DUBLIN--(BUSINESS WIRE)--The "Medical Device and Diagnostics Contract Research Organization Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type and Services and Geography" report has been added to ResearchAndMarkets.com's offering.
According to this report the 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 the rise in the 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.
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. However, the digital health segment is estimated to register the highest CAGR in the market during the forecast period.
The CRO services industry is highly fragmented, with several hundred small and medium-sized limited-service providers, and a small number of large and full-service global CROs. There are a few barriers for smaller CROs to enter the global market. However, the full-service global CROs require efficient infrastructure with an ability to simultaneously manage multiple complex testing services across numerous geographies, establish the requisite relationships with strategic partners, and develop relevant therapeutic and expertise to meet the needs of end users. Over the past few years, the consolidation across the industry is an emerging trend followed by most of the prime players to strengthen their service offerings and garner the major market share in the global medical device & diagnostics contract research organization market. For instance, PAREXEL International Corp. acquired The Medical Affairs Company in 2017.
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 were hampered due to strict imposition of company shutdowns 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.
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.
Reasons to Buy
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- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
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Market Dynamics
Drivers
- Increasing Number of Clinical Trials Worldwide
- Rising Adoption of Outsourcing Activities Coupled with Increasing R&D Expenditures
Restraints
- Extensive Competition in CRO Services Market
Opportunities
- Low Business Cost in Emerging Markets
Future Trends
- Rising Market Consolidation
Companies Mentioned
- 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
For more information about this report visit https://www.researchandmarkets.com/r/fss2lm
