GVR Report cover Medical Device Contract Research Organization Market Size, Share & Trends Report

Medical Device Contract Research Organization Market Size, Share & Trends Analysis Report By Phase (Preclinical, Clinical), By Service (Regulatory/Medical Affairs, Clinical Monitoring), By Region (APAC, North America), And Segment Forecasts, 2021 - 2028

  • Report ID: GVR-4-68039-599-7
  • Number of Pages: 120
  • Format: Electronic (PDF)
  • Historical Range: 2016 - 2019
  • Industry: Healthcare

Report Overview

The global medical device contract research organization market size was estimated at USD 6.3 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 8.6% from 2021 to 2028. The COVID-19 pandemic has markedly impacted the global market. This is largely due to the fact that the clinical trials were suspended during the pandemic as operating sites were closed and social distancing was maintained. Research for the treatment of COVID-19 has been developing at a remarkable rate. Research groups across the globe are using various medical devices that are required for the treatment process of COVID-19. A number of world-class research organizations have collaborated and received significant funding grants to support the rapid testing, production, and manufacturing of medical devices.

U.S. medical device contract research organization market size, by phase, 2018 - 2028 (USD Billion)

The medical device contract research organization (CRO) market is growing at a steady pace owing to access to advanced technological resources. It saves time and is cost-efficient. CROs are becoming important in the medical and healthcare sectors. CROs have deep knowledge of complex regulatory requirements and audits as they work in clinical compliance on a daily basis. This helps them address all compliance challenges. Furthermore, high demand for effective medical devices, a growing patient population, and funding & grants provided by the government for certain medical devices are also projected to drive the market.

CROs help in the development of new treatment lines and effective medical devices. Furthermore, this has helped professionals to check the effectiveness of new treatment procedures. Therefore, the ability of CROs to perform clinical research has helped in increasing the sales of medical devices across the globe. CROs are considering digital technologies on various accounts, which has become an integral part of medical research. This medical technology is often integrated with sensors and digital aids to make it more effective and efficient. CROs possess a wide range of capabilities, which, in turn, drive the market.

Service Insights

The clinical monitoring segment led the global market in 2020 accounting for a revenue share of 21.1% in 2020. The segment is anticipated to maintain its position over the forecast period owing to a large number of clinical trials performed and, to study them, increasing demand for clinical trial monitoring. The introduction of devices, such as smart analytics and real-time, is estimated to improve clinical monitoring data in healthcare. On the basis of services, the market is segmented into project management/clinical supply management, data management, regulatory/medical affairs, medical writing, clinical monitoring, quality management/assurance, bio-statistics, investigator payments, laboratory, patient & site recruitment, technology, and others. Investigator payment is estimated to be the second-largest segment by 2028 growing at a CAGR of 7.8% over the forecast period. Timely and accurate investments by the investors are important for the functioning and monitoring of a clinical trial.

Phase Insights

On the basis of phase, the market has been bifurcated into clinical and preclinical. The clinical segment dominated the market and accounted for the largest revenue share of more than 88% in 2020. The share is attributed to technological evolution, globalization of clinical trials, and demand for CROs to conduct clinical trials. The need for personalized & new medical devices is also supporting the market growth.

Global medical device contract research organization market size, by phase, 2020 (%)

The preclinical segment is projected to register the fastest growth rate of 10.0% during the forecast period. An increase in the number of preclinical trials involving large molecules and the growing need to curb R&D expense is expected to contribute to the segment growth.

Regional Insights

Asia Pacific dominated the market accounting for the largest revenue share of 41.1% in 2020. This growth is due to several medical research organizations’ investments in developing the capability to analyze medical devices and technology. In addition, the diverse population and high prevalence of chronic diseases in the region are creating demand for medical devices, which is contributing to the market growth.

In North America, the market for healthcare CROs held a substantial share in 2020 owing to the highest number of trials undertaken and outsourced in the region. This large number can be attributed to the presence of well-established CROs in the region and high investments by pharmaceutical companies. In addition, the growing government support for R&D activities through grants & funds to research institutes and companies has driven the regional market.

Key Companies & Market Share Insights

The global market is highly competitive. The players are undertaking various strategies, such as partnership, collaboration, merger, and acquisition, to strengthen their market position. For instance, in 2021, a medical device-focused CRO, NAMSA, acquired Clinlogix, which is a leading organization for clinical expertise, to have a global foothold in the market. Some prominent players in the global medical device contract research organization market include:

  • Icon Plc

  • IQVIA

  • Covance

  • Charles River Laboratories

  • Syneos Health

  • MedPace

  • Promedica International

  • Wuxi AppTec

  • Eurofins

  • Qserve Group

Medical Device Contract Research Organization Market Report Scope

Report Attribute

Details

Market Size value in 2021

USD 6.7 billion

Revenue forecast in 2028

USD 12.1 billion

Growth rate

CAGR of 8.6% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million/billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Phase, service, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; India; Japan; China; Australia; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE

Report coverage

Revenue forecast, company share, competitive landscape, growth factors and trends

Key companies profiled

Icon Plc; IQVIA; Covance; Charles River Laboratories; Syneos Health; MedPace; Promedica International; Wuxi AppTec; Eurofins; Qserve Group

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global medical device contract research organization market report on the basis of phase, service, and region:

  • Phase Outlook (Revenue, USD Million, 2016 - 2028)

    • Preclinical

    • Clinical

  • Service Outlook (Revenue, USD Million, 2016 - 2028)

    • Project Management/Clinical Supply Management

    • Data Management

    • Regulatory/Medical Affairs

    • Medical Writing

    • Clinical Monitoring

    • Quality Management/Assurance

    • Bio-statistics

    • Investigator Payments

    • Laboratory

    • Patient & Site Recruitment

    • Technology

    • Others

  • Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

      • Spain

    • Asia Pacific

      • India

      • Japan

      • China

      • Australia

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • UAE

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