SAN FRANCISCO, January 12, 2022 / PRNewswire / – The World market for contract research organizations for medical devices the size should reach $ 12.1 billion by 2028, registering an 8.6% CAGR from 2021 to 2028, according to a new report from Grand View Research, Inc. During the second half of the COVID-19 pandemic in 2020, the market experienced a increase in demand for CRO services as compared to the first half, where growth was stagnant.
Main lessons and conclusions of the report:
- Clinical segment dominated the market in 2020 and is expected to grow at a significant CAGR during the forecast period
- Clinical surveillance segment accounted for largest share of revenue in 2020 due to increasing number of clinical trials, which require large amount of surveillance
- Asia Pacific is expected to be the fastest growing regional market during the forecast period
- North America was the second largest regional market in 2020 and is expected to maintain the leading position during the forecast period
- Government support for R&D activities through grants and funds to research institutes and enterprises has boosted market growth in this region
Read the 120-page market research report, “Medical Device Contractual Research Organization Market Size, Share and Trend Analysis Report by Phase (Preclinical, Clinical), by Department (Regulatory / Medical Affairs, Clinical Oversight), by Region ( APAC, North America), and segment forecast, 2021 – 2028“, by Grand View Research
The main driver of the market includes time savings, cost efficiency and expertise in the field, which speeds up the process of getting devices to market. In addition, outsourcing to a CRO with specific expertise in a medical device allows them to meet complex regulatory requirements and the audits they work on daily.
They also have access to the most advanced technological resources, such as all the latest and most advanced hardware, software and internet applications, to speed up the process and maintain quality. The presence of well-established players, mid-sized companies, and a number of new startups with great opportunity are also contributing to the growth of the medical device CRO market. In addition, the regulator’s focus on disease treatment and funding in the medical device market has increased for the rapid testing, production and manufacture of medical devices needed to treat patients. infected with COVID-19.
Market segmentation :
Grand View Research has segmented the global Medical Device Contract Research Organization market on the basis of phase, service, and region:
- Medical Device CRO Phase Outlook (Revenue, USD Million, 2016 – 2028)
- Medical Device CRO Service Outlook (Revenue, USD Million, 2016 – 2028)
- Project management / Clinical supply management
- Data management
- Regulatory / medical affairs
- Medical writing
- Clinical monitoring
- Management / Quality Assurance
- Investigator payments
- Patient and site recruitment
- Medical Device CRO Regional Outlook (Revenue, Million USD, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
List of major players in the Medical Device Contract Research Organizations Market
- Plc Icon
- Charles River Laboratories
- Syneos Health
- Promedica International
- Wuxi AppTec
- Qserve Group
Check out more studies related to medical and healthcare CROs, published by Grand View Research:
- Contract research organizations market in the health field – The global market size for contract research organizations in healthcare has been estimated to be $ 40.9 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.6% from 2021 to 2028. Increasing investment in R&D programs, preference for outsourcing activities due to time constraints and cost, and the expiration of healthcare patents are the key factors expected to drive the market.
- Contract research organizations market – The global contract research organizations market is expected to witness significant growth during the forecast period. Any organization that provides support to the medical device industries, pharmaceutical companies, etc. in the form of outsourced research services on a contract basis is called a contract research organization (CRO).
- Contract research organization Public procurement intelligence – The reason for the growing demand for CROs in the pharmaceutical industry is their diverse expertise compared to pharmaceutical companies in terms of conducting clinical trials in multiple geographies and developing drugs in specific therapeutic areas. To effectively meet growing demand, CROs focus on innovative sourcing and procurement methods to optimize the cost of clinical trials and improve profitability.
Browse Grand View Research’s coverage of the Global medical device industry.
Go to Grand View Compass, our intuitive BI-enabled market research database of over 10,000 reports
About Grand View Research
Grand View Research, a United States-based market research and consulting company, provides syndicated and personalized research reports and consulting services. Checked in California and headquartered at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps leading Fortune 500 companies and academic institutes understand the global and regional business environment and assess opportunities as they arise.
Corporate Sales Specialist, United States
Grand View Research, Inc.
Toll free: 1-888-202-9519
Email: [email protected]
The Web: https://www.grandviewresearch.com
SOURCE Grand View Research, Inc.