$14 Billion Medical Device CRO Market Report by Phase, Service, Device Type, and Region

Global market for medical device contract research organizations

Dublin, June 14, 2024 (GLOBE NEWSWIRE) — “Global Medical Device Contract Research Organization Analysis Report on Market Size, Share and Trends by Phase (Pre-Clinical, Clinical), Services, Device Types, Regions and segment forecasts for 2024–2030 ” report has been added to ResearchAndMarkets.com offering.

The global market for medical device contract research organizations is expected to reach $14 billion by 2030, growing at a CAGR of 8.95% over 2024-2030.

The key market growth factors include the growing demand for time-saving, cost-effective solutions and specialized knowledge in a given field, which accelerates the process of reaching the market for devices. Additionally, outsourcing to a CRO with detailed expertise in a medical device helps you meet complex regulatory and audit requirements while working on it on a daily basis. This further supports demand for medical device CRO services.

CROs also have access to the most advanced technology resources, such as the latest and most advanced hardware, software and web applications, to speed up the process and maintain quality. A significant number of CROs such as Iqvia, Inc., ICON PLC, Charles River and others offering high-quality medical device research services are expected to enhance medical device research collaborations in the coming years and thus boost the market growth.

Medical procedures are moving towards more laparoscopic and catheter-based technology. There is a growing demand for minimally invasive procedures around the world because they are less risky compared to other surgical procedures. This is expected to increase the demand for advanced devices for screening and monitoring surgical procedures. Minimally invasive procedures are also increasing demand for new, miniature technology. This is expected to increase research into advanced, less invasive medical devices and thus promote market growth.

Thus, the increasing complexity of medical devices, changing consumer preferences and increasing demand for portable devices are among the factors that are expected to drive the need for a team of experts to develop medical devices, thereby increasing the demand for CRO in the market.

Highlights from the market report of a medical device contract research organization

• In 2023, the clinical phase segment dominated the market. This can be associated with the development of new medical devices, which involves numerous clinical trials. Therefore, medical device manufacturers prefer to appoint a CRO to provide clinical trial services with the required infrastructure, staff and expertise or to open a separate laboratory

• In terms of services, clinical monitoring had the largest market share of 21% in 2023. For clinical trials to be successful, comprehensive monitoring is necessary. That’s why companies outsource clinical monitoring functions to CROs with staff expertise and up-to-date training programs. CROs conduct monitoring activities in accordance with the sponsor’s study protocol, standard operating procedures, FDA regulations, and good clinical practice (GCP).

• Taking into account the type of device, the diagnostic devices segment had a share in revenues of 44.9% in 2023. The rising prevalence of diseases around the world is supporting the demand for CRO activities in diagnostic devices. Besides, the rising incidence of cardiovascular diseases, cancer and other diseases is fueling the market growth

• The Asia-Pacific region dominated the market with a revenue share of 41.9% in 2023. The strong market growth is due to various factors such as improvements in regulatory framework, greater cost savings, increasing product complexity, and increasing number of device research organizations medical in the region

Key features

Key topics covered

Chapter 1 Methodology and scope

Chapter 2 Summary
2.1 Market Snapshot
2.2 Segment Dump
2.3 Segment snapshot
2.4 Competitive Landscape Snapshot

Chapter 3 The Market for Medical Device Contract Research Organizations: Variables, Trends, and Scope
3.1 Market Origin Perspectives
3.1.1 Home market prospects
3.1.1.1 Global Healthcare CRO Market
3.1.1.2 Global medical device outsourcing market
3.1.2 Perspectives of the secondary market
3.1.2.1 Global regulatory affairs outsourcing market
3.1.2.2 Global Regulatory Affairs Market
3.2 Impact of COVID-19 on the clinical trial services market
3.2.1 Clinical study of the impact of the COVID-19 virus on medical devices
3.2.2 Impact of COVID-19 on the approval of medical devices
3.2.3 Impact of COVID-19 on the medical device supply chain
3.2.4 Impact of COVID-19 on revenues of key industry players
3.2.5 Market impact after Covid-19
3.3 Market dynamics of medical device contract research organizations
3.3.1 Analysis of market factors
3.3.1.1 Growing demand for advanced products
3.3.1.2 Increasing complexity of product design and engineering
3.3.1.3 Increasing outsourcing to emerging countries due to costs and benefits
3.3.2 Market constraints analysis
3.3.2.1 Compliance issues when outsourcing
3.3.3 Industry challenges
3.3.3.1 Quality issues related to outsourcing
3.4 Medical Device Contract Research Organizations Market Analysis Tools
3.4.1 Porter’s Five Forces Analysis
3.4.2 PESTEL Analysis
3.5 Medical device development cost and clinical landscape
3.5.1 FDA classifications for medical devices
3.5.2 Development cost analysis
3.5.3 Average total expenses by stage for 510(K) products (2022)
3.5.4 Unique challenges in clinical trials of medical devices
3.5.5 Factors and constraints in contract clinical research organizations

Chapter 4 Medical Device Contract Research Organization Market: Phase Segment Analysis
4.1 Medical Device Contract Research Organizations Market by Phase Segments: Key Takeaways
4.2 Medical Device Contract Research Organization Market: Phase Motion Analysis
4.3 Medical Device Contract Research Organization Market Estimates and Forecasts by Phase Type (USD Million)
4.3.1 Preclinical
4.3.2 Clinical

Chapter 5 The Market for Medical Device Contract Research Organizations: Services Segment Analysis
5.1 Market of medical device contract testing organizations by service segment: key conclusions
5.2 Medical Device Contract Research Organization Market: Service Movement Analysis
5.3 Medical Device Contract Research Organization Market Estimates and Forecasts by Service (USD Million)
5.3.1 Project Management/Clinical Delivery Management
5.3.2 Data management
5.3.3 Regulatory/medical matters
5.3.4 Medical text
5.3.5 Clinical monitoring
5.3.6 Quality management/assurance
5.3.7 Biostatistics
5.3.8 Investigator Payments
5.3.9 Laboratory
5.3.10 Patient and facility recruitment
5.3.11 Technology
5.3.12 Other

Chapter 6 Medical Device Contract Research Organization Market: Device Type Segment Analysis
6.1 Medical Device Contract Research Organizations Market by Device Type Segment: Key Takeaways
6.2 Medical Device Contract Research Organization Market: Device Type Traffic Analysis
6.3 Medical Device Contract Research Organization Market Estimates and Forecasts by Device Type (USD Million)
6.3.1 Medtech Devices
6.3.2 Diagnostic devices
6.3.3 Supported devices
6.3.4 Other

Chapter 7 Market for Medical Device Contract Testing Organizations: Regional Analysis
7.1 Medical Device Contract Research Organizations Market by Regional Segment: Key Takeaways
7.2 Medical Device Contract Research Organization: Market Share Analysis, 2023 and 2030
7.3 Regional market, most important conclusions
7.4 Medical Device Contract Research Organization: Market Estimates and Forecasts by Region (USD Million)
7.5 North America
7.6 Europe
7.7 Asia and the Pacific
7.8 Latin America
7.9 Middle East and Africa

Chapter 8 Competition analysis
8.1 Participants overview
8.1.1 IQVIA, Inc.
8.1.2 Charles River Laboratories
8.1.3 ICON, limited liability company
8.1.4 Syneos Health
8.1.5 Laboratory Corporation of America Holdings
8.1.6 Wuxi Application
8.1.7 Medpace
8.1.8 Eurofins Scientific SE
8.1.9 Promedica International
8.1.10 Qserv
8.2 Financial results
8.3 Service benchmarking
8.4 Categorization of participants
8.5 Market leaders
8.5.1 Medical Device Contract Research Organization Market Share Analysis, 2023
8.6 Strategy mapping
8.6.1 Starting/updating the service
8.6.2 Mergers/acquisitions/joint ventures
8.6.3 Partnerships/Agreements
8.6.4 Extensions
8.7 Market position analysis, 2022/2023 (heat map analysis)

Chapter 9 Key conclusions

More information about this report can be found at https://www.researchandmarkets.com/r/753jn8

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source of international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, leading companies, new products and the latest trends.

Attachment

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager [email protected] For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900