syneos Health
- MedPace
- Promedica International
- Wuxi AppTec
- Eurofins
- Qserve Group
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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