Medical Device Contract Research Organization Market Report Competitive Landscape, Global Trends And Opportunities 2028

Medical Device Contract Research Organization Industry Overview

The global medical device contract research organization market size is expected to reach USD 12.1 billion by 2028, registering a CAGR of 8.6% over the forecast period, according to a new report by Grand View Research, Inc. During the second half of the COVID-19 pandemic in 2020, the market witnessed a surge in demand for CRO services as compared to the first half, where the growth was stagnant. The main driver of the market includes time-saving, cost efficiency, and expertise in the area, which accelerates the process of devices reaching the market. In addition, outsourcing to a CRO with precise expertise in a medical device helps in meeting the complex regulatory requirements and audits as they work on it on a daily basis.

 

Medical Device Contract Research Organization Market Segmentation

Grand View Research has segmented the global medical device contract research organization market on the basis of phase, service, and region:

Based on the Service Insights, the market is segmented into Project Management/Clinical Supply Management, Data Management, Regulatory/Medical Affairs, Medical Writing, Clinical Monitoring, Quality Management/Assurance, Bio-statistics, Investigator Payments, Laboratory, Patient & Site Recruitment, Technology, Others

  • The clinical monitoring segment led the global market in 2020 accounting for a revenue share of 21.1% in 2020. The segment is anticipated to maintain its position over the forecast period owing to a large number of clinical trials performed and, to study them, increasing demand for clinical trial monitoring. The introduction of devices, such as smart analytics and real-time, is estimated to improve clinical monitoring data in healthcare.
  • On the basis of services, the market is segmented into project management/clinical supply management, data management, regulatory/medical affairs, medical writing, clinical monitoring, quality management/assurance, bio-statistics, investigator payments, laboratory, patient & site recruitment, technology, and others. Investigator payment is estimated to be the second-largest segment by 2028 growing at a CAGR of 7.8% over the forecast period. Timely and accurate investments by the investors are important for the functioning and monitoring of a clinical trial.

 

Based on the Phase Insights, the market is segmented into Preclinical and Clinical

  • The clinical segment dominated the market and accounted for the largest revenue share of more than 88% in 2020. The share is attributed to technological evolution, globalization of clinical trials, and demand for CROs to conduct clinical trials.
  • The preclinical segment is projected to register the fastest growth rate of 10.0% during the forecast period. An increase in the number of preclinical trials involving large molecules and the growing need to curb R&D expense is expected to contribute to the segment growth.

 

Medical Device CRO Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

 

Key Companies Profile & Market Share Insights

The global market is highly competitive. The players are undertaking various strategies, such as partnership, collaboration, merger, and acquisition, to strengthen their market position.

Some prominent players in the global medical device contract research organization market include:

  • Icon Plc
  • IQVIA
  • Covance
  • Charles River Laboratories
  • Syneos Health
  • MedPace
  • Promedica International
  • Wuxi AppTec
  • Eurofins
  • Qserve Group

 

Order a free sample PDF of the Medical Device Contract Research Organization Market Intelligence Study, published by Grand View Research.

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