South America Medical Device and Diagnostics Contract Research Organization Market
No. of Pages: 115 | Report Code: TIPRE00024095 | Category: Life Sciences
No. of Pages: 115 | Report Code: TIPRE00024095 | Category: Life Sciences
The rising number of clinical trials in the countries such as Argentina, Brazil and rest of SAM have had a direct impact on the market growth. The cost savings advantage and higher work efficiencies achieved are cited as the major attracting points for manufacturing companies to establish bases in SAM. Brazil is the fifth largest country in the world both by area and by population and experiencing the fastest demographic aging worldwide. In Brazil, the aging population is at a rapid pace and in a context of regional and historical socioeconomic inequalities. According to the study conducted in Brazil, the community of women estimated at the vast majority with 16.9 million (56%) of elderly persons, whereas older adults estimated approx. 13.3 million (44%). The growing aging population leads to several chronic conditions such as cancer, orthopedic conditions, neurodegenerative disorders, and diabetes amongst others. Such growing conditions are likely to drive the adoption of medical devices, which will eventually drive the Brazil medical device and diagnostics contract research organization market during the forecast period.
The countries in this region are developing in terms of the healthcare and medical service industry. Majority of the countries are highly dependent on medical devices imported from developed countries. Therefore, countries have faced several challenges with their requirements for medical devices and diagnostics contract research organization due to severe disruption in supply chains. Health authorities are worrying that attempting to fight the coronavirus will indirectly contribute to an increase in deaths of ill patients, including heart patients, gynecology patients, and other causes. Countries such as Brazil, Argentina, Colombia, and others were severely hit by the pandemic. Although, the supply chains were revived by the end of 2020 once the COVID cases reduced in various parts of the world. These factors thus encouraged the growth of the medical devices and diagnostics contract research organization market in the SAM.
Strategic insights for the South America Medical Device and Diagnostics Contract Research Organization provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 552.30 Million |
| Market Size by 2028 | US$ 857.81 Million |
| Global CAGR (2021 - 2028) | 6.5% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | South and Central America
|
| Market leaders and key company profiles |
The geographic scope of the South America Medical Device and Diagnostics Contract Research Organization refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The medical device and diagnostics contract research organization market in SAM is expected to grow from US$ 552.30 million in 2021 to US$ 857.81 million by 2028; it is estimated to grow at a CAGR of 6.5% from 2021 to 2028. Some of the prominent countries contributing to the growth of the market include Chile, Colombia, Peru, and Bolivia. Aging population, increasing incidences of infectious diseases are prime factors for the growth of the market. Pharmaceutical industry is rapidly growing business in Colombia, where the country now leads the region in capital investment in pharmaceuticals. Presence of international pharmaceutical players is further strengthening the growth of the market in the region. In addition, increasing number of clinical studies in the region are also expected to have significant impact on the market growth. Furthermore, increasing international partnership is augmenting the growth of the market in the region. For instance, in September 2019, India and Chile formed an agreement to allow the drug manufacturing companies in India to participate in the tenders proposed by the Chile government. Thus, above mentioned factors are driving the growth of the market in the forecast period.
The SAM medical device and diagnostics contract research organization market is segmented into type, services, and country. Based on type, the SAM 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 SAM 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 SAM medical device and diagnostics contract research organization market is segmented into Brazil, Argentina, and rest of SAM.
A few major primary and secondary sources referred to for preparing this report on the medical device and diagnostics contract research organization market in SAM are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Charles River Laboratories, Inc; ICON PLC; IQVIA; North American Science Associates, Inc.; PAREXEL International Corporation; Proxima Clinical Research, Inc.; and Qserve Group B.V.
The South America Medical Device and Diagnostics Contract Research Organization Market is valued at US$ 552.30 Million in 2021, it is projected to reach US$ 857.81 Million by 2028.
As per our report South America Medical Device and Diagnostics Contract Research Organization Market, the market size is valued at US$ 552.30 Million in 2021, projecting it to reach US$ 857.81 Million by 2028. This translates to a CAGR of approximately 6.5% during the forecast period.
The South America Medical Device and Diagnostics Contract Research Organization Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the South America Medical Device and Diagnostics Contract Research Organization Market report:
The South America Medical Device and Diagnostics Contract Research Organization Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South America Medical Device and Diagnostics Contract Research Organization Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South America Medical Device and Diagnostics Contract Research Organization Market value chain can benefit from the information contained in a comprehensive market report.
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