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Middle East and Africa Medical Device and Diagnostics Contract Research Organization Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type and Services

Middle East and Africa Medical Device and Diagnostics Contract Research Organization Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type and Services

  • August 2021
  • 111 pages
  • ID: 6134339
  • Format: PDF
  • The Insight Partners

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The medical device and diagnostics contract research organization market in the MEA is expected to grow from US$ 416.23 million in 2021 to US$ 641.54 million by 2028; it is estimated to grow at a CAGR of 6.4% from 2021 to 2028.

The primary role of a CRO is to reduce the burden of complex and stubborn processes of medical device manufacturing and support manufacturers by helping them in the various stages of product development.The medical device companies outsource numerous services from the CROs to ensure the quality and efficacy of their products at various stages of development.

The market for these solutions offered by the CROs is highly competitive.The role of medical device outsourcing has changed from being a small part of a business to an integral part of it.

The medical device industry is transforming with the increasing pipeline, pricing pressure, and emerging markets.Despite ongoing consolidation, the CRO market remains fragmented, with only a small number of companies achieving high reach and scale.

CROs offering services in niche areas are in high demand, owing to the significant investment required to have these in-house capabilities. However, many medical device companies have started acquiring these facilities to gain a competitive edge over their competitors. As a result, the pricing of services is increasing, which is creating massive trouble for start-ups and small medical device companies. Moreover, the acquisition of small CROs by big contract manufacturers restricts the availability of alternatives in the medical device & diagnostics contract research organization market. Additionally, outsourcing is becoming more popular and R&D spending is increasing. These factors are expected to fuel the demand for medical device and diagnostics contract research organizations in the MEA.

Based on services, the digital health segment is expected to be the fastest-growing segment during the forecast period for the MEA region.Extensively increasing integration of medical services and digital platforms is leading to the increasing popularity and acceptance of digital consultation.

This digital platform is allowing patients to get medical opinion without visiting the hospitals or clinics.In addition, the service can offer significant patient convenience, improved patient experience, and effective cost management.

Further, the deployment of digital platforms enables a patient to be consulted from any remote region with superior accessibility of medical experts.Such benefits are expected to raise the adoption of digital health, which will eventually drive the segment.

Further, the rising number of partnerships and collaborations among software developing companies and healthcare institutions is accelerating the digitalization of medical consulting services. For instance, in July 2019, the University of Chicago Medicine, a significant health system, launched a remote second opinion service in collaboration with PinnacleCare, one of the significant healthcare advisory companies. Moreover, in April 2021, the Maryland State Medical Society signed a strategic agreement with PRA Health Sciences to receive teleservices, patient monitoring, and digital health services. Such developments are anticipated to drive the digital health segment during the forecast period.

The countries in the MEA region have taken precautionary measures and imposed stringent regulations to control the spread of COVID-19.Countries such as the UAE, Saudi Arabia, Jordan, Iraq, and Iran have strictly imposed lockdown.

Most of the countries in the region are dependent on the other regions for medical devices and other products. As a result of the COVID-19 crisis, the World Bank forecasted that remittances to the MENA region are projected to fall sharply by 19.6%, after a total of US$ 42 billion in 2020 after a 2.6% increase in 2019. MENA countries and the global community also have a role to play in tackling COVID-19. For the first time in decades, MENA countries are facing a common issue with no political or religious agenda. The current medical device outsourcing markets in the MEA region vary greatly between different nations. Medical affairs play a pivotal role in overcoming barriers to accessing healthcare professionals (HCPs). Moreover, compliance requirements mean medical affairs is responsible for providing healthcare providers with real-time, unbiased, and transparent medical information in the MEA. However, owing to the imposition of lockdowns and factory shutdowns, the medical devices and diagnostics contract research organization market was negatively impacted.

The overall MEA 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 MEA 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 MEA medical device and diagnostics contract research organization market. Charles River Laboratories, Inc; ICON PLC; IQVIA; PAREXEL International Corporation; and Qserve Group B.V are among the key players operating in the medical device and diagnostics contract research organization market.

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