PUBLISHER: The Business Research Company | PRODUCT CODE: 1619740
PUBLISHER: The Business Research Company | PRODUCT CODE: 1619740
A medical device contract research organization (CRO) is a specialized service provider that offers outsourced research and development support to medical device manufacturers. These organizations assist companies in navigating the complex process of developing a medical device from concept to market, ensuring regulatory compliance, and achieving successful clinical outcomes. CROs play a critical role in reducing the time, cost, and risks associated with medical device development.
Key services provided by medical device CROs include project management or clinical supply management, regulatory or medical affairs, medical writing, clinical monitoring, quality management or assurance, biostatistics, investigator payments, laboratory services, patient and site recruitment, and more. Project management or clinical supply management focuses on overseeing the planning, execution, and coordination of clinical trials, ensuring that necessary supplies, including medical devices and drugs, are available at trial sites. The types of devices covered include medtech devices, diagnostic devices, handheld devices, and others. The phases include preclinical and clinical, with applications spanning cardiology, diagnostic imaging, orthopedics, in vitro diagnostics (IVD), ophthalmology, general and plastic surgery, and drug delivery.
The medical device contract research organization (CRO) market research report is one of a series of new reports from the business research company that provides medical device contract research organization (CRO) market statistics, including medical device contract research organization (CRO) industry global market size, regional shares, competitors with an medical device contract research organization (CRO) market share, detailed medical device contract research organization (CRO) market segments, market trends and opportunities, and any further data you may need to thrive in the medical device contract research organization (CRO) industry. This medical device contract research organization (CRO) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The medical device contract research organization (CRO) market size has grown strongly in recent years. It will grow from $9.3 billion in 2023 to $9.93 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth during the historic period can be attributed to the rising demand for clinical trials, growing regulatory requirements, increasing complexity of medical devices, high research and development costs, and a rise in chronic diseases.
The medical device contract research organization (CRO) market size is expected to see strong growth in the next few years. It will grow to $12.97 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth during the forecast period can be attributed to the increasing adoption of digital health technologies, a growing emphasis on patient safety, expansion in biologics and biosimilars, a rise in home healthcare devices, and a heightened focus on environmental sustainability. Key trends expected during this period include the adoption of AI-driven analytics, the expansion of personalized medicine services, the integration of real-world evidence in clinical trials, a shift towards patient-centric trial designs, and the use of cloud-based solutions for data management.
The rise in clinical trials is anticipated to boost the growth of the medical device contract research organization (CRO) market. Clinical trials involve research studies with human participants aimed at assessing the safety and efficacy of new medical treatments, interventions, or diagnostic procedures. The growing number of clinical trials is driven by increased demand for innovative medical devices and regulatory requirements for thorough testing. Medical device contract research organizations (CROs) offer specialized expertise and resources to manage, conduct, and oversee these trials, ensuring compliance and efficiency. For example, in August 2024, the National Library of Medicine reported an increase in registered clinical trials from 477,227 in 2023 to 506,371 across 50 states and 221 countries. Additionally, 52,731 medical device studies were registered globally. This surge in clinical trials is expected to propel the medical device CRO market.
Leading companies in the medical device CRO market are focusing on integrating traditional services with advanced technologies and recruitment strategies, such as hybrid and virtual trial models, to improve trial efficiency, speed up participant enrollment, and streamline regulatory compliance. Virtual and hybrid site capabilities are designed to meet diverse study requirements and participant needs, particularly in response to the growing demand for decentralized trials. For instance, in June 2024, Lindus Health, a UK-based clinical trials company, introduced All-in-One Medical Device CRO, a comprehensive solution tailored for medical device trials. This offering combines traditional CRO services with advanced features such as Citrus eClinical technology. It integrates all essential trial tools into a single platform, including clinical trial management systems (CTMS), electronic data capture (EDC), and eConsent. The platform enhances recruitment with access to over 30 million electronic health records (EHRs) and strategic digital marketing, ensuring efficient and timely enrollment. Lindus Health also provides robust site services, managing trials across single-site, multi-site, and virtual/hybrid models through strong relationships with principal investigators and research staff.
In October 2023, Avania, a US-based clinical research organization that specializes in medical technology development, acquired HULL ASSOCIATES LLC and Ironstone Product Development (IPD) for an undisclosed amount. This acquisition is intended to enhance Avania's global capabilities in regulatory affairs, clinical trial management, and product development services. HULL ASSOCIATES LLC is a US-based consultancy that specializes in regulatory strategies, while Ironstone Product Development (IPD) is a Canada-based company focused on medical device development and commercialization strategies.
Major companies operating in the medical device contract research organization (CRO) market are Thermo Fisher Scientific Inc., IQVIA Inc, Laboratory Corporation of America Holdings, ICON plc, Eurofins Scientific SE, WuXi AppTec, Syneos Health, Charles River Laboratories, PAREXEL International, Medpace Holdings, Inc., Hangzhou Tigermed Consulting Co Ltd, Caidya, QPS Holdings LLC, Avania B.V., Veristat, Cromsource S.R.L., Osmunda Medical Technology Service Group, MedTrials Inc, Boston Biomedical Associates, Hangzhou CIRS Technology Group Co Ltd, Clinlogix, Shanghai Haofeng Medical Technology Co Ltd, Promedica International, Qingdao Novelbeam Technology Co Ltd, CSSi LifeSciences, Lingboyihui, Medidee Services
Asia-Pacific was the largest region in the medical device contract research organization (CRO) market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device contract research organization (CRO) 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 (CRO) 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 (CRO) market includes revenues earned by companies providing outsourced research and development services, such as clinical trials, regulatory affairs, and product development support, to medical device manufacturers. 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 (CRO) 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 (CRO) 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 (CRO) ? 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 (CRO) 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.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.