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The Global Medical Device Regulatory Affairs Market Size is valued at USD 6.08 billion in 2023 and is predicted to reach USD 13.58 billion by the year 2031 at a 10.79% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The medical device regulatory affairs market is expanding due to various factors, including the growing complexity of medical devices and supportive government initiatives.
- The market's expansion can largely be attributed to the medium to large-scale industries.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- The increasing cost of regulatory services and the prevalence of cyberattacks on software-based medical diagnostic equipment are two concerns that can hinder the market's growth.
Regulations and quality standards must keep up with the quick advancements in medical technology and consider the regional differences in needs. The Quality and Regulatory Affairs standards for Medical Devices come into play and are vital from the product design stage onward, guiding the product lifecycle. Due to the increased adoption and development of advanced medical devices for treating various diseases, such as cardiovascular and other infectious diseases, various technological advancements and their expanding applications in the healthcare sector, the market is anticipated to experience moderate growth.
Additionally, the rise in the elderly population and the different technological developments available to address patients' unmet requirements present important prospects. However, throughout the projection period, factors such as the high cost of providing regulatory services, increased cyberattacks, and worries about cyber security are projected to limit market growth to some extent.
Competitive Landscape:
Some of the Medical Device Regulatory Affairs market players are:
- ICON, Plc
- Emergo
- Freyr
- Laboratory Corporation of America Holdings
- IQVIA, Inc.
- Intertek Group plc
- SGS Société Générale de Surveillance SA
- Premedical International
- Integer Holdings Corporation
- Medpace
Market Segmentation:
The Medical Device Regulatory Affairs market is segmented based on services, type and service provider. Based on services, the medical device regulatory affairs market is segmented into regulatory consulting, legal representation, regulatory writing & publishing, product registration & clinical trial applications, and other services. By type, the medical device regulatory affairs market is segmented into therapeutics and diagnostics. By service providers, the market is segmented as outsourced and in-house.
Based On Service, The Legal Representative Segment Is A Major Contributor To The Medical Device Regulatory Affairs Market
The legal representative category will hold a major share of the global Medical Device Regulatory Affairs market 2022. This might result from the growing need for legal counsel worldwide brought on by the internationalization of medical technology. The laws are quite complicated and are often changing. The need for local expertise for legal representation to get regulatory clearances and customs clearance is growing due to the region's shifting regulatory environment. These factors are raising the demand for legal services all around the world.
The Therapeutic Segment Witnessed Growth At A Rapid Rate
The therapeutic segment is projected to develop rapidly in the global Medical Device Regulatory Affairs market. This may be attributed to the increasing incidences of various chronic diseases, such as respiratory disorders, diabetes, cardiovascular diseases, and cancer, which demand advanced therapeutic devices. For instance, rising demand for technologically advanced products such as auto-injectors or pen needles for effective and efficient insulin delivery in diabetic patients is fueling segment growth., especially in countries such as the US, Germany, the U.K., China, and India.
The North America Medical Device Regulatory Affairs Market Holds A Tremendous Revenue Share
The North America medical device regulatory affairs market is expected to hold the highest market share in revenue soon. The (FDA) in the United States and Health Canada in Canada has a well-established regulatory framework for medical devices. A booming medical device market, encompassing implants, therapeutic devices, and diagnostics, is currently present in the North American region.
The constant adoption of innovation and the introduction of cutting-edge technologies in this sector has increased the demand for regulatory affairs services to guarantee compliance with changing norms and laws. The global medical device regulatory affairs market is similarly positioned for rapid expansion in the Asia Pacific region. Clinical trials and studies are increasing, and recent regulatory improvements contribute to the expected future expansion.
The region's focus on cost-cutting measures has been a major force behind market growth, and its large pool of highly skilled workers has increased the industry's size even more. The rapidly expanding older population also stimulates business.
Recent Developments:
- In January 2024, ICON plc published a whitepaper titled "Optimizing biotech funding." Here is a rundown of the current state of biotech companies and the research and development strategies they might employ to recruit and maximize the funds donors provide.
- In November 2023, Emergo released an online platform called Optimal Product Usability Suite (OPUS). Medical device and technology makers now have efficient access to human factors engineering (HFE) skills through this software-as-a-service (SaaS) solution, which will support their regulatory and commercial endeavors.
Medical Device Regulatory Affairs Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 6.08 Bn |
|
Revenue Forecast In 2031 |
USD 13.58 Bn |
|
Growth Rate CAGR |
CAGR of 10.79 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Services, Type and Service Provider |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; South East Asia |
|
Competitive Landscape |
ICON, Plc; Emergo; Freyr; Laboratory Corporation of America Holdings; IQVIA, Inc.; Intertek Group plc; SGS Société Générale de Surveillance SA; Premedical International; Integer Holdings Corporation; Med pace. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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