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% from 2021 to 2028, 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.
Key Insights & Findings from the report:
The clinical segment dominated the market in 2020 and is expected to grow at a significant CAGR over the forecasted period
The clinical monitoring segment accounted for the largest revenue share in 2020 due to an increasing number of clinical trials, which require a large amount of monitoring
Asia Pacific is expected to be the fastest-growing regional market over the forecast period
North America was the second-largest regional market in 2020 and is estimated to maintain the leading position over the forecast period
The government support for R&D activities through grants & funds to research institutes & companies has driven the market growth in this region
Read 120 page market research report, “Medical Device Contract Research Organization Market Size, Share & Trends Analysis Report By Phase (Preclinical, Clinical), By Service (Regulatory/Medical Affairs, Clinical Monitoring), By Region (APAC, North America), And Segment Forecasts, 2021 – 2028”, by Grand View Research
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.
They 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. The presence of well-established players, mid-size firms, and a number of new start-ups offering great opportunities are also contributing to the medical device CRO market growth. Moreover, the focus of the regulatory authority towards the treatment of the disease and funding in the medical device market has increased for the rapid testing, production, and manufacturing of medical devices required for the treatment of COVID-19 infected patients.
Check out more studies related to medical and healthcare CRO, published by Grand View Research:
Healthcare Contract Research Organization Market – The global healthcare contract research organization market size was valued at USD 40.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.6% from 2021 to 2028. Increasing investment in R&D programs, preference for outsourcing activities due to time and cost constraints, and patent expiration in the healthcare sector are the key factors anticipated to drive the market.
Contract Research Organization Market – The global contract research organization market is expected to witness significant growth over the forecast period. Any organization that provides support to the medical device industries, pharmaceutical firms, etc. in the form of outsourced research services on a contractual basis is called contract research organizations (CRO).
Contract Research Organization Market Procurement Intelligence – The reason behind the increasing demand for CROs in the pharmaceutical industry is their diversified expertise as compared to pharma companies in terms of conducting clinical trials across multiple geographies and developing drugs in specific therapeutic areas. To efficiently cater to the rising demand, CROs are focusing on innovative sourcing and procurement methods for optimizing the cost of clinical trials and improving profitability.
Browse through Grand View Research’s coverage of the Global Medical Devices Industry.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Source: https://www.prnewswire.com/news-releases/medical-device-contract-research-organization-market-size-worth-12-1-billion-by-2028-grand-view-research-inc-301459237.html
