The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The medical device contract research organization (CRO) market has experienced significant expansion in recent years, driven by the growing demand for healthcare solutions and the shift towards outsourcing research. Let’s dive into the factors behind this growth and the future of the market.

Rapid Growth in the Medical Device CRO Market

• The market grew from $6.02 billion in 2023 to $6.74 billion in 2024, marking a compound annual growth rate (CAGR) of 12.1%.
• Rising demand for healthcare and diagnostic devices, as well as support diagnostic devices, has been a key factor.
• Outsourcing research and trials have become a popular trend as companies look to reduce internal costs and streamline processes.

Forecast for Continued Expansion

• By 2028, the market is projected to reach $10.68 billion, growing at a CAGR of 12.2%.
• This future growth is expected to be driven by stricter regulatory requirements, increasing demand for personalized medicine, and the growing complexity of clinical trials.
• Key trends include the integration of artificial intelligence, decentralized trials, and the development of patient-friendly and miniature medical devices.

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Rising Clinical Trials Propel Market Growth

• The increasing number of clinical trials is a primary driver of the medical device CRO market.
• Clinical trials, essential for assessing the safety and effectiveness of medical treatments, are on the rise due to advancements in medical technology and the growing prevalence of chronic diseases.
• In the UK alone, industry-initiated clinical trials grew by 4.3% from 2021 to 2022, emphasizing the role of CROs in navigating the complexities of these trials.

Major Players in the Medical Device CRO Market

• The medical device CRO market is highly competitive, with key players including Laboratory Corporation of America Holdings, ICON Public Limited Company, and Eurofins Scientific Societas Europaea.
• Other significant companies include Pharmaceutical Product Development LLC, WuXi AppTec Co. Ltd., and Syneos Health Inc., among others.

Innovative Solutions Streamlining Clinical Trials

• Companies are focusing on comprehensive CRO services to streamline regulatory compliance and improve efficiency in clinical trials.
• These services include trial design, patient recruitment, data analysis, and post-market surveillance.
• For instance, Lindus Health Limited introduced an all-in-one medical device CRO offering, combining traditional services with virtual/hybrid trial capabilities.

Mergers and Acquisitions Strengthen Market Players

• In January 2021, NAMSA LLC expanded its capabilities by acquiring Syntactx LLC, enhancing its end-to-end development solutions.
• Such acquisitions enable CROs to increase their expertise and offer more comprehensive services to medical device companies.

Regional Outlook: North America Leads, Asia-Pacific Grows Fastest

• North America was the largest market in 2023, driven by the region’s advanced healthcare infrastructure and regulatory landscape.
• However, Asia-Pacific is expected to be the fastest-growing region in the forecast period, thanks to rising healthcare investments and a favorable regulatory environment. 

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