The most recent study conducted by Report Ocean, titled “Global Medical Device Contract Research Organization Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Medical Device Contract Research Organization. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Medical Device Contract Research Organization Market Size study, by Phase Outlook (Preclinical, Clinical) by Service Outlook (Project Management/Clinical Supply Management, Data Management, Regulatory/Medical Affairs, Medical Writing, Clinical Monitoring, Quality Management/Assurance, Bio-statistics, Investigator Payments, Laboratory, Patient & Site Recruitment, Technology, Others) and Regional Forecasts 2022-2028Global Medical Device Contract Research Organization Market is valued approximately USD $ billion in 2021 and is anticipated to grow with a healthy growth rate of more than $ over the forecast period 2022-2028.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Medical Device Contract Research Organization are a contract research organization (CRO) which are specializes in the clinical trial, development, and data management of medical devices particularly. The increasing adoption of CRO is driving the growth for the medical device contact research organization. Furthermore, key market player is taking initiatives such as partnership, collaboration, merger and acquisition which helps in strengthen their market position and grow the market of medical device contract research organization. For example, in 2021, NAMSA, acquired Clinlogix that is a leading organization for clinical expertise. Which enhance the therapeutic expertise for the CRO.
Also, high government support in pharmaceutical leads to the adoption & demand for Medical Device Contract Research Organization is likely to increase the market growth during the forecast period. However, high manufacturing costs impedes the growth of the market over the forecast period of 2022-2028.
The key regions considered for the Global Medical Device Contract Research Organization Market study includes Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia-Pacific is the significant region across the world in terms of market share owing to the high prevalence of chronic diseases, upsurging demand for medical devices and government initiatives are rising the demand for medical device contract research organization in the region. Whereas, North America is anticipated to exhibit highest growth rate over the forecast period 2022-2028. Factors such as presence of well-established CROs, rising incidences of injuries, improving healthcare infrastructure and growing government support for R&D activities through grants & funds to research institutes would create lucrative growth prospects for the Medical Device Contract Research Organization market across North America region.
Major market player included in this report are:
Icon Plc
IQVIA
Covance
Charles River Laboratories
Syneos Health
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MedPace
Promedica International
Wuxi AppTec
Eurofins
Qserve Group
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Phase Outlook:
Preclinical
Clinical
By Service Outlook:
Project Management/Clinical Supply Management
Data Management
Regulatory/Medical Affairs
Medical Writing
Clinical Monitoring
Quality Management/Assurance
Bio-statistics
Investigator Payments
Laboratory
Patient & Site Recruitment
Technology
Others
By Region:
North America
U.S.
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Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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