How Has the Medical Device Contract Research Organization Market Evolved Historically and What is its Current Size?
The medical device contract research organization market has seen considerable growth due to a variety of factors.
• The medical device contract research organization market has grown rapidly in recent years. It will increase from $6.74 billion in 2024 to $7.57 billion in 2025, reflecting a CAGR of 12.4%.
This growth is due to increased healthcare demand, outsourcing of research and trials, the growing demand for diagnostic devices, and greater demand for support diagnostic devices.
What Does Future Hold for The Medical Device Contract Research Organization Market By 2029?
The medical device contract research organization market is expected to maintain its strong growth trajectory in upcoming years.
• The medical device contract research organization market is projected to grow to $11.95 billion by 2029 at a CAGR of 12.1%.
This growth is attributed to stricter regulations, rising personalized medicine demand, increasing clinical trial complexity, and a higher number of trials. Trends include AI integration, personalized medicine, decentralized trials, patient-friendly device development, and new miniature technology.
What Are The Primary Growth Drivers In The Medical Device Contract Research Organization Market?
The increasing number of clinical trials is expected to fuel the growth of the medical device contract research organization market. The growth in clinical trials is driven by advances in medical technology and increased R&D investment. These organizations provide the expertise and infrastructure necessary to efficiently conduct trials. In November 2023, the Association of the British Pharmaceutical Industry reported a 4.3% increase in the number of clinical trials initiated annually in the UK, underscoring the expansion of the market.
What Is The Segmentation Of The Global Medical Device Contract Research Organization Market?
The medical device contract research organization market covered in this report is segmented –
1) By Type: Finished Medical Devices, Medical Device Semi Finished Products, Medical Device Raw Materials
2) By Device Class: Class 1, Class 2, Class 3
3) By Phase: Preclinical, Clinical
4) By Application: Cardiology, Diagnostic Imaging, Orthopedic, In Vitro Diagnostic (IVD), Ophthalmic, General And Plastic Surgery, Drug Delivery
Subsegments:
1) By Finished Medical Devices: Class I Medical Devices, Class II Medical Devices, Class III Medical Devices
2) By Medical Device Semi-Finished Products: Medical Device Components, Medical Device Subassemblies, Medical Device Kits
3) By Medical Device Raw Materials: Metals And Alloys, Polymers And Plastics, Ceramics And Composites, Biomaterials
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What Emerging Trends Are Influencing The Growth Of The Medical Device Contract Research Organization Market?
Key players in the medical device contract research organization market are concentrating on creating new and innovative offerings like expansive contract research organization (CRO) services, which can streamline regulatory compliance and enhance efficiency in clinical trials. These extensive CRO services offer diverse support activities, among them being regulatory compliance and submissions, clinical trial design and management, data collection and analysis, patient recruitment and retention, and monitoring and quality assurance. Lindus Health Limited, a contract research organization based out of the UK, debuted an innovative all-in-one medical device CRO service in June 2024. This service merges traditional CRO services with Lindus Health's distinct expertise in medical device clinical trials along with regulatory pathways, participant recruitment, and virtual or hybrid trial capabilities. The comprehensive medical device CRO caters to medical device companies by offering a suite of services, which includes complete CRO and study management, innovative recruitment strategies, study-specific eClinical software, expertise in medical device and regulatory matters, and dedicated site services.
Who Are the Key Players In The Medical Device Contract Research Organization Market?
Major companies operating in the medical device contract research organization market are:
• Laboratory Corporation of America Holdings
• ICON Public Limited Company
• Eurofins Scientific Societas Europaea
• Pharmaceutical Product Development LLC
• WuXi AppTec Co. Ltd.
• Syneos Health Inc.
• Charles River Laboratories International Inc.
• Medpace Holdings Inc.
• Tigermed Consulting Co. Ltd.
• Novotech (Australia) Pty Ltd
• NAMSA LLC
• Promedica International
• Excelya
• Avania UK Ltd
• OSMUNDA MEDICAL DEVICE SERVICE GROUP
• CROMSOURCE
• Musculoskeletal Clinical Regulatory Advisers LLC
• BIO Agile Therapeutics Pvt Ltd
• Vial
• Qserve Group
• CSSi LifeSciences
• Medidee Services SA
• Eclevar Medtech
• Scandinavian CRO
• Archer Research
• Parexel International Corporation
• Clinitude
• Geneticist Inc.
What Are The Regional Insights Into The Medical Device Contract Research Organization Market?
North America was the largest region in the medical device contract research organization market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device contract research organization market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
