Dublin, Nov. 15, 2024 (GLOBE NEWSWIRE) — The “Medical Device Contract Research Organization Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.
This medical device contract research organization market report covers industry 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.
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 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. 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. 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.
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.
Report Scope
Markets Covered:
1) By Type: Finished Medical Devices; Medical Device Semi Finished Products; Medical Device Raw Materials
2) By Device Class: Class 1; Class 2; Class 3
3) By Phase: Preclinical; Clinical
4) By Application: Cardiology; Diagnostic Imaging; Orthopedic; In Vitro Diagnostic (IVD); Ophthalmic; General & Plastic Surgery; Drug Delivery
Key Companies Mentioned in the Medical Device CRO Market: Laboratory Corporation of America Holdings; ICON Public Limited Company; Eurofins Scientific Societas Europaea; Pharmaceutical Product Development LLC; WuXi AppTec Co. Ltd.
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 – 2028 |
| Estimated Market Value (USD) in 2024 | $6.74 Billion |
| Forecasted Market Value (USD) by 2028 | $10.68 Billion |
| Compound Annual Growth Rate | 12.2% |
| Regions Covered | Global |
List of Companies Featured in the Report
- 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.
For more information about this report visit https://www.researchandmarkets.com/r/10xqcj
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- Medical Device Contract Research Organization Market
