Medical Device Regulatory Affairs Market Revenue Sales to Reach .1 Billion by 2030: Grand View Research Inc.Posted by Sona Kulkarni on April 25th, 2024 Medical Device Regulatory Affairs Market Growth & Trends The global medical device regulatory affairs market size is expected to reach USD 12.1 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.1% from 2023 to 2030. Technological advancements in medical devices, such as AI and machine learning, increasing trends toward portable and smaller devices, and strict government regulations for medical devices are driving the market. Medical equipment regulation is a vast and rapidly changing field that is often complicated by legal challenges. Even within one regulatory framework, legal terms and their definitions are not always consistent. As technology expands, software, machine learning, and algorithms become essential component of an increasing number of digital health resources. This presents new challenges as an increasing number of instruments fall under the regulatory framework. Medical device companies have to deal with continuous changes in regulatory requirements, which can differ based on business activities and geographies. Noncompliance with the changing regulatory requirements can result in penalties and delays, which may lead to a loss of revenue. According to a survey sponsored by Genpact, 72.0% of executives from the life sciences industry consider regulatory compliance to be one of the top three challenges they face. Such factors are expected to support the demand for these services further. Public organizations worldwide are providing funding to improve healthcare R&D. For instance, in March 2022, over USD 188.0 million was funded by the U.K. government to support NHS-led health research pertaining to diagnostics and treatments. Such investments in the future are expected to increase the number of new medical device launches, thus creating opportunities for medical device regulatory services. Such activities are expected to support the market in the forecasted period. Request a free sample copy or view the report summary: Medical Device Regulatory Affairs Market Report Medical Device Regulatory Affairs Market Report Highlights
Access Press Release@ https://www.grandviewresearch.com/press-release/global-medical-device-regulatory-affairs-market Medical Device Regulatory Affairs Market Segmentation Grand View Research has segmented the global medical device regulatory affairs market based on services, type, service provider, and region: Medical Device Regulatory Affairs Services Outlook (Revenue, USD Million, 2018 - 2030)
Medical Device Regulatory Affairs Type Outlook (Revenue, USD Million, 2018 - 2030)
Medical Device Regulatory Affairs Service Provider Outlook (Revenue, USD Million, 2018 - 2030)
Medical Device Regulatory Affairs Regional Outlook (Revenue, USD Million, 2018 - 2030)
List of Key Players in Medical Device Regulatory Affairs Market
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. Like it? Share it!More by this author
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