Digital Health Segment is Expected to be Fastest Growing During the Forecast Period for MEA Region
According to a new market research study on “MEA Medical device and diagnostics contract research organization Market to 2028 - COVID-19 Impact and Regional Analysis and Forecast by Offering and Type” is expected to reach US$ 641.54 million by 2028 from 416.23 US$ million in 2021. The market is estimated to grow at a CAGR of 6.4% from 2021 to 2028. The report provides trends prevailing in the MEA medical device and diagnostics contract research organization market along with the drivers and restraints pertaining to the market growth. Outsourcing is becoming more popular, and R&D spending is increasing is the major factor driving the growth of the MEA medical device and diagnostics contract research organization market. However, the issue associated with CRO services market having strong competition hinders the growth of MEA medical device and diagnostics contract research organization market.
The MEA medical device and diagnostics contract research organization market is segmented into type, services, and country. Based on type, the MEA medical device and diagnostics contract research organization market is segmented into medical devices and diagnostic. Diagnostic segment is further sub-segmented into cardiac biomarkers, diabetes management, oncology, infectious diseases, hematology, chemistry and immunoassays, molecular diagnostics, and others. The medical devices segment held the largest share of the market in 2020. Based on services, the MEA medical device and diagnostics contract research organization market is segmented into clinical data management, monitoring, clinical project management, medical writing, clinical auditing, digital health, clinical strategy, and others. The clinical data management segment held the largest share of the market in 2020. Based on country MEA medical device and diagnostics contract research organization market is segmented into Saudi Arabia, South Africa, UAE, and rest of MEA.
The countries in the MEA region have taken precautionary measures and imposed stringent regulations to control the spread of COVID-19. Countries such as UAE, Saudi Arabia, Jordan, Iraq, and Iran have strictly imposed lockdown in the countries. Most of the countries in the region are dependent on the other region for medical devices and other products. As a result of the COVID-19 crisis, the World Bank forecasts that remittances to the MENA region are projected to fall sharply by 19.6%, after total of USD 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 MEA. However, with the imposition of lockdowns and factory shutdowns, the market for medical devices and diagnostics contract research organization market was negatively impacted.
Charles River Laboratories, Inc; ICON PLC; IQVIA; PAREXEL International Corporation; and Qserve Group B.V.; are among the leading companies in the MEA medical device and diagnostics contract research organization market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021 IQVIA Healthcare acquired genae that is a data-driven service provider with a focus on MedTech devices and technologies. genae, now IQVIA MedTech is handling the regulatory strategy, the study document creation compliant to the medical device regulations, the site selection, the submission to the Medical Device Unit of the FAGG/AFMPS, and the overall set-up and execution of the clinical trial
The MEA medical device and diagnostics contract research organization market is segmented into type, services, and country. Based on type, the MEA medical device and diagnostics contract research organization market is segmented into medical devices and diagnostic. Diagnostic segment is further sub-segmented into cardiac biomarkers, diabetes management, oncology, infectious diseases, hematology, chemistry and immunoassays, molecular diagnostics, and others. The medical devices segment held the largest share of the market in 2020. Based on services, the MEA medical device and diagnostics contract research organization market is segmented into clinical data management, monitoring, clinical project management, medical writing, clinical auditing, digital health, clinical strategy, and others. The clinical data management segment held the largest share of the market in 2020. Based on country MEA medical device and diagnostics contract research organization market is segmented into Saudi Arabia, South Africa, UAE, and rest of MEA.
The countries in the MEA region have taken precautionary measures and imposed stringent regulations to control the spread of COVID-19. Countries such as UAE, Saudi Arabia, Jordan, Iraq, and Iran have strictly imposed lockdown in the countries. Most of the countries in the region are dependent on the other region for medical devices and other products. As a result of the COVID-19 crisis, the World Bank forecasts that remittances to the MENA region are projected to fall sharply by 19.6%, after total of USD 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 MEA. However, with the imposition of lockdowns and factory shutdowns, the market for medical devices and diagnostics contract research organization market was negatively impacted.
Charles River Laboratories, Inc; ICON PLC; IQVIA; PAREXEL International Corporation; and Qserve Group B.V.; are among the leading companies in the MEA medical device and diagnostics contract research organization market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021 IQVIA Healthcare acquired genae that is a data-driven service provider with a focus on MedTech devices and technologies. genae, now IQVIA MedTech is handling the regulatory strategy, the study document creation compliant to the medical device regulations, the site selection, the submission to the Medical Device Unit of the FAGG/AFMPS, and the overall set-up and execution of the clinical trial
Reasons to buy:
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the MEA medical device & diagnostics contract research organization market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the MEA medical device & diagnostics contract research organization market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth MEA market trends and outlook coupled with the factors driving the medical device & diagnostics contract research organization market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Table of Contents
1. Introduction
3. Research Methodology
4. MEA Medical Device and Diagnostics Contract Research Organization Market - Market Landscape
5. MEA Medical Device & Diagnostics Contract Research Organization Market - Key Market Dynamics
6. Medical Device and Diagnostics Contract Research Organization Market - MEA Analysis
7. MEA Medical Device and Diagnostics Contract Research Organization Market Analysis - By Type
8. MEA Medical Device and Diagnostics Contract Research Organization Market - By Services
9. MEA Medical Devices and Diagnostics Contract Research Organization Market - Country Analysis
10. Impact of COVID-19 Pandemic on MEA Medical Devices and Diagnostics Contract Research Organization Market
11. Medical Devices and Diagnostics Contract Research Organization Market - Industry Landscape
12. Company Profiles
13. Appendix
List of Tables
List of Figures
Companies Mentioned
- Charles River Laboratories, Inc
- ICON PLC
- IQVIA
- PAREXEL International Corporation
- Qserve Group B.V.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 111 |
| Published | August 2021 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD | $ 416.23 Million |
| Forecasted Market Value ( USD | $ 641.54 Million |
| Compound Annual Growth Rate | 6.4% |
| Regions Covered | Africa, Middle East |
| No. of Companies Mentioned | 5 |
