Medical Device Contract Research Organization Market Business Overview, Challenges And Opportunities 2028

Medical Device Contract Research Organization Industry Overview

The global medical device contract research organization market size was estimated at USD 6.3 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 8.6% from 2021 to 2028.

The COVID-19 pandemic has markedly impacted the global market. This is largely due to the fact that the clinical trials were suspended during the pandemic as operating sites were closed and social distancing was maintained. Research for the treatment of COVID-19 has been developing at a remarkable rate. Research groups across the globe are using various medical devices that are required for the treatment process of COVID-19. A number of world-class research organizations have collaborated and received significant funding grants to support the rapid testing, production, and manufacturing of medical devices.

Gather more insights about the market drivers, restrains and growth of the Global Medical Device Contract Research Organization Market

U.S. medical device contract research organization market size, by phase, 2018 - 2028 (USD Billion)

The medical device contract research organization (CRO) market is growing at a steady pace owing to access to advanced technological resources. It saves time and is cost-efficient. CROs are becoming important in the medical and healthcare sectors. CROs have deep knowledge of complex regulatory requirements and audits as they work in clinical compliance on a daily basis. This helps them address all compliance challenges. Furthermore, high demand for effective medical devices, a growing patient population, and funding & grants provided by the government for certain medical devices are also projected to drive the market.

CROs help in the development of new treatment lines and effective medical devices. Furthermore, this has helped professionals to check the effectiveness of new treatment procedures. Therefore, the ability of CROs to perform clinical research has helped in increasing the sales of medical devices across the globe. CROs are considering digital technologies on various accounts, which has become an integral part of medical research. This medical technology is often integrated with sensors and digital aids to make it more effective and efficient. CROs possess a wide range of capabilities, which, in turn, drive the market.

Browse through Grand View Research’s Medical Devices Industry Research Reports.

  • Medical Writing Market – The global medical writing market size was valued at USD 3.5 billion in 2021 and is expected to expand at a CAGR of 10.41% from 2022 to 2030.
  • Clinical Trials Market – The global clinical trials market size was valued at USD 47.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.8% from 2022 to 2030. However, the market growth was hindered in 2020 due to the COVID-19 pandemic.

Market Share Insights

  • In 2021: A medical device-focused CRO, NAMSA, acquired Clinlogix, which is a leading organization for clinical expertise, to have a global foothold in the market.

Key Companies profiled:

Some prominent players in the global medical device contract research organization market include

  • Icon Plc
  • IQVIA
  • Covance
  • Charles River Laboratories
  • Syneos Health
  • MedPace
  • Promedica International
  • Wuxi AppTec
  • Eurofins
  • Qserve Group

Order a free sample PDF of the Medical Device Contract Research Organization Market Intelligence Study, published by Grand View Research.

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