Medical Device CROs Market (2nd Edition), 2020 – 2030

New York, June 18, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Medical Device CROs Market (2nd Edition), 2020 – 2030” – https://www.reportlinker.com/p05915357/?utm_source=GNW
In fact, since 2019, the USFDA has approved close to 55 medical devices. Further, over 7,000 medical device focused clinical trials have been registered worldwide. In this context, our estimates suggest that total revenues from global sales of medical devices is likely to be around USD 450 billion in 2020. The medical devices market currently represents a large segment of the healthcare industry and is projected to continue to grow over the coming years. However, only a limited proportion of device developers claim to have the necessary resources and technical expertise to develop and conduct clinical research, in-house. This is mostly attributed to the high cost of acquiring the necessary infrastructure / capabilities for such research initiatives, making it difficult for companies with limited finances to undertake and manage elaborate R&D initiatives by themselves. In addition, regulations governing the review (of safety and efficacy) and approval of such devices are gradually becoming more stringent. For instance, the EU’s revised Medical Device Regulation (MDR) have rendered medical devices subject to rigorous quality assessments, necessitating a certain type of expertise and affiliated resources. Although the COVID-19 pandemic has delayed the enforcement of these guidelines to May 2021, device developers still need to establish the necessary means to address this upcoming challenge. In this regard, outsourcing has been shown to offer a number of benefits, including cost savings and expediting time to market. As a result, medical device developers are now increasingly outsourcing significant parts of their respective clinical research efforts and regulatory affairs management to contract research organizations (CROs).Clare: clare@reportlinker.com
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