According to our new market research study on “Medical Device and Diagnostics Contract Research Organization Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Services, and Geography,” 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.
Strategic Insights:
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Report Coverage |
(Details) |
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Market Size Value in |
(US$ 12,314.65 million in 2021) |
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Market Size Value by |
(US$ 20,336.08 million in 2028) |
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Growth Rate |
(CAGR of 7.4% from 2021 to 2028) |
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Forecast Period |
(2021-2028) |
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Base Year |
(2021) |
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No. of Pages |
(188 ) |
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No. Tables |
(56) |
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No. of Charts & Figures |
(55) |
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Segments covered |
(By Type, Services, and Geography) |
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Regional scope |
(North America; Europe; Asia Pacific; Latin America; MEA) |
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Country scope |
(US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina) |
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Report coverage |
(Revenue forecast, company ranking, competitive landscape, growth factors, and trends) |
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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.
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.
COVID-19 outbreak was first observed in December 2019 in Wuhan (China), and it has spread to more than 100 countries across the world, with the World Health Organization (WHO) stating it as a public health emergency. The contract-based research and manufacturing activities for all the non-essential medical devices was hampered due to strict imposition of company shut-downs in the region. Industries, however, need to adopt long-term, permanent solutions to challenges that arose due to COVID. Overall, the COVID-19 created a negative impact on the growth of medical devices and diagnostics contract research organization market.
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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.
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.
Medical Device and Diagnostics Contract Research Organization Market: Competitive Landscape and Key Developments
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 are among the leading companies operating in the medical device and diagnostics contract research organization market.
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