South America Medical Device and Diagnostics Contract Research Organization Market

Market Introduction

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.

Market Overview and Dynamics

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.

Key Market Segments

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.

Major Sources and Companies Listed

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.        

Reasons to buy report

• To understand the SAM medical device and diagnostics contract research organization market landscape and identify market segments that are most likely to guarantee a strong return.
• Stay ahead of the race by comprehending the ever-changing competitive landscape for SAM medical device and diagnostics contract research organization market.
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• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form SAM medical device and diagnostics contract research organization market.
• Obtain market revenue forecast for market by various segments from 2021-2028 in SAM region.

SAM Medical Device and Diagnostics Contract Research Organization Market Segmentation

SAM Medical Device and Diagnostics Contract Research Organization Market - By Offering

• Hardware
• Services

SAM Medical Device and Diagnostics Contract Research Organization Market - By Type

• Unmanned Self-Service Automated Tollbooth Collection System
• Unmanned Automated Toll Booth Collection System
• Unmanned Wireless Automated Toll Booth Collection System

SAM Medical Device and Diagnostics Contract Research Organization

Market - By Country

• Brazil
• Argentina
• Rest of SAM

SAM Medical Device and Diagnostics Contract Research Organization Market - Company Profiles

• Charles River Laboratories, Inc
• ICON PLC
• IQVIA
• North American Science Associates, Inc.
• PAREXEL International Corporation
• Proxima Clinical Research, Inc.
• Qserve Group B.V.

South America Medical Device and Diagnostics Contract Research Organization Market Strategic Insights

South America Medical Device and Diagnostics Contract Research Organization Market Segmentation Analysis

South America Medical Device and Diagnostics Contract Research Organization Market Report Highlights

South America Medical Device and Diagnostics Contract Research Organization Report Scope

South America Medical Device and Diagnostics Contract Research Organization Market Country and Regional Insights