Lowest Price Guaranteed From USD 4,799
The medical device CRO market is estimated to be worth $12.2 billion in 2022 and is expected to grow at a CAGR of 3.6% during the forecast period. According to the World Health Organization (WHO), presently, around two million medical devices are available across the globe. Further, just over 35 medical devices received approval by the USFDA, every year. It is worth highlighting that, since 2020, the USFDA has approved around 105 medical devices. Moreover, the medical devices are expected to capture more than 40% of the global medtech industry and this value is projected to grow at a steady pace over the coming years. In this context, the number of medical device focused clinical trials have increased at a considerable rate, over the past few years. However, only a few players engaged in medical device CRO market claim to have the technical expertise to carry out in-house clinical research. This can be attributed to the high costs associated with acquiring the required infrastructure and capabilities to carry out research in medical device CRO market. In addition, various regulatory guidelines render medical devices subject to rigorous quality assessments, thereby, making it difficult for firms with limited finances to undertake research initiatives. Specifically, post the onset of the COVID-19 pandemic, there has been a substantial increase in the demand for medical devices as they have the ability to enable early diagnosis, as well as provide non-invasive and effective treatments.
Given the surge in demand for medical devices in the recent past, coupled to the aforementioned constraints faced by developers, a large number of small, as well as well-established, players prefer to outsource a significant share of their respective clinical operations and regulatory affairs management to contract research organizations (CROs). Since 2010, over 75 CROs have been established in medical device CRO market. Further, in order to support the growing demand, Medical device contract research organization have been re-evaluating and bolstering their existing capabilities to offer a wide range of CRO services to their clients. Integration of novel technologies and tools, such as cloud computing, risk monitoring tools, real-world evidence and advanced data analytics, is another key initiative being undertaken by several CROs to distinguish themselves from their competitors. To enable expansion of their existing capabilities, more than 55 acquisitions and / or strategic alliances have been established by service providers in this market, since 2015. Considering the prevalent trends and projected opportunity associated with the overall medical devices market, we believe that the medical devices CROs market is likely to witness consistent market growth during the forecast period.
Examples of key Medical device contract research organization engaged in the medical device CRO market (which have also been profiled in this market report; the complete list of companies is available in the full report) include Avania, Charles River Laboratories, CROMSOURCE, CSSi LifeSciences, Eurofins Medical Testing, IQVIA, Medpace, NAMSA, Qserve Group and WuXi AppTec. This market report includes an easily searchable excel database of all the contract research organizations operating in the medical device CRO market worldwide.
Recent Developments in Medical Device CROs Market:
Several recent developments have taken place in the field of medical device CRO market. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.
The ‘Medical Device CRO Market (3rd Edition) by Target Therapeutic Area (Cardiovascular Disorders, CNS Disorders, Metabolic Disorders, Oncological Disorders, Ophthalmological Disorders, Orthopedic Disorders, Pain Disorders, Psychological Disorders, Respiratory Disorders, and Others), Scale of Operation (Clinical / Preclinical), Device Class (Class I, Class II, Class III), Type of Clinical Service Offered (Clinical Trial Management, Data Management, Regulatory Affairs Management, Consulting), Type of Preclinical Service Offered (Biocompatibility Testing, Sterility, Microbiology Testing, Material Characterization, Analytical Services), and Key Geographies (North America, Europe, Asia-Pacific and Rest of the World): Industry Trends and Global Forecasts, 2022-2035’ market report features an extensive study of the current market landscape, market size, market share, market forecast, market outlook and future opportunities associated with the medical device contract research organizations market. The table below highlights various market segmentations done in the market research report.
2022 – 2035
Scale of Operation
|Class 1, Class 2, Class 3
Target Therapeutic Area
|Cardiovascular disorders, CNS disorders, metabolic disorders, oncological disorders, ophthalmological disorders, orhopedic disorders, pain disorders, psychological disorders, respiratory disorders, others
Key Geographical Regions
|North America, Europe, Asia-Pacific, Rest of the World
The market research report also includes an in-depth analysis, highlighting the capabilities of various stakeholders engaged in medical device CRO market. Amongst other elements, the market report features:
The key objective of medical device CRO market report is to provide a detailed market analysis in order to estimate the existing market size, market value, statistics and future opportunity for medical device CRO 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 mid to long term, for the forecast period 2022-2035. Additionally, the market report features the likely distribution of the current and forecasted opportunity across [A] target therapeutic area (Cardiovascular disorders, CNS disorders, Metabolic disorders, Oncological disorders, Ophthalmological disorders, Orthopedic disorders, Pain disorders, Psychological disorders, Respiratory disorders, and Others), [B] scale of operation (clinical and preclinical), [C] device class (class I, class II and class III), [D] types of clinical services offered (clinical trial management, consulting, data management, regulatory affairs management and others) [E] types of preclinical services offered (material characterization and analytical services, biocompatibility testing, sterility and microbiology testing and others), and [F] key geographical regions (North America, Europe, Asia-Pacific and Rest of the World). In order to account for future uncertainties and to add robustness to our model, we have provided three forecast scenarios, namely conservative, base and optimistic tracks of the industry’s evolution.
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 stakeholders:
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.