What are the recent trends in market size and growth for the medical device contract research organization (cro) market?
The medical device contract research organization (CRO) market size has grown strongly in recent years. It will grow from $9.93 $ billion in 2024 to $10.64 $ billion in 2025 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to increasing demand for clinical trials, growing regulatory requirements, rising complexity of medical devices, high research and development costs, and an and an increase in chronic diseases.
The medical device contract research organization (CRO) market size is expected to see strong growth in the next few years. It will grow to $13.84 $ billion in 2029 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to increasing adoption of digital health technologies, growing emphasis on patient safety, growth in biologics and biosimilars, an increase in home healthcare devices, and an and an increasing focus on environmental sustainability. Major trends in the forecast period include the adoption of AI-driven analytics, the expansion of personalized medicine services, the integration of real-world evidence in clinical trials, the shift towards patient-centric trial designs, and the and the adoption of cloud-based solutions for data management.
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How have varous drivers impacted the growth of the medical device contract research organization (cro) market?
The increase in the number of clinical trials is expected to propel the growth of the medical device contract research organization (CRO) market going forward. Clinical trials are research studies conducted with human participants to evaluate the safety and effectiveness of new medical treatments, interventions, or diagnostic procedures. The increase in clinical trials is driven by the growing demand for innovative medical devices and regulatory requirements for rigorous testing. Medical device contract research organizations (CROs) provide specialized expertise and resources to manage, conduct, and oversee medical device clinical trials, ensuring compliance and efficient execution. For instance, in August 2024, according to the National Library of Medicine, a US-based national medical library, registered clinical trials increased from 477,227 in 2023 to 506,371 in all 50 states and across 221 countries. Furthermore, it was reported that 52,731 medical device studies were registered across the globe. Therefore, the increase in clinical trials will drive the growth of the medical device contract research organization (CRO) market.
What are the primary segments of the 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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Which firms are leading 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 will industry trends affect the trajectory of the medical device contract research organization (cro) market?
Major companies operating in the medical device contract research organization (CRO) market are focusing on combining traditional services with advanced technology and recruitment strategies, such as hybrid and virtual trial models, to enhance trial efficiency, accelerate participant enrollment, and streamline regulatory compliance. Virtual and hybrid site capabilities accommodate diverse study designs and participant needs, especially in response to the growing demand for decentralized trials. For instance, in June 2024, Lindus Health, a UK-based clinical trials company, launched All-in-One Medical Device CRO, a comprehensive contract research organization (CRO) solution designed specifically for medical device trials. This innovative offering integrates traditional CRO services with advanced features such as their proprietary Citrus eClinical technology. It consolidates all essential trial tools into one platform, including clinical trial management systems (CTMS), electronic data capture (EDC), and eConsent. It enhances recruitment through its extensive database of over 30 million electronic health records (EHRs) and strategic digital marketing, ensuring efficient and timely enrollment. Additionally, Lindus Health provides robust site services, managing trials across single-site, multi-site, and virtual/hybrid models through solid relationships with principal investigators and research staff.
Which geographic trends are shaping the medical device contract research organization (cro) market, and which region has the highest market share?
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.
What Does The Medical Device Contract Research Organization (CRO) Market Report 2025 Offer?
The medical device contract research organization (cro) market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A medical device contract research organization (CRO) is a specialized service provider that offers outsourced research and development support to medical device manufacturers. These organizations provide a range of services to assist companies in navigating the complex process of bringing a medical device from concept to market, ensuring compliance with regulatory requirements, and achieving successful clinical outcomes. CROs are crucial for reducing the development time, costs, and risks associated with medical device innovations.
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