Over the past decade, numerous scientific and technological breakthroughs in the medical device CRO industry have resulted in an accelerated pace of research and innovation within this domain. Further, the demand for advanced and minimally invasive medical devices has been augmented due to the increase in expenditure on healthcare.
However, one of the primary challenges faced by the players engaged in the medical device CRO industry is the complex and time-consuming product development lifecycle of a new medical device. Specifically, the clinical stage is exceedingly resource intensive, involving high costs and greater risks.
Outsourcing Necessity for Medical Devices
New advancements have facilitated the development and enforcement of more informed regulatory guidelines and instructions to ensure the safety of medical devices. Subtle differences in regulatory guidelines issues across various geographical regions need to be considered by medical device developers in order to receive approval in different markets.
This has further resulted in longer trials, higher costs (due to rise in patient enrollments), and increased time-to-market. In order to overcome the above mentioned challenges, medical device developers are actively outsourcing their clinical research and associated operations to contract service providers, which are known to have the required capabilities and expertise.
Companies involved in Medical Device CRO Market
CROs tend to actively strive to enhance / upgrade their respective capabilities and expertise to meet the strict quality and safety specifications, as well as to keep up with any change in medical device-related regulations. This not only enables them to attract more business opportunities from sponsors, but also grants them an edge over competing service provider entities.
Growing Number of Mergers and Acquisitions Validate the Interest in Medical Device CRO Domain
Over the past few years, the merger and acquisitions activity in the medical device CRO market has increased gradually. It is worth mentioning that in 2021, more than 12 acquisitions have taken place within this industry.
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