Surge In Clinical Trials: A Key Driver Transforming the Medical Device Contract Research Organization (CRO) Market 2024

The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—for a limited time only!

LONDON, GREATER LONDON, UNITED KINGDOM, December 11, 2024 /EINPresswire.com/ -- The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—limited time only!

The Medical Device Contract Research Organization CRO market has showcased impressive growth in recent years. The market is projected to increase from $9.3 billion in 2023 to $9.93 billion in 2024 at a compound annual growth rate CAGR of 6.8%. This significant growth can be attributed to factors such as escalating demand for clinical trials, incrementing regulatory requirements, a surge in the sophistication of medical devices, ballooning research and development costs, and a rise in chronic diseases.

What's the Forecasted Growth and Market Size for Medical Device Contract Research Organization CRO?

The medical device contract research organization CRO market size is predicted to witness robust growth in the forthcoming years. It is projected to reach $12.97 billion in 2028, reflecting a compound annual growth rate CAGR of 6.9%. This anticipated growth during the forecast period can be ascribed to the escalating adoption of digital health technologies, an increasing emphasis on patient safety, prolific growth in biologics and biosimilars, a surge in home healthcare devices, and a rising focus on environmental sustainability. Notable trends include the adoption of AI-driven analytics, expansion of personalized medicine services, the integration of real-world evidence in clinical trials, a shift towards patient-centric trial designs, and the adoption of cloud-based solutions for data management.

Comprehensive data insights in the Sample Report
https://www.thebusinessresearchcompany.com/sample.aspx?id=19572&type=smp

What are the Factors Driving the Growth of the Medical Device Contract Research Organization CRO market?

The surge in the number of clinical trials is expected to fuel the growth of the medical device contract research organization CRO market. Clinical trials are in-depth studies that involve human participants to assess the safety and efficacy of novel medical treatments, interventions, or diagnostic procedures. The increase in clinical trials is propelled by the burgeoning demand for innovative medical devices and regulatory requirements for comprehensive testing.

Which Major Companies are Operating in the Medical Device Contract Research Organization CRO Market?

Prominent companies operating in the medical device contract research organization CRO market include 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., among others.

Emerging trends and cutting-edge advancements in the industry

Major firms are focused on combining traditional services with advanced technology and recruitment strategies, such as hybrid and virtual trial models, to enhance trial efficiency, expedite participant enrollment, and streamline regulatory compliance.

Crucial Insights and Info in the Full Report
https://www.thebusinessresearchcompany.com/report/medical-device-contract-research-organization-cro-global-market-report

How is the Medical Device Contract Research Organization CRO Market Segmented?

The medical device contract research organization CRO market is segmented as follows­:

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

What are the Regional Highlights of the Medical Device Contract Research Organization CRO market?

Asia-Pacific was the reigning region in the medical device contract research organization CRO market in 2023 and is predicted to be the fastest-growing region during the forecast period. The regions analyzed in the market report encompass Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Browse Through More Similar Reports By The Business Research Company:
Medical Robotics Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/medical-robotics-global-market-report
Medical Device Outsourcing Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/medical-device-outsourcing-global-market-report
Medical Coding Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/medical-coding-global-market-report

About The Business Research Company
Learn More About The Business Research Company. With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead in the game.

Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info

Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Oliver Guirdham
The Business Research Company
+44 20 7193 0708
email us here
Visit us on social media:
Facebook
X
LinkedIn