Medical Device and Diagnostics Contract Research Organization Market to Grow at a CAGR of 7.4% to reach US$ 20,336.08 million from 2021 to 2028

The medical device and diagnostics contract research organization market is expected to reach US$ 20,336.08 million in 2028 from US$ 12,314.65 million in 2021. The market is estimated to grow with a CAGR of 7.4% from 2021 to 2028.

Key factors driving the market such as increasing number of clinical trials worldwide and rise in adoption of outsourcing activities coupled with increasing R&D expenditures. However, the extensive competition in the CRO services market is a major factor hindering the market growth.

Market Insights

Increasing number of clinical trials worldwide

Clinical trial is a crucial and significant step to evaluate the safety and effectiveness of a medical strategy, treatment, or device for commercial usage. These studies also help understand and determine the best medical approaches for a particular therapeutic area. Clinical trials are conducted primarily to collect data regarding the safety and efficacy of new drug and device development. Before the approval of drug molecules or medical devices by the regulatory authorities, a series of clinical studies are conducted. The increasing prevalence of various communicable and noncommunicable diseases is creating the need for the development of new drugs or medical devices, which is, in turn, propelling the demand for the medical device & diagnostics contract research organization.

Number of Registered Studies for Clinical Trials

Hence, the increasing number of clinical trials accelerates the demand for medical device & diagnostics contract research organization, which drives the growth of the medical device & diagnostics contract research organization market.

 

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Medical Device and Diagnostics Contract Research Organization Market: Strategic Insights

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Type-Based Insights

In 2021, the medical devices segment accounted for the largest share of the global medical device and diagnostics contract research organization market, by type. The growth of the medical devices segment is attributed to the increasing number of clinical trials for medical devices, rising spending for research and development, and growing prevalence of chronic diseases. The market for diagnostics segment is estimated to grow at the highest CAGR during the forecast period owing to rapid product approvals and launches. For instance, in May 2019, Roche Diagnostics launched Cobas MTB-RIF/INH test that detects resistance to antibiotics in tuberculosis DNA. Such technological advancements are likely to favor the growth of the segment.

Service-Based Insights

Based on services, the 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 2021, whereas the digital health segment is estimated to register the highest CAGR in the market during the forecast period.

The key players such as PAREXEL International Corporation; ICON PLC; WUXI APPTEC; Charles River Laboratories; Laboratory Corporation of America Holdings; North American Science Associates, Inc.; Qserve Group B.V.; IQVIA; Proxima Clinical Research, Inc.; and Activa CRO adopt several organic and inorganic strategies to enhance their revenue and market standings. For instance, in March 2021, NAMSA acquired Minneapolis-based American Preclinical Services (APS), a full-service preclinical CRO. This purchase follows NAMSA’s acquisition of New York-based Syntactx, a leading clinical research services CRO, in January 2021. With the addition of APS’s portfolio of services, NAMSA will further enhance its already robust preclinical solutions by providing sponsors with a broader range of laboratory models and analysis tools, including innovative surgical instrumentation and several state-of-the-art catheterization labs, imaging capabilities, and surgical suites.

Medical Device and Diagnostics Contract Research Organization Market Regional Insights

The regional trends and factors influencing the Medical Device and Diagnostics Contract Research Organization Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Medical Device and Diagnostics Contract Research Organization Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Medical Device and Diagnostics Contract Research Organization Market Report Scope

Medical Device and Diagnostics Contract Research Organization Market Players Density: Understanding Its Impact on Business Dynamics

The Medical Device and Diagnostics Contract Research Organization Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Medical Device and Diagnostics Contract Research Organization Market are:

1. PAREXEL International Corporation
2. ICON PLC
3. WUXI APPTEC
4. Charles River Laboratories
5. Laboratory Corporation of America Holdings

Disclaimer: The companies listed above are not ranked in any particular order.

 

Medical Device and Diagnostics Contract Research Organization Market – by Type

• Medical Devices
• Diagnostics
  • Cardiac Biomarkers
  • Diabetes Management
  • Oncology
  • Infectious Diseases
  • Hematology
  • Chemistry and Immunoassays
  • Molecular Diagnostics
  • Others

Medical Device and Diagnostics Contract Research Organization Market – by Services

• Clinical Data Management
• Monitoring
• Clinical Project Management
• Medical Writing
• Clinical Auditing
• Digital Health
• Clinical Strategy
• Others

Medical Device and Diagnostics Contract Research Organization Market – by Geography

• North America

  • US
  • Canada
  • Mexico

• Europe

  • France
  • Germany
  • Italy
  • UK
  • Russia
  • Rest of Europe

• Asia Pacific (APAC)

  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Rest of Asia Pacific

• Middle East and Africa (MEA)

  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East &Africa

• South and Central America (SCAM)

  • Brazil
  • Argentina
  • Rest of South and Central America

Company Profiles

• PAREXEL International Corporation
• ICON PLC
• WUXI APPTEC
• Charles River Laboratories
• Laboratory Corporation of America Holdings
• North American Science Associates, Inc.
• Qserve Group B.V.
• IQVIA
• Proxima Clinical Research, Inc.
• Activa CRO