The number of completed clinical trials for medical devices in Q2 2021 saw a 60% decrease globally, when compared with the last four–quarters average, according to GlobalData’s medical devices database.
The global medical devices market was worth $479.03bn in 2020 and is expected to reach $531.77bn by 2023, according to GlobalData’s analysis.
Completed clinical trials by market: Ophthalmic Devices has the most studies
Looking at the completed studies by the type of markets, Ophthalmic Devices accounted for the largest proportion (13%) in Q2 2021, followed by In Vitro Diagnostics (12%) and Anesthesia and Respiratory Devices (11%).
Of the global medical devices market value, the Ophthalmic Devices market held a 1% share, worth $5bn in 2020 and is expected to reach $6.83bn by 2023.
North America leads completed trials activity
Comparing the number of completed clinical trials for medical devices in different regions of the globe, North America held the leading position with a share of 44% in Q2 2021, followed by Europe with 34%, and Asia-Pacific with 13%.
At the country level, the US had the largest share (33%) of the completed global clinical trials during the quarter. In second place was United Kingdom with a share of 4%, followed by Spain with 4%.
Looking at the share of activity in terms of completed clinical trials sponsorship, company-sponsored trials accounted for a 52% share of the global medical devices market, while institute-sponsored trials held the remaining share.
The quarterly average for the last four quarters saw company-sponsored trials account for 48% of completed trials and institute-sponsored trials account for 52%.
The clinical trials data used for the analysis were extracted from the medical Clinical Trials Database of GlobalData’s Medical Intelligence Center. Medical device clinical trials database covers all clinical trials conducted on medical devices, combination devices, diagnostics, and diagnostic imaging agents covering 16 markets(as per medical device taxonomy). GlobalData tracks clinical trials from six key registries: NCT, UMIN, ACTRN, ChiCTR, EudraCT, and ISRCT. It also monitors universities, company websites, press releases, investor presentations and annual reports to track medical device clinical trials. Industry refers to commercial entities such as private and public companies and their subsidiaries. Non-Industry refers to non-profit making entities including hospitals, universities, government research institutions and non-government research institutions. The information is collected by following systematic research techniques and proprietary methodology. Only completed clinical trials are considered for this analysis