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Medical Device Contract Research Organization Market Trends, Outlook, Demand, Insights, Overview: 2024-2033
Medical Device Contract Research Organization Market Trends
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According to The Business Research Company's, 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 in the historic period can be attributed to rising healthcare demand, the trend towards outsourcing research and trials, increased demand for diagnostic devices, and increased 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 growth in the forecast period can be attributed to stricter regulatory requirements, increasing personalized medicine demand, growing clinical trial complexity, and an increasing number of clinical trials. Major trends in the forecast period include artificial intelligence integration, personalized medicine, decentralized trials, the development of patient-friendly medical devices, and the demand for new miniature technology.
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Market Drivers and Trends:
The increasing number of clinical trials is expected to propel the growth of the medical device contract research organization market going forward. Clinical trials are research studies conducted on human participants to evaluate medical treatments, aiming to assess their safety and effectiveness before widespread clinical use. The number of clinical trials is increasing due to advancements in medical technology, the rising prevalence of chronic diseases, and heightened R&D investment. Medical device contract research organizations facilitate clinical trials by providing specialized expertise, infrastructure, and regulatory knowledge to efficiently navigate research processes and accelerate trial timelines. For instance, in November 2023, according to the Association of the British Pharmaceutical Industry, a UK-based trade association, the total number of industry clinical trials initiated annually in the UK increased slightly by 4.3%, rising from 394 trials in 2021 to 411 in 2022. Therefore, the increasing number of clinical trials is driving the growth of the medical device contract research organization market.
Major companies operating in the medical device contract research organization market are focusing on developing innovative offerings, such as comprehensive contract research organization (CRO) services, to streamline regulatory compliance and enhance efficiency in clinical trials. Comprehensive CRO services encompass a wide range of support activities, including regulatory compliance and submissions, clinical trial design and management, patient recruitment and retention, data collection and analysis, monitoring and quality assurance, and post-market surveillance. For instance, in June 2024, Lindus Health Limited, a UK-based contract research organization, launched a new comprehensive all-in-one medical device CRO offering. This offering combines traditional CRO services with Lindus Health's expertise in medical device clinical trials, including regulatory pathways, participant recruitment, and virtual/hybrid trial capabilities. The all-in-one medical device CRO provides medical device companies with a wide range of features, including end-to-end CRO and study management, innovative recruitment tactics, study-specific eClinical software, medical device and regulatory expertise, and dedicated site services.
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Major Key Players of the Market:
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.
Medical Device Contract Research Organization Market 2024 Key Insights:
• 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%.
• Rising Clinical Trials Propel Growth Of Medical Device CRO Market
• Innovative Solutions In Medical Device CRO Market Focus On Streamlining Clinical Trials
• North America was the largest region in the medical device contract research organization market in 2023
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