Medical Device and Diagnostics Contract Research Organization Market to Grow at a CAGR of 7.4% to reach US$ 20,336.08 million from 2021 to 2028
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.
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
![Number of Registered Studies for Clinical Trials Number of Registered Studies for Clinical Trials](../assets/rdimages/TIPHE100000958-img3.png)
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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.
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Medical Device and Diagnostics Contract Research Organization Market: Strategic Insights
Medical Device and Diagnostics Contract Research Organization Market
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![](https://www.theinsightpartners.com/assets/images/rd_int_img/cagr.png)
CAGR (2021 - 2028)
7.4%
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Market Size 2021
US$ 12.31 Billion
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Market Size 2028
US$ 20.34 Billion
Market Dynamics
GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players
- 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.
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Type
- Medical Devices and Diagnostics
Services
- Clinical Data Management
- Monitoring
- Clinical Project Management
- Medical Writing
- Clinical Auditing
- Digital Health
- Clinical Strategy
- Others
Geography
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South and Central America
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Medical Device and Diagnostics Contract Research Organization Market: Strategic Insights
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CAGR (2021 - 2028)7.4% -
Market Size 2021
US$ 12.31 Billion -
Market Size 2028
US$ 20.34 Billion
![](https://www.theinsightpartners.com/assets/images/rd_int_img/tip-logo.jpg)
Market Dynamics
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Key Players
- 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.
Regional Overview
![](https://www.theinsightpartners.com/assets/images/rd_int_img/ig-regional.png)
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
![](https://www.theinsightpartners.com/assets/images/rd_int_img/cust_bullet_danger.png)
- Medical Devices and Diagnostics
![](https://www.theinsightpartners.com/assets/images/rd_int_img/cust_bullet_warning.png)
- Clinical Data Management
- Monitoring
- Clinical Project Management
- Medical Writing
- Clinical Auditing
- Digital Health
- Clinical Strategy
- Others
![](https://www.theinsightpartners.com/assets/images/rd_int_img/cust_bullet_primary.png)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South and Central America
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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.
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.
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 Report Scope
Report Attribute | Details |
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Market size in 2021 | US$ 12.31 Billion |
Market Size by 2028 | US$ 20.34 Billion |
Global CAGR (2021 - 2028) | 7.4% |
Historical Data | 2019-2020 |
Forecast period | 2022-2028 |
Segments Covered |
By Type
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Regions and Countries Covered | North America
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Market leaders and key company profiles |
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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
![Report Coverage](https://www.theinsightpartners.com/assets/rdimages/report_coverage.png)
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
![Segment Covered](https://www.theinsightpartners.com/assets/rdimages/segment_covered.png)
Segment Covered
Type and Services and Geography
![Regional Scope](https://www.theinsightpartners.com/assets/rdimages/regional_scope.png)
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
![Country Scope](https://www.theinsightpartners.com/assets/rdimages/country_scope.png)
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
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