Regulatory Affairs Management for Medical Devices Market

Regulatory Affairs Management for Medical Devices Market, 2019-2030

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Presently, several medical devices are being investigated in clinical trials for variety of indications across the globe that are likely to get market approval in near future. In order to facilitate the approval in different geographies, there seems to be enhanced business opportunities for companies offering required services in this domain.

-- Business Development Manager, a Hungary based Mid-sized company

Regulatory Affairs Management for Medical Devices Market Overview

The regulatory affairs management for medical devices market is estimated to be worth $326 million in 2019 and is expected to grow at CAGR of 6.92% during the forecast period. According to the World Bank, more than 50,000 different types of medical devices are currently being used on a daily basis in healthcare facilities across the globe. In 2018, the global medical devices market was estimated to have reached a net worth of approximately USD 450 billion.  It is also worth noting that, since in the same year, the USFDA approved over 130 medical devices. However, a relatively large proportion of developers lack the resources and technical expertise required to handle regulatory filings and effectively manage the processes associated with procuring marketing authorizations from regional regulators. Moreover, keeping up with evolving regulatory guidelines, rising costs of legal advice and increasing effort required for preparing of technical documentation, is difficult for companies with limited finances. In addition, establishing reimbursement strategies for medium to high-risk devices is also a complicated process and innovator companies usually do not have the expertise to deal with payers and insurance providers. According to a recent report, 68% of medical device companies reports prepared and submitted by in-house players are either rejected or were reported to have multiple major gaps in their clinical evaluation report (CER) and supporting evidences by the notified bodies. In fact. in a survey published in the 2016 edition of Global Medical Device Supply Chain, regulatory requirements were highlighted among the primary areas of concern within the medical device value chain. Furthermore, the implementation of highly stringent regulatory guidelines, specifically for devices posing medium to high risk to consumers, render them subject to rigorous quality assessments. 

The aforementioned challenges have led many medical device developers, especially the smaller players and certain established companies as well, to outsource parts of their regulatory operations to capable contract research organizations (CROs). Generally, CROs are known to offer a number of benefits, which include cost benefits, reductions in time-to-market and, in this specific case, an in-depth and up-to date regulatory support. Given that the global demand for medical devices is increasing at a substantial pace, the opportunity for CROs with expertise in regulatory affairs management is also on the rise. In the foreseen future, the growing complexity of regulatory processes across various developing and developed geographies is likely to prompt more developers to outsource various aspects of their dealings with regulatory authorities. Moreover, in order to cope up with latest changes in medical device-related regulations, several legacy CROs are re-evaluating their operational models and business strategies. Owing to the anticipated rise in demand for such services, the contract regulatory services domain is likely to witness the entry of a number of new players in the foreseen future.

The context of regulatory affairs management market report, published by Roots Analysis List of CROs Offering Regulatory Affairs-Related Services for Medical Devices from the research report of Roots Analysis Current market landscape of medical device regulatory affairs management serivce providers, prepared by Roots Analysis

Key Companies in Regulatory Affairs Management for Medical Devices Market

Examples of key companies engaged in regulatory affairs management for medical devices market (which have also been profiled in this market report; the complete list of companies is available in the full report) include CTI Clinical Trial and Consulting (CTI), Medpace, NAMSA, PAREXEL, Premier Research, Underwriters Laboratory (UL), CROMSOURCE, ICON, Intertek, PharmaLex, SteriPack and MIC Medical. This market report includes an easily searchable excel database of all the companies providing regulatory affairs management for medical devices, worldwide.

Scope of the Report

The ‘Regulatory Affairs Management for Medical Devices Market, 2019-2030’ market report features a detailed study on the current market landscape, market size, market share, market growth, market trends, market value, market forecast, market outlook, statistics and future opportunities of the regulatory affairs management for medical devices market. The market research report features an in-depth analysis, highlighting the capabilities of the various CROs engaged in regulatory affairs management for medical devices market, across different regions of the globe.

This infographic provides medical device regulatory affairs market landscape from Roots Analysis report Competitive analysis of regulatory affairs management service providers, from Roots Analysis report This image highlights the geographical distribution of medical device regulatory affairs service providers

Amongst other elements, the market research report includes:

  • A detailed review of the current market landscape of the medical devices regulatory affairs outsourcing market, featuring a list of over 400 CROs engaged in regulatory affairs management for medical devices market, and detailed analysis based on a number of relevant parameters, such as year of establishment, size of employee base, geographical location, device class (class I, class II, and class III), type and size of clientele (medical device developers, medical device manufacturers, medical device research organizations, and others), types of services offered, ([A] regulatory management services (such as legal representation, notified body selection, project registration and clinical trial application, regulatory writing and publishing, regulatory document submission, product labelling related service, gap-analysis, technical dossier set-up, vigilance & medical device report, risk management-related services), [B] additional services (such as biostatistics, consulting, clinical operations, post-marketing activities, quality assurance, reimbursement, training)), region(s) of operation wherein the company is offering regulatory management services. 
  • A detailed discussion on the need for regulatory review / oversight across different stages of the medical devices supply chain, with emphasis on the optimization of the supply chain using upcoming tools / technologies (such as artificial intelligence, big data analytical, blockchain, internet of things and others).
  • An elaborate discussion on the various guidelines established by major regulatory bodies for medical device approval across North America (the US, Canada and Mexico), Europe (France, Germany, Italy, Spain, the UK and rest of Europe), Asia-Pacific and rest of the world (Australia, Brazil, China, India, Israel, Japan, New Zealand, Singapore, South Africa, South Korea, Taiwan, and Thailand). The report also features an insightful multi-dimensional, heat map analysis, featuring a comparison of the contemporary regulatory and reimbursement scenarios in key geographies across the globe.
  • Elaborate profiles of popular players that specialize in offering end-to-end regulatory services for medical devices across key geographies (North America, Europe and Asia-Pacific). Each profile features a brief overview of the company, including information on company headquarters, year of establishment, number of employees, and therapeutic area expertise, financial information (if available), detailed description of service portfolio, and an informed future outlook.
  • A benchmark analysis, highlighting the key focus areas of very small-sized, small-sized, mid-sized and large companies, comparing their existing capabilities within and beyond their respective peer groups, providing a means for stakeholders to identify ways to gain a competitive edge in the industry.
  • An elaborate discussion on the various outsourcing business models adopted for regulatory affairs management, along with an insightful Harvey ball analysis of key considerations that need to be assessed by industry stakeholders while selecting a CRO partner.
  • An analysis highlighting the key performance indicators used by sponsor companies to evaluate service providers that are active in the domain, based on information gathered via secondary research (for top-ten medical device players) and primary research.
  • A survey analysis featuring inputs solicited from various experts who are directly / indirectly involved in providing regulatory affairs management services to medical device developers. 

The key objective of regulatory affairs management for medical devices market report is to provide a detailed market analysis in order to estimate the existing market size, market share, market growth, market trends, market value, market forecast, market outlook, statistics and future opportunity for regulatory affairs management for medical devices market during the forecast period. We have provided an informed estimate of the likely evolution of the market in the short to mid-term and long term, for the forecast period 2019-2030. In addition, we have provided the likely distribution of the opportunity across different [A] types of regulatory affair management service offered (legal representation, project registration and clinical trial application, regulatory writing and publishing  and 6+ categories) [B] device class (class I, class II and class III), [C] therapeutic areas (cardiovascular disorders, central nervous system (CNS) disorders, metabolic disorders, oncological disorders, orthopedic disorders, ophthalmic disorders, pain disorders, respiratory disorders, and others), and [D] geographical regions (North America, Europe, Asia-Pacific and rest of the world). To account for the uncertainties associated with the growth of the medical device regulatory affairs outsourcing CRO market and to add robustness to our model, we have provided three market forecast scenarios, portraying the conservative, base and optimistic tracks of the market’s evolution.

This image compares the relation between sponsors and CROs in regulatory affairs management market The market segments of regulatory affairs management market based on the research report of Roots Analysis The current and future market trends of regulatory affairs management market according to Roots Analysis

The opinions and insights presented in the market report were also influenced by discussions held with senior stakeholders in the industry. The market research report features detailed transcripts of interviews held with the following industry stakeholders (in alphabetical order of company name): 

  • Tania Persson, Business Development Manager, A+ Science
  • Alexa Foltin-Mertgen, Business Development Manager, AtoZ-CRO
  • Troy Mccall, Chief Operating Officer, CROMSOURCE
  • Christian Wolflehner, Managing Director, Clinical Trial Specialist, CW Research & Management
  • Antal Solyom, Director, Medical Device Unit, HungaroTrial
  • Nazish Urooj, Senior manager, Medical & Clinical Operations, Metrics Research
  • C Omprakash, Technical Director and Partner, Vyomus Consulting 

All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this market research report are in USD, unless otherwise specified.
 

Frequently Asked Questions

Question 1: What is regulatory affairs management for medical devices?

Answer: Regulatory affairs management services for medical devices are provided by CROs in order to adhere to the evolving regulatory landscape and effectively manage the processes associated with procuring marketing authorizations from regional regulators.

Question 2: How big is the regulatory affairs management for medical devices market?

Answer: The regulatory affairs management for medical devices market size is estimated to be worth $326 million in 2019.

Question 3: What is the projected market growth of the regulatory affairs management for medical devices market?

Answer: The regulatory affairs management for medical devices market is expected to grow at compounded annual growth rate (CAGR) of 6.92% during the forecast period 2019 – 2030.

Question 4: Who are the leading companies in the regulatory affairs management for medical devices market?

Answer: Examples of key companies engaged in regulatory affairs management market (which have also been profiled in this market report; the complete list of companies is available in the full report) include CTI Clinical Trial and Consulting (CTI), Medpace, NAMSA, PAREXEL, Premier Research, Underwriters Laboratory (UL), CROMSOURCE, ICON, Intertek, PharmaLex, SteriPack and MIC Medical.

Question 5: How many companies are currently engaged in the regulatory affairs management for medical devices market?

Answer: Presently, over 410 companies are engaged in the regulatory affairs management for medical devices market, having the capabilities to offer a variety of services for the regulatory approval of novel devices.

Question 6: What is the current global market for medical devices?

Answer: In 2018, the global medical devices market was estimated to have reached a net worth of approximately USD 450 billion.

Question 7: How many novel medical devices have been approved by the USFDA over the last few years?

Answer: In 2018 alone, the USFDA approved over 130 medical devices, signifying the growing opportunity for players engaged in the regulatory affairs management for medical devices market.

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