Rising Demand for Medical Devices Contract Research Service Providers

Over the past decade, numerous scientific and technological breakthroughs in the medical device CROs industry have resulted in an accelerated pace of research and innovation within this domain. Further, the demand for advanced and minimally invasive medical devices has been augmented due to the increase in expenditure on healthcare.

However, one of the primary challenges faced by this industry is the complex and time-consuming product development lifecycle of a new medical device. Specifically, the clinical stage is exceedingly resource intensive, involving high costs and greater risks.

Outsourcing Necessity for Medical Devices

New advancements have facilitated the development and enforcement of more informed regulatory guidelines and instructions to ensure the safety of medical devices. Subtle differences in regulatory guidelines issues across various geographical regions need to be considered by medical device developers in order to receive approval in different markets.

This has further resulted in longer trials, higher costs (due to rise in patient enrollments), and increased time-to-market. In order to overcome the above mentioned challenges, medical device developers are actively outsourcing their clinical research and associated operations to contract service providers, which are known to have the required capabilities and expertise.

Companies involved in Offering Medical Devices Contract Research Services

CROs tend to actively strive to enhance / upgrade their respective capabilities and expertise to meet the strict quality and safety specifications, as well as to keep up with any change in medical device-related regulations. This not only enables them to attract more business opportunities from sponsors, but also grants them an edge over competing service provider entities.

Growing Number of Mergers and Acquisitions Validate the Interest in this Domain

Over the past few years, the merger and acquisitions activity in the medical devices contract research market has increased gradually. It is worth mentioning that in 2021, more than 12 acquisitions have taken place within this industry.

Scope of the Report

• Elaborate profiles of key players (shortlisted on the basis of the company competitiveness analysis) that specialize in offering services for both clinical and preclinical stage development of medical devices.. Each profile features a brief overview of the company, along with information on their year of establishment, number of employees, location of headquarters, key executives, medical device focused service portfolio, recent developments, and an informed future outlook.
• An analysis highlighting the key performance indicators used by sponsor companies to evaluate service providers engaged in this domain, based on information gathered via secondary research (for top-ten medical device players) and primary research.
• A competitive benchmarking, highlighting the key focus areas of small, mid-sized and large companies, comparing their existing capabilities within and beyond their respective peer groups (small, mid-sized and large players based in North America, Europe, Asia-Pacific, and Rest of the World), and providing a means for stakeholders to identify ways to gain a competitive advantage in the industry.
• A detailed brand positioning analysis of leading industry players (shortlisted on the basis of revenues generated in 2021), highlighting the current perceptions regarding their proprietary brands by taking into consideration several relevant aspects, such as number of service(s) offered and device class.

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