New York, United States , Aug. 21, 2024 (GLOBE NEWSWIRE) -- The Global Medical Device CRO Market Size is to Grow from USD 6.69 Billion in 2023 to USD 15.54 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 8.79% during the projected period.
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A Contract Research Organization (CRO) is an institution that provides clinical trial services to pharmaceutical, biotechnology, and medical device manufacturers. There are various types of CROs, but common services provided to the medical device industry include regulatory affairs, clinical trial planning, site selection and initiation, recruitment support, clinical monitoring, project management, biostatistics, medical writing, data administration, and trial logistics. Medical device CROs are designed to reduce costs for companies exploring novel drugs and pharmaceuticals for certain markets. The rising demand for novel technologies, combined with the need to make devices more patient-friendly, is expected to strengthen the medical device market throughout the forecast period. The medical device research contracting organization (CRO) business is rapidly developing as a result of improved access to advanced technological resources. Furthermore, major barriers include the expensive cost of medical equipment, legislative changes, and the complexities of payment arrangements for illness treatment.
Browse key industry insights spread across 244 pages with 110 Market data tables and figures & charts from the report on the “Global Medical Device CRO Market Size, Share, and COVID-19 Impact Analysis, By Phase (Preclinical and Clinical), By Services (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, and Others), and By Device (MedTech Devices, Diagnostic Devices, Handheld Devices, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The clinical segment dominates the market with the highest market share of the medical device CRO market during the projected timeframe.
Based on the phase, the medical device CRO market is divided into preclinical and clinical. Among these, the clinical segment dominates the market with the highest market share of the medical device CRO market during the projected timeframe. A medical gadget CROs' rising number of clinical trials focusing on medical devices are boosting growth. This is primarily due to medical device manufacturers' greater focus on cutting research expenses. Furthermore, the segment's growth is fueled by a plentiful supply of clinical-stage medical devices.
The clinical monitoring segment predicted to account the largest revenue share of the medical device CRO market during the projected timeframe.
Based on the services, the medical device CRO market is divided into 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, and others. Among these, the clinical monitoring segment predicted to account the largest revenue share of the medical device CRO market during the projected timeframe. The medical device CRO market is expected to maintain its position during the forecast period because of the large number of clinical trials undertaken and the growing demand for clinical trial monitoring. The development of electronic devices including smart analytics and real-time is predicted to improve clinical monitoring data, hence supporting sector market expansion.
The diagnostic devices segment is predicted to dominate the medical device CRO market during the projected timeframe.
Based on the device, the medical device CRO market is divided into medtech devices, diagnostic devices, handheld devices, and others. Among these, the diagnostic devices segment is predicted to dominate the medical device CRO market during the projected timeframe. The rising prevalence of diseases around the world is generating demand for CRO services for diagnostic equipment. The large number of people suffering from these diseases is expected to increase demand for diagnostic equipment, encouraging CROs to conduct diagnostic device research.
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North America is expected to hold the largest share of the medical device CRO market over the forecast period.
North America is expected to hold the largest share of the medical device CRO market over the forecast period. The region's prominence stems in part from the presence of significant pharmaceutical businesses, overall drug development activity, and a robust healthcare system. Pharmaceutical corporations have increased their emphasis on outsourcing clinical trials to address a variety of health issues. Furthermore, these firms are expanding their expenditure in R&D. One of the primary drivers of market expansion in North America is the rapid development of medical devices to meet the growing need for better healthcare. Furthermore, increased demand for low-cost medical equipment continues to fuel market growth throughout the forecast period.
Europe is predicted to grow at the fastest pace in the medical device CRO market during the projected timeframe. Modern technologies and well-established infrastructure have resulted in better healthcare facilities and patient outcomes. Players seeking to enter the European market must be familiar with the regulatory procedures and services available in the various EU member states. For example, in November 2023, Medpace acquired Meditech, a medical device CRO based in the Netherlands, to strengthen its standing in the European market.
The Asia Pacific medical device CRO market to increase significantly throughout the forecast period, owing to the presence of several prospects, notably in Japan, China, Australia, and India. A variety of factors are expected to drive the industry, including regulatory changes, higher cost reductions, increasing device complexity, and the region's expanding number of medical device research organizations. Furthermore, the growing tendency to outsource research services from developed economies to emerging economies such as India and China, combined with the availability of a skilled workforce at a cheaper cost than in the United States and Europe, is expected to boost market growth.
Major vendors in the medical device CRO market are Avania, Charles River Laboratories, CROMSOURCE, CSSi Life Sciences, Eurofins Medical Testing, IQVIA, Medpace, Qserve, NAMSA, ICON, plc, Syneos Health, WuXi, AppTec, Promedica International, and others.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key Vendors in the Global Medical Device CRO Market Size Avania, Charles River Laboratories, CROMSOURCE, CSSi Life Sciences, Eurofins Medical Testing, IQVIA, Medpace, Qserve, NAMSA, ICON, plc, Syneos Health, WuXi, AppTec, Promedica International, and Others.
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Recent Developments
- In June 2024, Lindus Health designed a comprehensive contract research organization (CRO) solution dedicated solely to medical device clinical trials. The 'All-in-One Medical Device CRO' combines traditional CRO services with Lindus Health's experience in medical device clinical trials.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the medical device CRO market based on the below-mentioned segments:
Global Medical Device CRO Market, By Phase
- Preclinical
- Clinical
Global Medical Device CRO Market, By Services
- 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
Global Medical Device CRO Market, By Device
- MedTech Devices
- Diagnostic Devices
- Handheld Devices
- Others
Global Medical Device CRO Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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