PUBLISHER: The Business Research Company | PRODUCT CODE: 1566729
PUBLISHER: The Business Research Company | PRODUCT CODE: 1566729
A medical device contract research organization (CRO) is a company that provides specialized services for conducting research and clinical trials on behalf of medical device manufacturers. These CROs focus on performing clinical trials and other research tasks essential for the development, testing, and validation of medical devices.
The several categories of medical device CROs are finished medical devices, semi-finished medical devices, and medical device raw materials. Finished medical devices are products that have undergone the entire manufacturing process and are ready for use or distribution. These devices are categorized into different classes-Class 1, Class 2, and Class 3-and can be involved in various phases such as preclinical or clinical studies. They serve multiple fields, including cardiology, diagnostic imaging, orthopedics, in vitro diagnostics (IVD), ophthalmology, general and plastic surgery, and drug delivery.
The medical device contract research organizations market research report is one of a series of new reports from The Business Research Company that provides medical device contract research organizations market statistics, including medical device contract research organizations industry global market size, regional shares, competitors with a medical device contract research organizations market share, detailed medical device contract research organizations market segments, market trends and opportunities, and any further data you may need to thrive in the medical device contract research organizations industry. This medical device contract research organization market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The medical device contract research organization market size has grown rapidly in recent years. It will grow from $6.02 billion in 2023 to $6.74 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth observed in the historical period can be attributed to several factors, the rising demand for healthcare, the trend of outsourcing research and clinical trials, the increased need for diagnostic devices, and the growing demand for support diagnostic devices.
The medical device contract research organization market size is expected to see rapid growth in the next few years. It will grow to $10.68 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The anticipated growth during the forecast period can be attributed to stricter regulatory requirements, a rise in personalized medicine demand, increasing complexity in clinical trials, and a higher number of clinical trials being conducted. Key trends expected to shape this period include the integration of artificial intelligence, advancements in personalized medicine, the adoption of decentralized trials, the development of more patient-friendly medical devices, and a growing demand for innovative miniature technology.
The growth of the medical device contract research organization (CRO) market is expected to be driven by the increasing number of clinical trials. These trials are research studies involving human participants to evaluate the safety and effectiveness of medical treatments before they are widely used. The rise in clinical trials is attributed to advancements in medical technology, the growing prevalence of chronic diseases, and increased investment in research and development. Medical device CROs play a crucial role in facilitating these trials by offering specialized expertise, infrastructure, and regulatory knowledge to streamline research processes and speed up trial timelines. For example, according to the Association of the British Pharmaceutical Industry, the number of clinical trials initiated annually in the UK grew by 4.3%, from 394 trials in 2021 to 411 in 2022. This trend is contributing to the expansion of the medical device CRO market.
Major players in the medical device CRO market are concentrating on creating innovative services to improve regulatory compliance and enhance clinical trial efficiency. These services, known as comprehensive CRO services, include a broad array of support activities such as regulatory compliance and submissions, clinical trial design and management, patient recruitment and retention, data collection and analysis, monitoring and quality assurance, and post-market surveillance. For instance, Lindus Health Limited, a UK-based CRO, introduced a new all-in-one medical device CRO service in June 2024. This service integrates traditional CRO offerings with Lindus Health's specialized knowledge in medical device clinical trials, including regulatory pathways, participant recruitment, and virtual/hybrid trial capabilities. The comprehensive offering includes end-to-end CRO and study management, innovative recruitment strategies, study-specific eClinical software, medical device and regulatory expertise, and dedicated site services.
In January 2021, NAMSA LLC, a US-based CRO provider, acquired Syntactx LLC. This acquisition, for an undisclosed amount, enhances NAMSA's end-to-end CRO development solutions and expands its capabilities and expertise in medical device clinical research. Syntactx LLC, also based in the US, specializes in medical device-focused CRO services.
Major companies operating in the medical device contract research organization market are Laboratory Corporation of America Holdings, ICON Public Limited Company, Eurofins Scientific Societas Europaea, Pharmaceutical Product Development LLC, WuXi AppTec Co. Ltd., Syneos Health Inc., Charles River Laboratories International Inc., Medpace Holdings Inc., Tigermed Consulting Co. Ltd., Novotech (Australia) Pty Ltd, NAMSA LLC, Promedica International, Excelya, Avania UK Ltd, OSMUNDA MEDICAL DEVICE SERVICE GROUP, CROMSOURCE, Musculoskeletal Clinical Regulatory Advisers LLC, BIO Agile Therapeutics Pvt Ltd, Vial, Qserve Group, CSSi LifeSciences, Medidee Services SA, Eclevar Medtech, Scandinavian CRO, Archer Research, Parexel International Corporation, Clinitude, Geneticist Inc.
North America was the largest region in the medical device contract research organization market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device contract research organization market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the medical device contract research organization market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The medical device contract research organization market includes revenues earned by entities by providing services such as clinical trial management, data collection and database management, preclinical research, medical writing, and project management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Medical Device Contract Research Organization Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on medical device contract research organization market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for medical device contract research organization ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The medical device contract research organization market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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