Medical Device Contract Research Organization Market Size, Share & Trends Analysis Report By Phase (Preclinical, Clinical), By Service (Regulatory/Medical Affairs, Clinical Monitoring), By Type, By Region, And Segment Forecasts, 2023 - 2030

Medical Device Contract Research Organization Market Size, Share & Trends Analysis Report By Phase (Preclinical, Clinical), By Service (Regulatory/Medical Affairs, Clinical Monitoring), By Type, By Region, And Segment Forecasts, 2023 - 2030

Medical Device Contract Research Organization Market Growth & Trends

The global medical device contract research organization market size is expected to reach USD 14.01 billion by 2030, registering a CAGR of 8.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. Key drivers of the industry includes benefits, such as time-saving, cost efficiency, and expertise in the area, which accelerates the process of devices reaching the market. In addition, outsourcing to a Contract Research Organization (CRO) with detailed expertise in a medical device helps in meeting the complex regulatory requirements and audits as they work on it on a daily basis. This further supports the demand for medical device CRO services.

Contract research organizations also have access to the most advanced technological resources, such as all the latest and most advanced hardware, software, and internet-based applications, to maintain quality and make the process fast. A significant number of CROs, such as Iqvia, Inc., ICON Plc, and Charles River, are expected to improve medical device-related research collaborations in the coming years and, thus, enhance industry growth. Nowadays, medical procedures are moving toward more laparoscopic and catheter-based technology. There has been a growing demand for minimally invasive procedures worldwide, as they are less risky compared to other surgical procedures.

This is expected to boost the demand for advanced devices for screening and monitoring surgical procedures. Minimally invasive procedures are also enhancing the demand for new miniature technology. This is expected to improve the number of research in advanced less invasive medical devices and, thus, promote overall industry growth. Public organizations worldwide are providing funding to improve healthcare R&D. For instance, in March 2022, over USD 188.0 million was funded by the U.K. government to support NHS-led health research pertaining to diagnostics and treatments. Such investments are expected to drive the industry growth post-pandemic.

Medical Device Contract Research Organization Market Report Highlights

• The clinical phase segment dominated the industry in 2022 owing to the high number of medical devices in the clinical stage
• The clinical monitoring services segment led the industry in 2022 with the largest revenue share
• This is due to an increasing number of clinical trials in medical devices, which require proper clinical monitoring
• The diagnostic devices segment held the largest revenue share in 2022 owing to the high prevalence of chronic and infectious diseases, which boosted the demand for advanced diagnostic medical devices
• North America dominated the industry, in terms of revenue share, in 2022 owing to the government support for R&D activities through grants and funds to research institutes and companies