The Medical Device Contract Research Organization Market size is expected to surpass around US$ 15.1 billion by 2030 from valued at US$ 7.3 billion in 2020 with a CAGR of 9.6% from 2021 to 2030.
The Medical Device Contract Research Organization Market size is expected to surpass around US$ 15.1 billion by 2030 from valued at US$ 7.3 billion in 2020 with a CAGR of 9.6% from 2021 to 2030.
Growth Factors
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.
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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.
Report Coverage
|
Report Scope |
Details |
|
Market Size |
US$ 15.1 billion by 2030 |
|
Growth Rate |
CAGR of 9.6% From 2021 to 2030 |
|
Largest Market |
Asia Pacific |
|
Base Year |
2021 |
|
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; Labcorp; Charles River Laboratories; Syneos Health; MedPace; Promedica International; Wuxi AppTec; Eurofins; Qserve Group |
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.
Key Players
- Icon Plc
- IQVIA
- Labcorp
- Charles River Laboratories
- Syneos Health
- MedPace
- Promedica International
- Wuxi AppTec
- Eurofins
- Qserve Group
Market Segmentation
- By Phase
- Preclinical
- Clinical
- By Service
- 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
- Others
- Regional
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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The Medical Device Contract Research Organization Market size is expected to surpass around US$ 15.1 billion by 2030 from valued at US$ 7.3 billion in 2020 with a CAGR of 9.6% from 2021 to 2030.
Growth Factors
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.
Get the sample copy of report@ https://www.visionresearchreports.com/report/sample/39074
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.
Report Coverage
|
Report Scope |
Details |
|
Market Size |
US$ 15.1 billion by 2030 |
|
Growth Rate |
CAGR of 9.6% From 2021 to 2030 |
|
Largest Market |
Asia Pacific |
|
Base Year |
2021 |
|
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; Labcorp; Charles River Laboratories; Syneos Health; MedPace; Promedica International; Wuxi AppTec; Eurofins; Qserve Group |
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.
Key Players
- Icon Plc
- IQVIA
- Labcorp
- Charles River Laboratories
- Syneos Health
- MedPace
- Promedica International
- Wuxi AppTec
- Eurofins
- Qserve Group
Market Segmentation
- By Phase
- Preclinical
- Clinical
- By Service
- 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
- Others
- Regional
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Click Here to View Full Report Table of Contents
Buy this Premium Research Report@ https://www.visionresearchreports.com/report/cart/39074
You can place an order or ask any questions, please feel free to contact at sales@visionresearchreports.com | +1 9197 992 333