Top Companies Shaping the Future of Medical Device & Diagnostics CRO Services

The Medical Device and Diagnostics Contract Research Organization (CRO) Market is experiencing significant growth. From a valuation of US$ 12.31 billion in 2021, the market is expected to reach US$ 20.34 billion by 2028, growing at a CAGR of 7.4% during the forecast period (2021-2028).

Key Market Players:

Several major players are driving the growth of this market, including:

PAREXEL International Corporation
ICON PLC
WUXI APPTEC
Charles River Laboratories
Laboratory Corporation of America Holdings
IQVIA

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Key Market Drivers:

Increasing Number of Clinical Trials Worldwide: Clinical trials are essential for evaluating the safety and efficacy of new medical treatments and devices. As the global prevalence of diseases (both communicable and non-communicable) rises, there is greater demand for new drugs and devices, driving the need for more clinical trials.

Rising Adoption of Outsourcing: Companies are increasingly outsourcing clinical trials to CROs, as it allows them to reduce costs, access specialized expertise, and speed up the process.

Rising R&D Expenditures: Pharmaceutical and medical device companies are investing heavily in research and development to innovate new products, creating more demand for CRO services.

Market Segmentation Insights:

By Type:
Medical Devices: In 2021, the medical devices segment had the largest share due to the rising prevalence of chronic diseases and the increasing number of clinical trials.

Diagnostics: This segment is expected to grow at the highest CAGR, driven by rapid product approvals and technological advancements such as new diagnostic tests (e.g., Roche Diagnostics' Cobas MTB-RIF/INH test).

By Services:

The Clinical Data Management segment was the largest in 2021.

Digital Health services are projected to grow the fastest, as healthcare becomes more reliant on digital tools.

These companies adopt both organic and inorganic strategies, such as mergers and acquisitions, to strengthen their market positions. For example, NAMSA acquired American Preclinical Services (APS) and Syntactx to expand their preclinical and clinical services.

Regional Insights:

North America: The region holds the largest share due to the high number of clinical trials and the presence of leading CROs.

Europe and Asia-Pacific are expected to see significant growth, driven by increasing clinical trials, improving healthcare infrastructure, and rising investments in research.
South America, Middle East, and Africa are emerging markets with increasing CRO demand, though they still account for a smaller share compared to other regions.

Challenges:

The extensive competition in the CRO services market is a major hindrance, as companies need to differentiate their services to maintain or grow market share.

Overall, the medical device and diagnostics CRO market is expanding rapidly due to growing demand for clinical trials, R&D, and technological advancements in diagnostics and medical devices. However, companies will need to navigate the competitive landscape to stay ahead.

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Contact Us:

If you have any queries about this report or if you would like further information, please contact us:
Ankit Mathur
Sr. Vice President - Research
sales@theinsightpartners.com

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Life Science, Technology, Healthcare, Manufacturing, Automotive and Defense, Food Beverages, Chemical etc.

This release was published on openPR.