The global medical device contract research organization market size is expected to reach USD 14.0 billion by 2030, growing at a CAGR of 8.95% from 2024 to 2030, according to a new report by Grand View Research, Inc. The key market growth drivers include rising demand for time-saving, cost efficient, and expertise in the area, which accelerates the process of devices reaching the market. In addition, outsourcing to a CRO with detailed expertise in a medical device helps in meeting the complex regulatory requirements and audits as they work on it on a daily basis. This further supports the demand for medical device CRO services.
CROs 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. A significant number of CROs such as Iqvia, Inc., ICON Plc, Charles River, and others offering high-quality medical device-related research services are expected to improve medical device-related research collaborations in the coming years and thus boost the market growth.
Medical procedures are moving toward more laparoscopic and catheter-based technology. There has been a growing demand for minimally invasive procedures worldwide, as they are less risky compared to other surgical procedures. This is expected to boost the demand for advanced devices for screening and monitoring surgical procedures. Minimally invasive procedures are also enhancing the demand for new miniature technology. This is expected to improve the number of research in advanced less invasive medical devices and hence promote market growth.
Thus, growing complexities in medical devices, changing consumer preferences, and increasing demand for portable devices are among the factors expected to drive the need for an expert team for the development of medical devices, thereby increasing the demand for CROs in the market.
The market growth can be attributed to the increase in the number of medical device-specific clinical trials, growing demand for advanced medical devices, and the rise in focus among medical device companies to reduce the cost associated with research.
During the COVID-19 recovery period, the medical devices pipeline witnessed a steady rise in recent years. The growing demand for novel technologies and need to make devices patient-friendly are expected to provide robustness to the pipeline of medical devices during the forecast period. Owing to stringent regulations by regulatory agencies such as the FDA and EMA, medical device companies outsource their medical affair needs to streamline the regulatory process. Thus, this is expected to positively impact market growth in the coming years.
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The medical device contract research organization (CRO) market is growing at a steady pace owing to access to advanced technological resources. It saves time and is cost-efficient. CROs are becoming important in the medical and healthcare sectors. CROs have deep knowledge of complex regulatory requirements and audits as they work in clinical compliance on a daily basis. This helps them address all compliance challenges. Furthermore, high demand for effective medical devices, a growing patient population, and funding & grants provided by the government for certain medical devices are also projected to drive the market.
The current trend in the medical device industry is of small & portable products that need more components & sophisticated manufacturing technologies along with automation systems. Medical products, including a variety of life-assistance devices, drug delivery systems, therapeutic devices, and patient monitors, are all becoming smaller in size, while features & performance are improving. Wearable and implantable devices that monitor, administer, treat, & track patient conditions are common requirements. In order to remain competitive in the market, medical device companies are trying to develop enhanced versions of their devices, which is expected to promote the demand for contract research services for medical devices in the coming years.
North America is expected to grow at a CAGR of 8.2% during the forecast period. North America is one of the major contributors to the global medical device CRO market. Rapid growth in the development of medical devices to meet the increasing demand for efficient healthcare in the North American region is expected to be one of the key factors propelling the market growth in North America. In addition, the growing demand for reducing costs of medical devices is likely to promote market growth over the forecast period.
The medical device contract research organization market in the U.S. held the largest revenue share in 2023. Large medical device companies are outsourcing parts of their functions such as report writing & publishing, clinical trial application services, product design, and regulatory services, thereby contributing to the growth of the overall medical device CRO market in the U.S.
Asia Pacific dominated the market accounting for the largest revenue share of 41.9% in 2023. The region is also expected to grow at the fastest rate during the forecast period due to the availability of a number of opportunities in this region, especially in Japan, China, Australia, and India. Various factors such as improvements in the regulatory framework, higher cost savings, increasing complexity in devices, and a growing number of medical device research organizations in the region are expected to drive the market. Moreover, the rising rate of outsourcing research services from developed economies to emerging economies, such as India & China, and the availability of a skilled workforce at a lower cost than in the U.S. and European countries are expected to accelerate market growth.
The major players operating in the market focus on adopting in-organic strategic initiatives such as mergers, partnerships, acquisitions, and others. The prominent strategies companies adopt are service launches, mergers & acquisitions/joint ventures, mergers, partnership & agreements, expansions, and others to increase market presence & revenue and gain a competitive edge driving market growth. Hence, increasing adoption of in-organic strategic initiatives is highly anticipated to boost the market share of prominent players.
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