How Will the Medical Device Contract Research Organization (CRO) Market Grow? Key Trends and Opportunities for 2025 and Beyond
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What fueled the previous growth in the medical device contract research organization (cro) market?
The medical device contract research organization (CRO) market has grown significantly, projected to expand from $9.93 billion in 2024 to $10.64 billion in 2025 at a CAGR of 7.2%. Past growth was driven by rising demand for clinical trials, increasing regulatory complexities, the growing sophistication of medical devices, high R&D costs, and a rise in chronic diseases.
What will be the medical device contract research organization (cro) market size in the future?
The medical device contract research organization (CRO) market is projected to experience significant growth, reaching $13.84 billion by 2029 at a CAGR of 6.8%. This expansion is driven by the increasing adoption of digital health technologies, heightened focus on patient safety, rising demand for biologics and biosimilars, the growing prevalence of home healthcare devices, and an increasing emphasis on environmental sustainability. Key trends include the adoption of AI-driven analytics, the rise of personalized medicine services, the integration of real-world evidence in clinical trials, a shift toward patient-centric trial designs, and the adoption of cloud-based data management solutions.
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What main drivers are fueling expansion in the medical device contract research organization (cro) market?
The increase in clinical trials is expected to propel the growth of the medical device contract research organization (CRO) market. Clinical trials assess the safety and effectiveness of new medical treatments or devices. The increase in clinical trials is driven by the demand for innovative medical devices and the regulatory requirements for thorough testing. CROs specialize in managing and overseeing clinical trials, ensuring compliance and efficiency. For example, the number of registered clinical trials increased from 477,227 in 2023 to 506,371 in 2024, with 52,731 medical device studies globally. The increase in clinical trials is driving the medical device CRO market.
What key areas define the segmentation of the global medical device contract research organization (cro) market?
The medical device contract research organization (CRO) market covered in this report is segmented –
1) By Service: Project Management Or Clinical Supply Management, Regulatory Or Medical Affairs, Medical Writing, Clinical Monitoring, Quality Management Or Assurance, Bio Statistics, Investigator Payments, Laboratory, Patient And Site Recruitment, Other Services
2) By Device Type: MedTech Devices, Diagnostic Devices, Handheld Devices, Other Device Types
3) By Phase: Preclinical, Clinical
4) By Application: Cardiology, Diagnostic Imaging, Orthopedic, In Vitro Diagnostics (IVD), Ophthalmic, General And Plastic Surgery, Drug Delivery
Subsegments:
1) By Project Management Or Clinical Supply Management: Study Planning and Coordination, Clinical Supply Chain Management, Vendor Management
2) By Regulatory or Medical Affairs: Regulatory Strategy Development, Medical Affairs Support, Regulatory Submission Preparation
3) By Medical Writing: Clinical Study Protocols, Clinical Study Reports (CSRs), Regulatory Submission Documents, Patient Information Leaflets
4) By Clinical Monitoring: Site Selection and Initiation, On-site Monitoring Visits, Remote Monitoring, Data Verification
5) By Quality Management or Assurance: Quality Assurance Audits, Standard Operating Procedure (SOP) Development, Compliance Management
6) By Biostatistics: Statistical Analysis Plan Development, Data Management And Analysis, Clinical Trial Design
7) By Investigator Payments: Payment Processing Services, Financial Disclosure Management
8) By Laboratory Services: Clinical Laboratory Testing, Bioanalytical Testing, Pathology Services
9) By Patient And Site Recruitment: Site Feasibility Assessment, Patient Recruitment Strategies, Retention And Engagement Strategies
10) By Other Services: Training And Education, Risk Management, Post- market Surveillance, Data Management Services
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Who are the dominant players expanding their reach in the medical device contract research organization (cro) market?
Major companies operating in the medical device contract research organization (CRO) market are Thermo Fisher Scientific Inc., IQVIA Inc., Laboratory Corporation of America Holdings, ICON plc, Eurofins Scientific SE, WuXi AppTec, Syneos Health, Charles River Laboratories, PAREXEL International, Medpace Holdings, Inc., Hangzhou Tigermed Consulting Co Ltd., Caidya, QPS Holdings LLC, Avania B.V., Veristat, Cromsource S.R.L., Osmunda Medical Technology Service Group, MedTrials Inc., Boston Biomedical Associates, Hangzhou CIRS Technology Group Co Ltd., Clinlogix, Shanghai Haofeng Medical Technology Co Ltd., Promedica International, Qingdao Novelbeam Technology Co Ltd., CSSi LifeSciences, Lingboyihui, Medidee Services
How are evolving market trends shaping medical device contract research organization (cro) Strategies?
Key players in the medical device contract research organization (CRO) market are strategically integrating technology and innovative recruitment strategies with traditional services in an effort to improve trial efficiency, expedite participant enrollment and ensure seamless regulatory compliance. Specifically, these companies are using virtual and hybrid site features to cater to various study designs and participant requirements, largely driven by an increased interest in decentralized trials. For example, in June of 2024, a clinical trials firm based out of the UK named Lindus Health unveiled their innovative All-in-One Medical Device CRO, a complete CRO solution meticulously tailored for medical device trials. This groundbreaking product seamlessly merges traditional CRO functions with high-tech aspects such as their proprietary Citrus eClinical technology. It consolidates vital trial tools onto a singular platform which includes clinical trial management systems (CTMS), electronic data capture (EDC), and eConsent. Through its extensive database comprising over 30 million electronic health records (EHRs) and strategic online marketing, they have amplified recruitment ensuring efficient and timely enrollment. Moreover, Lindus Health offers sturdy site provisions, managing trials across single-site, multi-site, or virtual/hybrid models by leveraging their strong relationships with primary investigators and research personnel.
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Which regions are emerging as leaders in the medical device contract research organization (cro) market?
Asia-Pacific was the largest region in the medical device contract research organization (CRO) market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device contract research organization (CRO) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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