Global Top 10 Trends In Medical Device Contract Research Organization Industry: Insights Report and Future Outlook

 

Overview

A CRO that focuses only on clinical research, development, and data administration of medical devices is known as a Medical Device Contract Research Organization (CRO). The global medical device contract research organization market size is expected to grow from USD 7.63 billion in 2023 to USD 16.13 billion by 2033, at a CAGR of 7.77% during the forecast period 2023-2033. A Contract Research Organization (CRO) is a business that is hired by another business to handle the complex medical testing and trials management duties. Contract Research Organizations assist companies and associations reduce the costs of research and development while adhering to changing regulatory standards.

 

Advancements in the Medical Device Contract Research Organization Industry

The global market comprises some of the leading companies in the medical device contract research organization industry, such as IQVIA, Inc., Charles River Laboratories, Syneos Health., and Medpace. The market's leading companies prioritize implementing in-organic strategic efforts, including partnerships, acquisitions, mergers, and others. For instance, in May 2023, A revolutionary collaboration with RED was announced by IQVIA, a top global supplier of clinical research services, technological solutions, and advanced analytics to the life science sector.

 

Government Initiatives and Regional Market Expansion

 

• The National Medical Devices Policy (India), 2023 was introduced by the union government to enhance the proficiency, aptitude, and ability of the domestic medical device manufacturing sector. The strategy is founded on India's ambition to lessen India's dependency on imports and to foster the growth and development of the country's medical device industry. The goal is to make the industry more competitive worldwide by obtaining a 10-12% global market share over the next 25 years.

 

• The market was dominated by Asia Pacific, which had the highest revenue share. The region is anticipated to exhibit the quickest growth rate throughout the projected period owing to the abundance of opportunities present in the area, particularly in Japan, China, Australia, and India. The market is anticipated to be driven by several reasons, including advancements in the regulatory framework, increased cost savings, expanding device complexity, and an increase in the number of medical device research companies in the area. Additionally, it is anticipated that market growth would be accelerated by the growing trend of outsourcing research services from developed economies to emerging economies, including China and India, and by the availability of a qualified workforce at a cheaper cost than in the United States and Europe.

 

Insights and Projections: Global Medical Device Contract Research Organization Market Analysis

The report provides a summary of the global top trends and future prospects for the global medical device contract research organization market based on historical data sets (current trends, industry statistics, and emerging trends shaping the medical device contract research organization industry’s future, preliminary estimates from 2020-2021, 2022, and 2023), as well as projections for the global medical device contract research organization trends and future prospects for global regions in 2024 and 2025. This data-driven research offers users an industry-wide view of emerging technologies and innovative insights to help them make critical business decisions.   

 

Growth Factors and Emerging Trends in the Medical Device Contract Research Organization Industry

 

1. Greater emphasis on targeted therapies will propel the Discovery CRO service sector.

The need for precision and personalized medicine, particularly in therapeutic domains including immune-oncology, will propel the Discovery CRO industry. Furthermore, there will be plenty of opportunities for drug discovery due to the growth of hitherto unexplored therapeutic areas such as uncommon diseases, gene therapy, cell therapy, and neurodegenerative disorders. It will be advantageous to CROs with the skills and knowledge necessary to provide services including proteomics, high-throughput screening (HTS), genomes, and bioinformatics analysis.

 

1. Expanding the quantity of clinical trials to promote the acceptance of greater medical device outsourcing providers of CRO services.

Internationally, clinical trials are vital to the process of developing new medications. It facilitates the creation of fresh approaches to the detection, diagnosis, and prophylaxis of illness. The scientific basis for directing and treating patients as well as assessing new drugs and devices is provided by clinical trials. Though outcomes from clinical trials may not meet expectations, they nevertheless point researchers in the correct path. Compared to other countries around the world, the United States conducts considerably less clinical studies. Since it is frequently simpler and less expensive to conduct clinical trials outside of the United States and the European Union, many of them are.

 

Opportunities and Future Prospects in the Medical Device Contract Research Organization Industry

 

1. Growing Partnerships to Meet Demand; Growing Outsourcing to CROs

New developments in the field of research have led to the imposition of strict regulations to guarantee the safety and effectiveness of medical devices. Nevertheless, minute variations in the intricate regulations make it difficult for companies based in various parts of the world to obtain FDA approval. These difficulties have also increased the expenses of medical device platforms, prolonged the duration of clinical trials, and lengthened the time needed for commercialization. Medical device makers have shifted to recruiting contract service providers to handle clinical research and related regulatory-compliant operations in order to get around these obstacles. The medical device CRO market is anticipated to grow steadily during the projected period, propelled by the continued trend of outsourcing and broad adoption.

 

List of Key Companies in the Medical Device Contract Research Organization Industry

1. Avania
2. MCRA
3. ICON plc
4. Thermo Fisher Scientific (PPD)
5. Charles River Laboratories
6. Medpace
7. Labcorp (Covance)
8. IQVIA
9. Parexel
10. Syneos Health

 

Top 5 Players in the Medical Device Contract Research Organization Industry

 

1. Avania

 

Headquarters: Bilthoven, The Netherlands.

Avania, an established MedTech contracting platform, was created in 2020, having previously operated as Manufacturing CRO, which was established in 1988. Avania is a full of services comprehensive global CRO with a focus on combinations of products, new technologies, and medical devices. From feasibility of products to post-approval in analytics, clinical trials, consultancy, regulatory, and reimbursement, the Medical Device CRO offers help. It has experience with every category of medical gadget. More than 800 medical device and diagnostic initiatives, more than 350 clinical trials for medical devices and diagnostics, more than 350 regulatory filings, and more than 20 breakthrough designations have all received funding from Avania.

 

2. Eurofins Scientific

 

Headquarters: Luxembourg.

A collection of global life sciences businesses, Eurofins Scientific offers analytical testing services to a variety of market sectors. In the fields of genomics, clinical research support, and biopharma contract development and manufacture, it is a leading independent global market leader. More than 61,000 workers assist the more than 1,000 independent businesses that make up the Eurofins network, which operates in 59 countries. With eight research facilities offering complete CRO services and in-house medical professionals devoted to healthcare products, Eurofins has thirty years of expertise in evaluating medical equipment. Sponsorships have access to in-house clinical trial laboratories with experience in medical device investigations, and Eurofins provides pre- and post-market clinical investigations.

 

3. Parexel

 

Headquarters: Durham, North Carolina

Parexel is a worldwide CRO that uses its comprehensive consulting knowledge and medical development skills to help the creation of novel therapies. Over 19,000 foreign professionals work there worldwide. The legislative advisors for Parexel Medical Devices CRO, some of whom have been regulators in the past, are well qualified to handle meetings with regulatory authorities, develop legislative strategies, and support device exemptions. In order to comply with EU, ISO 13485, and US Food and Drug Administration (FDA) regulations, compliance specialists help sponsors at every step of development.

 

4. MCRA

 

Headquarters: Washington, District of Columbia,

MCRA is a clinical research organization (CRO) and advising firm that caters to the orthopedic and cardiovascular sectors. Among its 200 rivals, MCRA is ranked third, behind Blue Matter Consulting, PharmAla Biotech, and Macro. Thirteen of its rivals have left, but four have funding. In total, six investment rounds involving twenty investors have raised about $30.9 million for MCRA and its rivals. The competition set consists of 12 acquired companies and 1 public company. MCRA emphasizes especially its ability to guide technologies from the theoretical pre-clinical stage to marketplace clearance by engaging with firms at all phases of growth and throughout the technology life cycle.

 

5. Charles River

 

Headquarters: Wilmington, Massachusetts,

An American pharmaceutical corporation recognized as Charles River Laboratories International, Inc. specializes in providing the biological technology, medical equipment, and pharmaceutical sectors with a range of experimental and clinical laboratory, gene treatment, and cell treatment services. Founded in 1947, Charles River Laboratories is a preeminent supplier of services related to drug research and development. Breeding and delivering animal research models with unique genetic traits for preclinical investigations worldwide, the company's research model & services sector is the world's top supplier of animal models for laboratory testing. Charles River offers goods and services to government organizations, leading hospitals, universities, and biotech and pharma enterprises. The United States city of Wilmington, Massachusetts, is located at Charles River's headquarters.

 

Recent Development

 

• In May 2024, all of Gomti Life Sciences Private Limited's assets are acquired by Eurofins through Eurofins Advinus under a Business Transfer Agreement. A fully functional, cutting-edge production facility with an ISO class 8 clean room, a production area, a cGMP pilot plant, and a 45 KL reactor facility is one of the resources. It is situated in Bangalore, India's Bidadi Industry Area.

 

• In May 2023, the Leading completely integrated biopharmaceutical solutions provider Syneos Health, Inc. announced that it has reached a final agreement to be purchased for $43.00 per share in cash by a group of affiliates of private investment firms made up of Elliott Investment Management ("Elliott"), Patient Square Capital ("Patient Square"), and Veritas Capital ("Veritas"). The deal is valued at about $7.1 billion, including outstanding debt.

 

• In October 2023, to meet the growing priorities of MedTech in terms of regulation and reimbursement, Avania, a preeminent worldwide contract research organization (CRO), announced that it has acquired HULL ASSOCIATES LLC and Ironstone Product Development. The company also plans to build scale to provide strategic plans and unique project delivery for all product categories.

 

• In November 2023, In October 2023, a new buyback program of Eurofins Scientific SE's shares (ISIN FR0014000MR3) is planned, with a maximum purchase price equal to 2% of the company's share capital.

 

• In July 2022, leading multinational life sciences corporation Labcorp announced that its Board of Directors has given the company permission to seek a tax-free spin-off of its fully owned Clinical Development division to Labcorp shareholders.

 

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