The medical device and diagnostics contract research organization market in APAC is expected to grow from US$ 2,394.72 million in 2021 to US$ 4,110.91 million by 2028; it is estimated to grow at a CAGR of 8.0% from 2021 to 2028.
Asian countries are emerging as attractive outsourcing locations for medical device manufacturers.Low manufacturing and operating costs in countries such as China and India are driving the medical device & diagnostics contract research organization market.
Recent growth in the medical device industry in both China and India indicates a positive outlook for the market.The medical device CRO market is experiencing strong growth in the region, owing to surging technological innovations, changing regulations, and increasing outsourcing levels.
There is a continuous growth in Asia’s scientific base and capabilities, owing to an increase in the contribution of clinical research, centralized healthcare institutions, well-qualified and highly motivated investigators, and excellent clinical trial facilities.APAC offers a large and diverse patient pool, as the region comprises nearly 60% of the world population.
The US/EU treatment guidelines are followed in treating diseases, which offers solid prospects for significant and rapid patient recruitment. In addition, countries in APAC have many clinical trial sites that are offering lucrative opportunities for the growth of the market in the region. For instance, CMIC Group (Japan) is one of the leading CROs in APAC, with 135 active clinical trial sites across the region. The company outsources a wide range of services, such as medical devices and in vitro diagnostic consulting. Thus, the factors mentioned above are offering lucrative opportunities for the medical device & diagnostics contract research organization market in the region. Additionally, high R&D expenditure, leading to rising adoption of outsourcing activities, is among the other factors expected to fuel the demand for medical device and diagnostics contract research organizations in APAC.
Based on type, the diagnostics segment is expected to be the fastest-growing segment for APAC during the forecast period.Continually evolving healthcare infrastructure and the development of advanced diagnostic instruments/products are prominently responsible for the segment growth.
The healthcare industry is witnessing a growing preference for CROs to perform crucial activities such as regulatory approvals and compliances for diagnostics.Companies offer services for various diagnostic instruments such as blood glucose monitors, drug test kits, blood gas analyzers, assays, and biomarkers.
Further, services offered by CROs for diagnostics include protocol development, quality assurance, project management, site selection, and trial designs. Availability of such services at affordable costs is likely to boost the diagnostics segment during the forecast period.
Countries in APAC are facing an increasing incidence of COVID-19.Accompanying the catastrophic loss of life that the virus has caused is the impact on the global economy, which has reeled from the effects of the pandemic.
The COVID-19 pandemic has critically impacted the region; however, it has also provided an opportunity for stakeholders to realign their future path based on strategic intent and focus.COVID-19 has created an extraordinary emergency that is particularly affecting the supply chain.
The supply chain disruptions, along with the enormous need for medical devices and protective health care material, have generated the need for new initiatives and the use of emerging technologies such as three-dimensional printing (3DP) to come forward and support health care professionals and supply chain.The COVID-19 pandemic has adversely impacted the region, but it has also provided an opportunity for stakeholders to realign their future path based on strategic intent and focus.
India and China are the most preferred destinations for outsourcing, where a large pool of skilled labor is available at a lower cost. With increasing pressure to reduce manufacturing costs and accelerate time-to-market, many devices and diagnostics companies are looking to conduct clinical trial operations in APAC. Increasingly, third-party outsourcing service providers are playing a greater role in supporting and managing the delivery of key business functions like medical device development, sales and marketing, and regulatory compliance services in APAC.
The overall APAC medical device and diagnostics contract research organization market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the APAC medical device and diagnostics contract research organization market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the APAC medical device and diagnostics contract research organization market. Charles River Laboratories, Inc; ICON PLC; IQVIA; Laboratory Corporation of America Holdings; North American Science Associates, Inc.; PAREXEL International Corporation; Qserve Group B.V.; and WUXI APPTEC are among the key players operating in the medical device and diagnostics contract research organization market.
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