Medical Device and Diagnostics Contract Research Organization Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Medical Devices and Diagnostics) and Services (Clinical Data Management, Monitoring, Clinical Project Management, Medical Writing, Clinical Auditing, Digital Health, Clinical Strategy, and Others) and Geography
Publication Month: Jun 2021 | Report Code: TIPHE100000958 | No. of Pages: 188 | Category: Medical Device | Status: Published
The medical device and diagnostics contract research organization market is expected to reach US$ 20,336.08 million in 2028 from US$ 12,314.65 million in 2021. The market is estimated to grow with a CAGR of 7.4% from 2021 to 2028.
Key factors driving the market such as increasing number of clinical trials worldwide and rise in adoption of outsourcing activities coupled with increasing R&D expenditures. However, the extensive competition in the CRO services market is a major factor hindering the market growth.
Lucrative Regions for Medical Device and Diagnostics Contract Research Organization Market
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Market Insights
Increasing number of clinical trials worldwide
Clinical trial is a crucial and significant step to evaluate the safety and effectiveness of a medical strategy, treatment, or device for commercial usage. These studies also help understand and determine the best medical approaches for a particular therapeutic area. Clinical trials are conducted primarily to collect data regarding the safety and efficacy of new drug and device development. Before the approval of drug molecules or medical devices by the regulatory authorities, a series of clinical studies are conducted. The increasing prevalence of various communicable and noncommunicable diseases is creating the need for the development of new drugs or medical devices, which is, in turn, propelling the demand for the medical device & diagnostics contract research organization.
Number of Registered Studies for Clinical Trials
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Hence, the increasing number of clinical trials accelerates the demand for medical device & diagnostics contract research organization, which drives the growth of the medical device & diagnostics contract research organization market.
Type-Based Insights
In 2021, the medical devices segment accounted for the largest share of the global medical device and diagnostics contract research organization market, by type. The growth of the medical devices segment is attributed to the increasing number of clinical trials for medical devices, rising spending for research and development, and growing prevalence of chronic diseases. The market for diagnostics segment is estimated to grow at the highest CAGR during the forecast period owing to rapid product approvals and launches. For instance, in May 2019, Roche Diagnostics launched Cobas MTB-RIF/INH test that detects resistance to antibiotics in tuberculosis DNA. Such technological advancements are likely to favor the growth of the segment.
Medical Device and Diagnostics Contract Research Organization Market, by Type – 2021 and 2028
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Service-Based Insights
Based on services, the 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 2021, whereas the digital health segment is estimated to register the highest CAGR in the market during the forecast period.
Strategic Insights
The key players such as PAREXEL International Corporation; ICON PLC; WUXI APPTEC; Charles River Laboratories; Laboratory Corporation of America Holdings; North American Science Associates, Inc.; Qserve Group B.V.; IQVIA; Proxima Clinical Research, Inc.; and Activa CRO adopt several organic and inorganic strategies to enhance their revenue and market standings. For instance, in March 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. With the addition of APS’s portfolio of services, NAMSA will further enhance its already robust preclinical solutions by providing sponsors with a broader range of laboratory models and analysis tools, including innovative surgical instrumentation and several state-of-the-art catheterization labs, imaging capabilities, and surgical suites.
Medical Device and Diagnostics Contract Research Organization Market – by Type
- Medical Devices
- Diagnostics
- Cardiac Biomarkers
- Diabetes Management
- Oncology
- Infectious Diseases
- Hematology
- Chemistry and Immunoassays
- Molecular Diagnostics
- Others
Medical Device and Diagnostics Contract Research Organization Market – by Services
- Clinical Data Management
- Monitoring
- Clinical Project Management
- Medical Writing
- Clinical Auditing
- Digital Health
- Clinical Strategy
- Others
Medical Device and Diagnostics Contract Research Organization Market – by Geography
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
Asia Pacific (APAC)
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of Middle East &Africa
South and Central America (SCAM)
- Brazil
- Argentina
- Rest of South and Central America
Company Profiles
- PAREXEL International Corporation
- ICON PLC
- WUXI APPTEC
- Charles River Laboratories
- Laboratory Corporation of America Holdings
- North American Science Associates, Inc.
- Qserve Group B.V.
- IQVIA
- Proxima Clinical Research, Inc.
- Activa CRO
The List of Companies - Medical Device and Diagnostics Contract Research Organization Market
- PAREXEL International Corporation
- ICON PLC
- WUXI APPTEC
- Charles River Laboratories
- Laboratory Corporation of America Holdings
- North American Science Associates, Inc.
- Qserve Group B.V.
- IQVIA
- Proxima Clinical Research, Inc.
- Activa CRO
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the medical devices and diagnostics contract research organization market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global medical devices and diagnostics contract research organization market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
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