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$14 Billion Medical Device CRO Market Report by Phase, Service, Device Type, and Region - Forecast to 2030

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Global Medical Device Contract Research Organization Market

Global Medical Device Contract Research Organization Market
Global Medical Device Contract Research Organization Market

Dublin, June 14, 2024 (GLOBE NEWSWIRE) -- The "Global Medical Device Contract Research Organization Market Size, Share & Trends Analysis Report by Phase (Preclinical, Clinical), Service, Device Type, Region, and Segment Forecasts, 2024-2030" report has been added to ResearchAndMarkets.com's offering.

The global medical device contract research organization market is expected to reach USD 14 billion by 2030, growing at a CAGR of 8.95% from 2024 to 2030.

The key market growth drivers include rising demand for time-saving, cost efficient, and expertise in the area, which accelerates the process of devices reaching the market. In addition, outsourcing to a CRO with detailed expertise in a medical device helps in meeting the complex regulatory requirements and audits as they work on it on a daily basis. This further supports the demand for medical device CRO services.



CROs also have access to the most advanced technological resources, such as all the latest and most advanced hardware, software, and internet-based applications, to make the process fast and maintain quality. A significant number of CROs such as Iqvia, Inc., ICON PLC, Charles River, and others offering high-quality medical device-related research services are expected to improve medical device-related research collaborations in the coming years and thus boost the market growth.

Medical procedures are moving toward more laparoscopic and catheter-based technology. There has been a growing demand for minimally invasive procedures worldwide, as they are less risky compared to other surgical procedures. This is expected to boost the demand for advanced devices for screening and monitoring surgical procedures. Minimally invasive procedures are also enhancing the demand for new miniature technology. This is expected to improve the number of research in advanced less invasive medical devices and hence promote market growth.

Thus, growing complexities in medical devices, changing consumer preferences, and increasing demand for portable devices are among the factors expected to drive the need for an expert team for the development of medical devices, thereby increasing the demand for CROs in the market.

Medical Device Contract Research Organization Market Report Highlights

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  • The clinical phase segment dominated the market in 2023. This can be attributed to the development of novel medical devices, which involves numerous clinical trials. Hence, medical device companies prefer appointing a CRO to provide clinical trial services with the required infrastructure, staff, and expertise or opening a separate laboratory

  • Based on service, clinical monitoring held the largest market share of 21% in 2023. Clinical trials need comprehensive monitoring for their success. Therefore, companies outsource clinical monitoring functions to CROs with staff expertise and updated training programs. These CRO conduct monitoring activities in accordance with a sponsor's study protocol, standard operating procedures, FDA regulations, and Good Clinical Practice (GCP)

  • Based on device type, the diagnostic devices segment held a revenue share of 44.9% in 2023. The growing prevalence of diseases worldwide is supporting the demand for CRO activities for diagnostic devices. Besides, increasing prevalence of cardiovascular diseases, cancer, among other diseases drives the market growth

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

Key Attributes

Report Attribute

Details

No. of Pages

183

Forecast Period

2023-2030

Estimated Market Value (USD) in 2023

$7.75 Billion

Forecasted Market Value (USD) by 2030

$14 Billion

Compound Annual Growth Rate

8.9%

Regions Covered

Global

Key Topics Covered

Chapter 1 Methodology and Scope

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

Chapter 3 Medical Device Contract Research Organization Market: Variables, Trends, & Scope
3.1 Market Lineage Outlook
3.1.1 Parent Market Outlook
3.1.1.1 Global Healthcare CRO Market
3.1.1.2 Global Medical Device Outsourcing Market
3.1.2 Ancillary Market Outlook
3.1.2.1 Global Regulatory Affairs Outsourcing Market
3.1.2.2 Global Regulatory Affairs Market
3.2 COVID-19 Impact on the Clinical Trial Services Market
3.2.1 COVID-19 Impact on Medical Devices Clinical Trial
3.2.2 COVID-19 Impact on Medical Device Approvals
3.2.3 COVID-19 Impact on Medical Device Supply Chain
3.2.4 COVID-19 Impact on the Revenue of Key Industry Players
3.2.5 Post-COVID-19 Impact on the Market
3.3 Medical Device Contract Research Organizations Market Dynamics
3.3.1 Market Driver Analysis
3.3.1.1 Rising Demand for Advanced Products
3.3.1.2 Increasing Complexity in Product Design and Engineering
3.3.1.3 Increasing Outsourcing to Emerging Countries Due to Cost-Benefit
3.3.2 Market Restraint Analysis
3.3.2.1 Compliance Issues While Outsourcing
3.3.3 Industry Challenges
3.3.3.1 Quality Issues Associated with 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 Expenditure by Stage for 510(K) Products (2022)
3.5.4 Unique Challenges in Medical Device Clinical Trials
3.5.5 Drivers and Constraints in Medical Device Clinical Trials Contract Research Organizations

Chapter 4 Medical Device Contract Research Organization Market: Phase Segment Analysis
4.1 Medical Device Contract Research Organization Market by Phase Segment: Key Takeaways
4.2 Medical Device Contract Research Organization Market: Phase Movement Analysis
4.3 Medical Device Contract Research Organization Market Estimates & Forecast by Phase Type (USD Million)
4.3.1 Preclinical
4.3.2 Clinical

Chapter 5 Medical Device Contract Research Organization Market: Service Segment Analysis
5.1 Medical Device Contract Research Organization Market by Service Segment: Key Takeaways
5.2 Medical Device Contract Research Organization Market: Service Movement Analysis
5.3 Medical Device Contract Research Organization Market Estimates & Forecast by Service (USD Million)
5.3.1 Project Management/Clinical Supply Management
5.3.2 Data Management
5.3.3 Regulatory/Medical Affairs
5.3.4 Medical Writing
5.3.5 Clinical Monitoring
5.3.6 Quality Management/Assurance
5.3.7 Bio-Statistics
5.3.8 Investigator Payments
5.3.9 Laboratory
5.3.10 Patient and Site Recruitment
5.3.11 Technology
5.3.12 Others

Chapter 6 Medical Device Contract Research Organization Market: Device Type Segment Analysis
6.1 Medical Device Contract Research Organization Market by Device Type Segment: Key Takeaways
6.2 Medical Device Contract Research Organization Market: Device Type Movement Analysis
6.3 Medical Device Contract Research Organization Market Estimates & Forecast by Device Type (USD Million)
6.3.1 Medtech Devices
6.3.2 Diagnostic Devices
6.3.3 Handled Devices
6.3.4 Others

Chapter 7 Medical Device Contract Research Organization Market: Regional Analysis
7.1 Medical Device Contract Research Organization Market by Regional Segment: Key Takeaways
7.2 Medical Device Contract Research Organization: Market Share Analysis, 2023 & 2030
7.3 Regional Marketplace, Key Takeaways
7.4 Medical Device Contract Research Organization: Market Estimates and Forecast, by Region (USD Million)
7.5 North America
7.6 Europe
7.7 Asia-Pacific
7.8 Latin America
7.9 Middle East & Africa

Chapter 8 Competitive Analysis
8.1 Participants' Overview
8.1.1 IQVIA, Inc.
8.1.2 Charles River Laboratories
8.1.3 ICON, Plc
8.1.4 Syneos Health
8.1.5 Laboratory Corporation of America Holdings
8.1.6 Wuxi Apptec
8.1.7 Medpace
8.1.8 Eurofins Scientific SE
8.1.9 Promedica International
8.1.10 Qserve
8.2 Financial Performance
8.3 Service Benchmarking
8.4 Participant Categorization
8.5 Market Leaders
8.5.1 Medical Device Contract Research Organization Market Share Analysis, 2023
8.6 Strategy Mapping
8.6.1 Service Launches/upgrades
8.6.2 Mergers/acquisitions/joint Ventures
8.6.3 Partnerships/agreements
8.6.4 Expansions
8.7 Market Position Analysis, 2022/2023 (Heat Map Analysis)

Chapter 9 Key Takeaways

For more information about this report visit https://www.researchandmarkets.com/r/753jn8

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