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Surge In Clinical Trials To Drive Growth In Contract Research Organization Market: A Key Factor Shaping the Future of the Medical Device Contract Research Organization (CRO) Market in 2025
What combination of drivers is leading to accelerated growth in the medical device contract research organization (cro) market?The rise in clinical trials is anticipated to boost the growth of the medical device contract research organization (CRO) market in the future. Clinical trials, which are research studies on human subjects to test the safety and efficacy of new medical therapies, interventions, or diagnostic methods, are experiencing growth due to the increasing demand for innovative medical devices and the necessity for thorough testing per regulatory requirements. Medical device contract research organizations (CROs) offer specialized skills and resources to manage, conduct, and supervise medical device clinical trials, ensuring they meet compliance standards and are executed efficiently. For example, data from the National Library of Medicine, a leading American medical library, shows that the number of registered clinical trials jumped from 477,227 in 2023 to 506,371 in 2024, spanning all 50 states and 221 countries. In addition, 52,731 medical device studies were registered worldwide. Hence, the surge in clinical trials is set to fuel the growth of the medical device contract research organization (CRO) market.
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What is the projected compound annual growth rate (CAGR) of the medical device contract research organization (cro) market from 2025 to 2034, and what factors influence it?
The market size for contract research organization (CRO) in the medical device sector has experienced considerable growth in the past years. The market value is projected to increase from $9.93 billion in 2024 to $10.64 billion in 2025, with a compound annual growth rate (CAGR) of 7.2%. Factors contributing to this growth during the historical period include a surge in demand for clinical trials, escalating regulatory requirements, increased complexity of medical devices, high research and development expenses, and a rise in chronic illnesses.
The market size for the medical device contract research organization (CRO) is projected to experience significant expansion in the upcoming years, with an anticipated value of $13.84 billion in 2029 and a compound annual growth rate (CAGR) of 6.8%. The conducive growth environment over the forecast period can be ascribed to factors such as increasing use of digital health technologies, an amplified focus on patient safety, developments in biologics and biosimilars, a surge in home healthcare appliances, and enhanced attention towards ecological sustainability. Key trends over the forecast period encompass the incorporation of analytics powered by AI, the growth of tailored medicinal services, the integration of real-world proof in clinical examination, the transition towards patient-oriented trial frameworks, and the increased use of cloud-powered solutions for data management.
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How are the latest trends influencing the growth of the medical device contract research organization (cro) market?
Top companies active in the medical device contract research organization (CRO) sector are transforming their traditional services by adopting new technology and application strategies, like virtual and hybrid trial models. These innovations augment trial efficiencies, expedite participant enrollment and simplify regulatory adherence. Accommodating various study designs and participant requirements with virtual and hybrid site capabilities is essential to meeting the increasing demand for decentralized trials. For instance, in June 2024, Lindus Health, a UK-based clinical trials business, introduced the All-in-One Medical Device CRO. This all-encompassing CRO solution, specifically curated for medical device trials, merges conventional CRO services with advanced components like the proprietary Citrus eClinical technology. It centralizes key trial tools into one platform, encompassing clinical trial management systems (CTMS), electronic data capture (EDC), and eConsent. This innovative solution enhances recruitment via an extensive database of over 30 million electronic health records (EHRs) and dynamic digital marketing tactics for efficient, on-time enrollment. Moreover, Lindus Health offers robust site services, managing trials across single-site, multi-site, and virtual/hybrid models via solid alliances with principal investigators and research personnel.
What are the major segments of the medical device contract research organization (cro) market and their role in driving growth?
The medical device contract research organization (CRO) market covered in this report is segmented -
1) By Service: Project Management Or Clinical Supply Management, Regulatory Or Medical Affairs, Medical Writing, Clinical Monitoring, Quality Management Or Assurance, Bio Statistics, Investigator Payments, Laboratory, Patient And Site Recruitment, Other Services
2) By Device Type: MedTech Devices, Diagnostic Devices, Handheld Devices, Other Device Types
3) By Phase: Preclinical, Clinical
4) By Application: Cardiology, Diagnostic Imaging, Orthopedic, In Vitro Diagnostics (IVD), Ophthalmic, General And Plastic Surgery, Drug Delivery
Subsegments:
1) By Project Management Or Clinical Supply Management: Study Planning and Coordination, Clinical Supply Chain Management, Vendor Management
2) By Regulatory or Medical Affairs: Regulatory Strategy Development, Medical Affairs Support, Regulatory Submission Preparation
3) By Medical Writing: Clinical Study Protocols, Clinical Study Reports (CSRs), Regulatory Submission Documents, Patient Information Leaflets
4) By Clinical Monitoring: Site Selection and Initiation, On-site Monitoring Visits, Remote Monitoring, Data Verification
5) By Quality Management or Assurance: Quality Assurance Audits, Standard Operating Procedure (SOP) Development, Compliance Management
6) By Biostatistics: Statistical Analysis Plan Development, Data Management And Analysis, Clinical Trial Design
7) By Investigator Payments: Payment Processing Services, Financial Disclosure Management
8) By Laboratory Services: Clinical Laboratory Testing, Bioanalytical Testing, Pathology Services
9) By Patient And Site Recruitment: Site Feasibility Assessment, Patient Recruitment Strategies, Retention And Engagement Strategies
10) By Other Services: Training And Education, Risk Management, Post- market Surveillance, Data Management Services
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Which regions are key players in the growth of the medical device contract research organization (cro) market?
Asia-Pacific was the largest region in the medical device contract research organization (CRO) market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device contract research organization (CRO) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the medical device contract research organization (cro) market?
Major companies operating in the medical device contract research organization (CRO) market are Thermo Fisher Scientific Inc., IQVIA Inc., Laboratory Corporation of America Holdings, ICON plc, Eurofins Scientific SE, WuXi AppTec, Syneos Health, Charles River Laboratories, PAREXEL International, Medpace Holdings, Inc., Hangzhou Tigermed Consulting Co Ltd., Caidya, QPS Holdings LLC, Avania B.V., Veristat, Cromsource S.R.L., Osmunda Medical Technology Service Group, MedTrials Inc., Boston Biomedical Associates, Hangzhou CIRS Technology Group Co Ltd., Clinlogix, Shanghai Haofeng Medical Technology Co Ltd., Promedica International, Qingdao Novelbeam Technology Co Ltd., CSSi LifeSciences, Lingboyihui, Medidee Services
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What Is Covered In The Medical Device Contract Research Organization (CRO) Global Market Report?
•Market Size Forecast: Examine the medical device contract research organization (cro) market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the medical device contract research organization (cro) market for a structured understanding.
•Key Players Overview: Analyze major players in the medical device contract research organization (cro) market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the medical device contract research organization (cro) market.
•Segment Contributions: Evaluate how different segments drive overall growth in the medical device contract research organization (cro) market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the medical device contract research organization (cro) market.
•Industry Challenges: Identify potential risks and obstacles affecting the medical device contract research organization (cro) market.
•Competitive Landscape: Review strategic developments in the medical device contract research organization (cro) market, including expansions, agreements, and new product launches.
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