The medical device and diagnostics contract research organization market in Europe is expected to grow from US$ 4,060.41 million in 2021 to US$ 6,576.25 million by 2028; it is estimated to grow at a CAGR of 7.1% from 2021 to 2028.
The CRO services industry is highly fragmented, with several hundred small and medium-sized limited-service providers, and a small number of large and full-service CROs.There are a few barriers for smaller CROs to enter the Europe market.
However, the full-service CROs require efficient infrastructure with an ability to simultaneously manage multiple complex testing services across numerous geographies, establish the requisite relationships with strategic partners, and develop relevant therapeutic and expertise to meet the needs of end users.Over the past few years, the consolidation across the industry is an emerging trend followed by most of the prime players to strengthen their service offerings and garner the major market share in the Europe medical device & diagnostics contract research organization market.
For instance, PAREXEL International Corp. acquired The Medical Affairs Company in 2017. This has led to the generation of larger CROs with wide geographic diversification, extensive therapeutic and development expertise, enormous capital and technical resources to manage the demanding drug development programs, medical device designing and research, and regulatory affairs for pharmaceutical and biopharmaceutical companies. Additionally, high R&D expenditures, leading to the rising adoption of outsourcing activities, are expected to fuel the demand for medical device and diagnostics contract research organizations in Europe.
Based on services, the clinical data management segment led the Europe medical device and diagnostics contract research organization market in 2020.Clinical data management plays a vital role in the data-gathering phase of a clinical study.
The process of data collection and management has to be conducted based on defined regulatory standards.Such a process must be followed to obtain quality and error-free information, which will further leverage the quality of data analysis.
The majority of the market players in the pharmaceutical and biopharmaceutical industry focus on clinical data management as it is the primary stage for any clinical trial.To ensure the implementation of proper procedures, industrial players are making contracts with CROs and emphasizing on minimizing the possibilities of errors.
This is the major factor to accelerate segment growth during the forecast period. Further, a growing number of partnerships and collaborations are also estimated to have a positive impact on segment growth over the study period. For instance, in April 2021, Veeva Systems and PAREXEL entered into a strategic collaboration to develop an intelligent system that will focus on streamlining clinical trials.
Europe is highly affected by the COVID-19 pandemic.Countries such as Italy, Spain, the UK, Germany, France, Russia, and Switzerland are highly affected.
Most of the deaths were registered in these countries in the initial phases of the pandemic onset.The EU countries even faced the second wave of the pandemic.
Therefore, to control the spread of COVID-19, governments of various countries have implemented lockdown.The MedTech industry and its organizations recently called for the postponement of the implementation of the EU MDR and EU IVDR because of the COVID-19 pandemic.
Various regulatory changes were scheduled to come into effect in May 2022 as part of the new EU IVDR; however, the dates are likely to be delayed a year because of the COVID-19 pandemic. According to the Greenlight Guru 2021 medical device industry benchmark study fielded in October 2020, 63% of industry professionals feel the pandemic negatively affected funding at their organization, 39% found COVID-19 harming financial viability, and another 59% stated it had negatively affected time to market.
The overall Europe 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 Europe 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 Europe medical device and diagnostics contract research organization market. Activa CRO; 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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