The contract regulatory affairs-management services market for medical devices is estimated to be worth USD 820 million by 2030, growing at a CAGR of 6.9%, claims Roots Analysis

In order to reduce risk of device recalls and expedite time to market, medical device developers rely on contract service providers for regulatory submissions and navigating various challenging aspects of the product review and approval process

Roots Analysis has announced the addition of "Contract Regulatory Affairs-Management Market for Medical Devices, 2019-2030" report to its list of offerings.

More than 130 medical devices were approved by the FDA since January 2018, while several are currently being evaluated across more than 9,500 (active) clinical trials, worldwide. Even though technical innovation has enabled the development of a variety of versatile medical devices, product approval, given stringent regulatory standards, is still a concern.

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Key Market Insights
Over 400 CROs claim to offer regulatory affairs-management services for medical devices
Of these, over 40% players provide the aforementioned services for all device classes. Further, the market is characterized by the presence of companies of all sizes; it is also worth noting that very small and small companies are solely comprised of more than 50% of the competitive landscape.

About 30% of companies have elaborate service portfolios, offering end-to-end solutions
Most players (78%) offer assistance in regulatory document submissions; other popular services (in terms of number of companies offering them) include vigilance and medical device reporting (74%), followed by technical dossier set-up (72%), product registration and clinical trial applications (67%), risk management-related services (65%), and regulatory writing and publishing (59%).

60% CROs offer support for launching medical devices in developed regions
Majority of the service providers are experienced in enabling their sponsors to have their products launched in the US and are capable of efficiently navigating the regulatory framework established by the US FDA. Regarding developing regions, many CROs presently claim to be familiar with the regulatory environments in China (18%), Australia (16%) and India (13%).

Quality and reliability are considered to be important parameters while selecting a CRO
Nearly 75% big pharma players stated that the aforementioned parameters were crucial for evaluating the performance of a potential contract services partner. Other important performance metrics that emerged in this assessment include flexibility, financial stability, and cost and time management.

North America and Europe are anticipated to capture over 65% the market share by 2030
In addition, the market in the Asia-Pacific is projected to grow at a relatively faster rate (~24%). Further, in terms of device class, class II medical devices currently represent the highest share (48%); this trend is unlikely to change in the foreseen future.

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Key Questions Answered

Who are the leading CROs offering regulatory affairs-management services for medical devices?
What are differences in regulatory guidelines for medical device approval, across various geographies?
What are the key performance indicators used by sponsors to evaluate potential service providers?
What are the popular outsourcing models used by medical device companies for regulatory affairs-management purposes?
What are the key challenges faced by medical device developers / manufacturers in terms of regulations related to medical device approvals?
How is the current and future market opportunity likely to be distributed across key market segments?
The USD 820 million (by 2030) financial opportunity within the contract regulatory affairs-management services market for medical devices has been analyzed across the following segments:

Medical Device Class
Class I
Class II
Class III
Therapeutic Area
Cardiovascular Disorders
CNS Disorders
Metabolic Disorders
Oncological Disorders
Ophthalmological Disease
Orthopedic Disorders
Pain Disorders
Respiratory Disorders
Others
Type of Regulatory Affairs Service
Pharmacies GAP-Analysis
Pharmacies Legal Representation
Pharmacies Notified Body Selection
Product Labelling-related Services
Product Registration and Clinical Trial Applications
Regulatory Document Submissions
Regulatory Writing and Publishing
Risk Management-related Services
Technical Dossier Set-up
Vigilance & Medical Device Report
Key Geographical Regions
North America
Europe
Asia-Pacific and Rest of the World
The report features inputs from eminent industry stakeholders, according to whom, presently, regulatory affairs management, clinical trial site selection, trial monitoring and project management are the activities outsourced by most of the sponsor companies. Further, the requirement for highly experienced personnel for conducting such activities has compelled developers to outsource their regulatory affairs management operations, since most of the players are inherently inexperienced in navigating through the complex regulatory frameworks. The report includes detailed transcripts of discussions held with the following experts:

Troy McCall (Chief Operating Officer, CROMSOURCE)
Antal Solyom (Director, Medical Device Unit, HungaroTrial)
C Omprakash (Technical Director and Partner, Vyomus Consulting)
Nazish Urooj (Senior Manager, Medical & Clinical Operations, Metrics Research)
Christian Wolflehner (General Manager, CW Research & Management)
Alexa Foltin-Mertgen (Business Development Manager, AtoZ-CRO)
Tania Persson (Business Development Manager, A+ Science)
The research covers detailed profiles, featuring an overview of the company, its financial information (if available), regulatory affairs-based service portfolio, recent developments and an informed future outlook.

CTI Clinical Trial and Consulting Services
CROMSOURCE
ICON
Intertek
Medpace
MIC Medical
North American Science Associates (NAMSA)
Parexel
PharmaLex
Premier Research
Société Générale de Surveillance (SGS)
Underwriters Laboratory (UL)

For additional details, please visit
https://www.rootsanalysis.com/reports/view_document/med-dev-regulatory/282.html

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Contact:
Gaurav Chaudhary
+1 (415) 800 3415
Gaurav.Chaudhary@rootsanalysis.com

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Roots Analysis offers market research reports highlighting insightful opinions within the pharma, biotech and medical devices industry. With over 500 clients spread across the small pharma, large pharma, VC firms and academic institutes, our intellectual capital encompasses very niche / emerging market segments.

This release was published on openPR.