Global Medical Device Market 2024

The global medical device market is projected to reach USD 536.12 billion by the start of 2024, compared to USD 512.29 billion in 2022. The medical device market size is estimated to register significant growth, reaching USD 799.67 billion by 2030, displaying a CAGR of 5.9% within the forecasted time frame. 

Medical Device Trends and Market Growth Factors

  • The increasing prevalence of chronic diseases: 
  • The growing emphasis on early diagnosis and treatment
  • The rising adoption of telemedicine and remote patient monitoring: 
  • The increasing use of artificial intelligence and machine learning:
  • The growing demand for minimally invasive procedures: 

Reasons for Medical Device Companies to Outsource CROs:

In the upcoming decade, numerous worldwide elements are aligning to elevate the need for sophisticated healthcare equipment. Simultaneously, stakeholders in the industry recognize that transforming a medical device idea into a market-ready product is a sophisticated and costly endeavor.

  • Lack of Company Expertise and Capabilities: Many medical device companies lack the in-house expertise or capabilities to conduct clinical trials independently. CROs like NoyMed have specialized experience in all aspects of clinical trials, from study design and conduct to data management and analysis. Outsourcing can save medical device companies time and money, as they do not have to invest in building their internal team.
  • Accelerated Product Development: Regarding resources, CROs have access to a pool of experienced clinical trial professionals and investigators (120+ professionals in NoyMed), accelerating all clinical trial aspects of medical device companies, including clinical trial design, conduct, and analysis. CROs can access clinical trial sites, making site activation and patient recruitment processes quicker.
  • Regulatory Expertise and Compliance of CROs:  CROs can guide medical device companies in navigating the regulatory landscape for medical devices. CROs have experience in managing the regulatory compliance process for clinical trials. This can help medical device companies avoid costly delays and ensure that their clinical trials are conducted promptly within the necessary time frames.
  • Focusing on Core Competencies: The resources of medical device companies are usually focused on product development and marketing. Clinical trials can be a significant drain on these resources. Outsourcing clinical trials to a CRO can help medical device companies free up these resources to focus on their core competencies.

Conclusion: 

Outsourcing clinical trials to Contract Research Organizations (CROs) offers several compelling reasons for medical device companies. The lack of in-house expertise and capabilities often faced by these companies can be addressed by partnering with specialized CROs with extensive experience in clinical trials. By doing so, medical device companies can save valuable time and financial resources that would otherwise be spent on building their internal teams.

 

Sources:

*Medical Devices Market Size, Share & COVID-19 Impact Analysis, By Type (Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, In-vitro Diagnostics, Minimally Invasive Surgery, Wound Management, Diabetes Care, Ophthalmic Devices, Dental Devices, Nephrology, General Surgery, and Others); By End User (Hospitals & ASCs, Clinics, and Others), and Regional Forecast, 2023-2030