Medical Device Contract Research Organization Market Growth Outlook: Trends, Market Size, and Opportunities Over the Next Decade
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
Which Primary Drivers Are Supporting the Continued Market Growth of theMedical Device Contract Research Organization Market?
The medical device contract research organization market is expected to grow due to an increase in clinical trials. These trials are research studies conducted on humans to test medical treatments in order to gauge their safety and effectiveness prior to their general clinical application. The rise in number of these trials is due to developments in medical technology, an increase in chronic diseases, and growing R&D investment. Medical device contract research organizations play a crucial role in facilitating these trials by offering specialized skills, infrastructure, and the knowledge of regulations necessary to steer research processes and speed up the trial timelines. For instance, as per the Association of the British Pharmaceutical Industry – a trade association based in the UK, there was a slight increase of 4.3% in the annual initiation of industry clinical trials in the UK in November 2023, moving from 394 trials in 2021 to 411 in 2022. Thus, the growing number of clinical trials is acting as a catalyst for the expansion of the medical device contract research organization market.
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#What is the Anticipated CAGR of theMedical Device Contract Research Organization Market, and What Factors Will Drive It?
In recent times, there has been a substantial increase in the market size of the medical device contract research organization. It is projected to expand from $6.74 billion in 2024 to $7.57 billion in 2025, indicating a compound annual growth rate (CAGR) of 12.4%. The historic period’s growth is due to factors such as a surge in healthcare needs, a shift towards outsourcing research and tests, a heightened demand for diagnostic devices, and a spike in demand for support diagnostic device.
Expectations are high for the medical device contract research organization market as it is anticipated to experience swift growth in the coming years. It’s predicted to surge to a value of $11.95 billion by 2029, boasting a compound annual growth rate (CAGR) of 12.1%. This propitious expansion during the forecast period could be the result of more stringent regulatory controls, rising demand for personalized medicine, increased complexity in clinical trials, and a surge in clinical trial numbers. The prediction period also sees trends such as the incorporation of artificial intelligence, personalized medicine, decentralized trials, the innovation of patient-friendly medical devices and the burgeoning demand for new miniaturized technology.
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How Are Consumer Market Innovations Shaping the Current and Future Landscape of theMedical Device Contract Research Organization Market?
A predominant focus among the key players in the medical device contract research organization market is the development of revolutionary products like inclusive contract research organization (CRO) services. This focus is aimed at streamlining regulatory compliance and boosting efficacy in clinical trials. The wide range of supportive activities that encompass comprehensive CRO services includes regulatory compliance and submission, designing and managing clinical trials, recruitment and retention of patients, data collection and analysis, monitoring and quality assurance, and post-market surveillance. A notable example is Lindus Health Limited, a UK contract research organization, which in June 2024 launched a versatile new medical device CRO offering. This offering merges conventional CRO services with Lindus Health’s specialty in medical device clinical trials, including regulatory pathway navigation, participant enlistment, and hybrid/virtual trial capabilities. The comprehensive medical device CRO offered by Lindus provides medical device companies with an extensive suite of features, including all-encompassing CRO and study management, innovative recruitment strategies, study-specific eClinical software, expertise in medical devices and regulations, and dedicated site services.
Who Are the Key Market Players Influencing the Growth of the Corn and Medical Device Contract Research Organization Industry?
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.
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Which Key Market Segments Comprise the Medical Device Contract Research Organization Market and Drive Its Revenue Growth?
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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Which Regions Are Emerging as Leaders in 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.
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