Contract research organizations (CROs) are becoming increasingly popular with medical device companies keen to improve their financial and operational efficiency, the report stated, as increasingly complex clinical trials are needed to meet the approval of regulatory bodies.
The U.S. accounts for approximately half of the global market for medical device CROs, valued at $1.6 billion in 2011, with growth expected to increase to $3.4 billion by 2018.
The study credited favorable conditions for clinical research and the country's huge medical devices market, which fuels demand for CROs, for the U.S.'s domination in this market.
In addition, a recent increase in the number of regional CROs, especially in the emerging markets of India and China, is due in part to the advantage of low-cost and regional regulatory expertise.
However, India, China, and Brazil still struggle to offer positive regulatory experiences, according to the study, and intellectual property protection remains a major concern for CROs and medical device companies operating there.
PACS market primed for double-digit growth, January 26, 2012
Analysts issue positive report for global mammo market, January 10, 2012
Nuclear medicine market looks set for global growth, December 8, 2011
Global HIS market poised for sustained growth, July 8, 2011
European nuke med market could triple, January 25, 2010
Copyright © 2012 AuntMinnieEurope.com