The global Medical Device Contract Research Organization market size is expected to be worth around US$ 15.1 billion by 2030, according to a new report by Vision Research Reports.
The global Medical Device Contract Research Organization market size was valued at US$ 7.3 billion in 2020 and is anticipated to grow at a CAGR of 9.6% during forecast period 2021 to 2030.
|Market Size||US$ 15.1 billion by 2030|
|Growth Rate||CAGR of 9.6% From 2021 to 2030|
|Largest Market||Asia Pacific|
|Forecast Period||2021 to 2030|
|Segments Covered||Phase, Service|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Icon Plc; IQVIA; Covance; Charles River Laboratories; Syneos Health; MedPace; Promedica International; Wuxi AppTec; Eurofins; Qserve Group|
During the second half of the COVID-19 pandemic in 2020, the market witnessed a surge in demand for CRO services as compared to the first half, where the growth was stagnant. The main driver of the market includes time-saving, cost efficiency, and expertise in the area, which accelerates the process of devices reaching the market. In addition, outsourcing to a CRO with precise expertise in a medical device helps in meeting the complex regulatory requirements and audits as they work on it on a daily basis.
They 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.
By Service Analysis
The clinical monitoring segment led the global market in 2020 accounting for a revenue share of 21.1% in 2020. The segment is anticipated to maintain its position over the forecast period owing to a large number of clinical trials performed and, to study them, increasing demand for clinical trial monitoring.
On the basis of services, the market is segmented into project management/clinical supply management, data management, regulatory/medical affairs, medical writing, clinical monitoring, quality management/assurance, bio-statistics, investigator payments, laboratory, patient & site recruitment, technology, and others.
By Phase Analysis
On the basis of phase, the market has been bifurcated into clinical and preclinical. The clinical segment dominated the market and accounted for the largest revenue share of more than 88% in 2020.
The preclinical segment is projected to register the fastest growth rate of 10.0% during the forecast period. An increase in the number of preclinical trials involving large molecules and the growing need to curb R&D expense is expected to contribute to the segment growth.
By Regional Analysis
Asia Pacific dominated the market accounting for the largest revenue share of 41.1% in 2020. This growth is due to several medical research organizations’ investments in developing the capability to analyze medical devices and technology.
In North America, the market for healthcare CROs held a substantial share in 2020 owing to the highest number of trials undertaken and outsourced in the region. This large number can be attributed to the presence of well-established CROs in the region and high investments by pharmaceutical companies.
Charles River Laboratories
Project Management/Clinical Supply Management
Patient & Site Recruitment
Middle East & Africa
The Medical Device Contract Research Organization market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Medical Device Contract Research Organization market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Medical Device Contract Research Organization market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Medical Device Contract Research Organization market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Medical Device Contract Research Organization market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Medical Device Contract Research Organization capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Medical Device Contract Research Organization by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Medical Device Contract Research Organization market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Medical Device Contract Research Organization market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Medical Device Contract Research Organization market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Medical Device Contract Research Organization industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Medical Device Contract Research Organization market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Medical Device Contract Research Organization market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Medical Device Contract Research Organization market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Medical Device Contract Research Organization market. These factors have benefited the growth of the global market for Medical Device Contract Research Organization. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Medical Device Contract Research Organization. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Medical Device Contract Research Organization are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
The study objectives of this report are:
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