North America Medical Device & Diagnostics CRO Market, Forecast to 2028 - Rising Number of Clinical Trials, Huge Competition - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "North America Medical Device and Diagnostics Contract Research Organization Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type and Services" report has been added to ResearchAndMarkets.com's offering.

According to the report, the market is expected to reach US$ 3,045.86 million by 2028 from US$ 2,228.71 million in 2021. The market is estimated to grow at a CAGR of 4.6% from 2021 to 2028.

The rising number of clinical trials in North America is the major factor driving the growth of the North America medical device and diagnostics contract research organization market. However, the issue associated with huge competition in CRO services market hinders the growth of North America medical device and diagnostics contract research organization market.

Industry Highlights

In North America, the US was profoundly affected by the outbreak of the COVID-19 pandemic. The country has marked the highest number of positive patients. Across the nation, various healthcare facilities centers were opened only for COVID positive patients. Few admissions were made for patients living with chronic conditions. Additionally, during the COVID-19 crisis, the high demand for medical devices and personal protective equipment (PPE) is seen as millions of healthcare professionals are unprotected in the middle of this situation because governments around the world were not prepared for such pandemic.

To overcome these problems, many companies are collaborating with various private and government facilities. For instance, Global Center for Medical Innovation (GCMI), in partnership with Children's Healthcare of Atlanta and the Georgia Tech Pediatric Technology Center, has completed its first design files for those wishing to produce Face Shields for healthcare providers, the first in what they hope will be a series of designs for badly needed PPE items. Also, in collaboration with Verily, the US-based Alphabet company behind the Project Baseline, the COVID-19 online screening website, Carbon has created a Face Shield that can easily be manufactured on industrial 3D printers.

However, 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.

Activa CRO; 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 North America 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, IBI Group has been assigned by the Mackinac Bridge Authority (MBA) to provide a turnkey toll system to replace the existing system at the Mackinac Bridge in Northern Michigan.

Segment Analysis

The North America medical device and diagnostics contract research organization market is segmented into type, services, and country.

• Based on type, the North America medical device and diagnostics contract research organization market is segmented into medical devices and diagnostic. The medical devices segment held the largest share of the market in 2020.
• Based on services, the North America 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 North America medical device and diagnostics contract research organization market is segmented into US, Canada, and Mexico.

Companies Profiled

• Activa CRO
• Charles River Laboratories, Inc
• ICON PLC
• IQVIA
• Laboratory Corporation of America Holdings
• North American Science Associates, Inc.
• PAREXEL International Corporation
• Qserve Group B.V.
• Wuxi Apptec

For more information about this report visit https://www.researchandmarkets.com/r/o69mbl