Diagnostics Segment is Expected to be Fastest Growing During the Forecast Period for APAC Region
According to The Insight Partners market research study on “APAC Medical device and diagnostics contract research organization Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Offering and Type” is expected to reach US$ 4,110.91 million by 2028 from 2,394.72 US$ million in 2021. The market is estimated to grow at a CAGR of 8.0% from 2021 to 2028. The report provides trends prevailing in the APAC medical device and diagnostics contract research organization market along with the drivers and restraints pertaining to the market growth. Market consolidation on rise is the major factor driving the growth of the APAC medical device and diagnostics contract research organization market. However, the issue associated with CRO services market having strong competition hinders the growth of APAC medical device and diagnostics contract research organization market.
The APAC medical device and diagnostics contract research organization market is segmented into type, services, and country. Based on type, the APAC medical device and diagnostics contract research organization market is segmented into medical devices and diagnostic. Diagnostic segment is further sub-segmented into cardiac biomarkers, diabetes management, oncology, infectious diseases, hematology, chemistry and immunoassays, molecular diagnostics, and others. The medical devices segment held the largest share of the market in 2020. Based on services, the APAC medical device and diagnostics contract research organization market is segmented into clinical data management, monitoring, clinical project management, medical writing, clinical auditing, digital health, clinical strategy, and others. The clinical data management segment held the largest share of the market in 2020. Based on country APAC medical device and diagnostics contract research organization market is segmented into Australia, China, India, Japan, South Korea, and rest of Europe.
Countries in APAC are facing an increasing incidence of COVID-19. Accompanying the catastrophic loss of life that the virus has caused is the impact on the global economy, which has reeled from the effects of the pandemic. The COVID-19 pandemic has critically impacted the region; however, it has also provided an opportunity for stakeholders to realign their future path based on strategic intent and focus. COVID-19 has created an extraordinary emergency that is particularly affecting the supply chain. The supply chain disruptions, along with the enormous need for medical devices and protective health care material, have generated the need for new initiatives and the use of emerging technologies such as three-dimensional printing (3DP) to come forward and support health care professionals and supply chain. The COVID-19 pandemic has adversely impacted the region, but it has also provided an opportunity for stakeholders to realign their future path based on strategic intent and focus. India and China are the most preferred destinations for outsourcing, where a large pool of skilled labor is available at a lower cost. With increasing pressure to reduce manufacturing costs and accelerate time-to-market, many devices and diagnostics companies are looking to conduct clinical trial operations in APAC. Increasingly, third-party outsourcing service providers are playing a greater role in supporting and managing the delivery of key business functions like medical device development, sales and marketing, and regulatory compliance services in APAC.
Charles River Laboratories, Inc; ICON PLC; IQVIA; Laboratory Corporation of America Holdings; North American Science Associates, Inc.; PAREXEL International Corporation; Qserve Group B.V.; and WUXI APPTEC are among the leading companies in the APAC medical device and diagnostics contract research organization market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Qserve Group, the leading global medical device and in vitro diagnostics consultancy acquired a QA/RA/Clinical consulting group, Quasys Consult SA, with its office in Liège, Belgium. The addition of Quasys Consult is strategic for the Qserve Group, to have the ability to provide its services in French and expand its presence further into APAC.
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