Publication Month: Jun 2021 | Report Code: TIPHE100000958 | No. of Pages: 188 | Category: Medical Device | Status: Published
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.
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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.
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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.
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.
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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.
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.
The List of Companies - Medical Device and Diagnostics Contract Research Organization Market
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