Infectious Diseases Segment is Expected to be Fastest Growing During the Forecast Period for SAM Region
According to The Insight Partners market research study on “SAM Medical device and diagnostics contract research organization Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Offering and Type” is expected to reach US$ 857.81 million by 2028 from 552.30 US$ million in 2021. The market is estimated to grow at a CAGR of 6.5% from 2021 to 2028. The report provides trends prevailing in the SAM medical device and diagnostics contract research organization market along with the drivers and restraints pertaining to the market growth. Clinical trials tally is rising and this is the major factor driving the growth of the SAM medical device and diagnostics contract research organization market. However, the issue associated with CRO services market facing huge competition hinders the growth of SAM medical device and diagnostics contract research organization market.
The SAM medical device and diagnostics contract research organization market is segmented into type, services, and country. Based on type, the SAM medical device and diagnostics contract research organization market is segmented into medical devices and diagnostic. Diagnostic segment is further sub-segmented into cardiac biomarkers, diabetes management, oncology, infectious diseases, hematology, chemistry and immunoassays, molecular diagnostics, and others. The medical devices segment held the largest share of the market in 2020. Based on services, the SAM medical device and diagnostics contract research organization market is segmented into clinical data management, monitoring, clinical project management, medical writing, clinical auditing, digital health, clinical strategy, and others. The clinical data management segment held the largest share of the market in 2020. Based on country SAM medical device and diagnostics contract research organization market is segmented into Brazil, Argentina, and rest of SAM.
The countries in this region are developing in terms of the healthcare and medical service industry. The majority of the countries are highly dependent on medical devices imported from developed countries. Owing to the COVID-19 pandemic, the supply chains were severely disrupted. Therefore, these countries have faced several challenges with their requirements for medical devices and diagnostics contract research organizations. Health authorities are worrying that attempting to fight the coronavirus will indirectly contribute to an increase in deaths of ill patients, including heart patients, gynecology patients, and other causes. Countries such as Brazil, Argentina, Colombia, and others were severely hit by the pandemic. Although, the supply chains were revived by the end of 2020 once the COVID cases were reduced in various parts of the world. These factors, thus, encouraged the growth of the medical devices and diagnostics contract research organization market in SAM.
Charles River Laboratories, Inc; ICON PLC; IQVIA; North American Science Associates, Inc.; PAREXEL International Corporation; Proxima Clinical Research, Inc.; and Qserve Group B.V.; are among the leading companies in the SAM medical device and diagnostics contract research organization market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, NAMSA acquired Minneapolis-based American Preclinical Services (APS), a full-service preclinical CRO. This purchase follows NAMSA’s acquisition of New York-based Syntactx, a leading clinical research services CRO, in January 2021.
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