North America was the largest shareholder in the medical device regulatory affairs market in 2021
PORTLAND, OREGON, USA, July 29, 2022 /EINPresswire.com/ — Medical Device Regulatory Affairs Market by Services (Regulatory Consulting/Strategic Services, Regulatory Writing and Publishing, Legal Representation, Product Registration and Clinical Trials, Others) , by service provider (internal, outsourced), by type (diagnostic, therapeutic), by indication (infectious diseases, oncology and hematology, gynecology and obstetrics, musculoskeletal disorders, respiratory, cardiovascular, others): analysis of global opportunities and industry forecast, 2021-2031
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The global Medical Device Regulatory Affairs Market size was valued at USD 7.0 Billion in 2021 and is projected to reach USD 12.2 Billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031. in regulated industries such as pharmaceuticals, medical devices and agrochemicals. Within the healthcare industry, regulatory affairs have a very special connotation.
The impact of the COVID-19 pandemic is expected to remain negative for the medical device regulatory affairs market. As the COVID-19 pandemic continues to spread, medical device companies are struggling to make informed decisions about their products, supply chains and regulatory obligations amid uncertainty.
Main benefits for stakeholders
This report provides a quantitative analysis of market segments, current trends, estimates and dynamics of the Medical Devices Regulatory Affairs Market analysis from 2021 to 2031 to identify the predominant opportunity of the Medical Devices Regulatory Affairs Market medical.
Market research is offered with information related to key drivers, restraints, and opportunities.
Porter’s Five Forces analysis highlights the ability of buyers and suppliers to enable stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.
In-depth analysis of medical device regulatory affairs market segmentation helps to determine the existing market opportunities.
A new medical device can cost millions to develop, and any error has a significant impact on the company’s reputation. Since medical devices play such an important role in people’s lives, they will help in the diagnosis, prevention and treatment of various diseases. It is therefore important to verify the quality of the product/medical devices and, for this purpose, the regulatory affairs expert is fully responsible for maintaining the products in compliance and keeping track of all documents. One of the regulatory specialist’s most important responsibilities is to ensure that all device information is accurately communicated to patients. Even a minor error in any regulatory activity can result in a product recall, as well as the loss of millions of dollars.
Key market segments
Regulatory Consulting / Strategic Services
Regulatory drafting and publication
Product registration and clinical trials
By service provider
Main market players
IQVIA Holdings Inc.
The regulatory function in the health sector is essential to ensure the availability of safe and effective health products worldwide. Regulatory professionals include those who ensure regulatory compliance and prepare submissions, as well as those whose primary function is clinical affairs or quality assurance. Medical device regulatory affairs experts serve as the link between the medical device industry and regulatory agencies around the world, including the United States Food and Drug Administration (USFDA), the Drug and Drug Regulatory Agency. Health Products (MHRA) for UK, European Medicines Agency for European Union, Central Drugs Standard Control Organization (CDSCO) for India, Pharmaceutical & Food Safety Bureau (PFSB) for Japan and Therapeutic Good Administration (TGA) for Australia.
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