The medical device and diagnostics contract research organization market in North America is expected to grow from US$ 4,890.99 million in 2021 to US$ 8,149.58 million by 2028; it is estimated to grow at a CAGR of 7.6% from 2021 to 2028.
Pharmaceutical, medical device, and biotechnology companies adopt research and development (R&D) strategies to come up with new molecules for various therapeutic applications with the greatest medical and commercial potential.The companies invest majorly in R&Ds to deliver high-quality and innovative products to the market.
R&D spending by biopharmaceutical companies has also increased over the years.According to a report of Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expenditure of the top 10 biopharmaceutical companies was US$ 82 billion collectively in 2019.
Additionally, the rising number of clinical trials in North America is among the other factors expected to fuel the demand for medical device and diagnostics contract research organizations in North America.
Based on type, the medical devices segment led the North America medical device and diagnostics contract research organization market in 2020.Medical devices CRO services include regulatory approvals and compliance associated with various governing authorities.
Companies offer various services such as clinical monitoring, data management, biostatistics, vendor management, legal representation, and consulting services.The increasing prevalence of chronic conditions, coupled with the rising number of product launches, is estimated to accelerate the segment growth.
Further, the growing number of business activities among market players is estimated to offer a favorable opportunity for segment growth.For instance, in January 2021, NAMSA, one of the leading contract research organizations, announced the acquisition of Syntactx.
The company acquired Syntactx to expand its medical devices CRO capabilities in the international market.
In North America, the US was greatly affected by the COVID-19 pandemic.The country has marked the highest number of positive patients.
Across the nation, various healthcare facilities centers were opened only for COVID-positive patients.Few admissions were made for patients living with chronic conditions.
Additionally, during the COVID-19 crisis, the high demand for medical devices and personal protective equipment (PPE) is seen as millions of healthcare professionals are unprotected in the middle of this situation because governments around the world were not prepared for such a pandemic.To overcome these problems, many companies are collaborating with various private and government facilities.
For instance, Global Center for Medical Innovation (GCMI), in partnership with Children’s Healthcare of Atlanta and the Georgia Tech Pediatric Technology Center, has completed its first design files for those wishing to produce Face Shields for healthcare providers, the first in what they hope will be a series of designs for badly needed PPE items. Also, in collaboration with Verily the US-based Alphabet company behind the Project Baseline the COVID-19 online screening website, Carbon, has created a face shield that can easily be manufactured on industrial 3D printers. However, the contract-based research and manufacturing activities for all the non-essential medical devices were hampered due to strict imposition of company shutdowns in the region. Industries, however, need to adopt long-term, permanent solutions to challenges that arose due to COVID. Overall, the COVID-19 created a negative impact on the growth of the medical devices and diagnostics contract research organization market.
The overall North America 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 North America 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 North America 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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