Cannon Quality Group announces expansion into IVD and pharmaceutical industries
DANVILLE, California., March 8, 2022 /PRNewswire/ — Cannon Quality Group, a leading Bay Area provider of quality management system services to the medical device, medtech, life sciences and biotechnology industries, announced that it has expanded its services to include in vitro diagnostics (IVD) expands pharmaceutical industry in 2022.
According to research experts, the size of the global IVD market has been estimated at over $84 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.5% through 2027. The development of automated IVD systems for hospitals and laboratories to provide more accurate and efficient diagnoses is expected to fuel the market growth.
“We continue to see requests for our compliance and auditing services from early-stage IVD market participants through to established companies,” said Nicole Cannon, Founder and CEO of Cannon Quality Group. “We continue to expand our team of quality engineers and testers to ensure our customers are making safer consumer products with better patient outcomes.”
The increasing number of IVD products being brought to market by industry leaders such as Abbott Diagnostics, Becton, Dickinson (BD), Bio-Rad, Lab Corp and Quest is a key component of growth for 2022.
“Another industry projected to grow in 2022 and beyond is pharmaceuticals,” Cannon said. “As we see the convergence of medical devices with pharmaceuticals, we see the need to support our customers who are pioneers in this converging field.”
According to industry experts, the continued high level of FDA approvals is driving the market growth with forecasts that the FDA will approve approximately 25 new drug applications in 2022.
More agile technological approaches to supply chain problems will continue in 2022. This year may also bring significant regulatory changes as the EU considers its 20-yearly reviews of pharmaceutical policy. The most important companies in the pharmaceutical market include Pfizer, Merck and Johnson & Johnson.
About Cannon Quality Group
Cannon Quality Group, the Bay Area’s leading provider of quality management system services, has served over 200 companies to date, with 88% of previous clients still in business. 30% were acquired or went public. The company helps companies of all sizes establish or improve their quality management processes to achieve compliance with FDA standards and ISO 13485. www.cannonqualitygroup.com
SOURCE Cannon Quality Group