FOR IMMEDIATE RELEASE
Cannon Quality Group Announces Expansion into IVD and Pharma Industries
2022 Market Growth in Pharmaceutical and In Vitro Diagnostics is Fueling Expansion
March 8, 2022 –Danville, CA Cannon Quality Group, a leading Bay Area provider of Quality Management System services to the medical device, Medtech, life sciences, and biotech industries, has announced that it is expanding its services into the in vitro diagnostics (IVD) and Pharma industries in 2022.
According to research experts, the global IVD market size was valued at over $84B in 2020 and is expected to expand 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 market growth.
“We continue to see requests for our compliance and auditing services with IVD market players at startup stages to established enterprises,” said Nicolle Cannon, founder and CEO at Cannon Quality Group. “We continue to grow our team of quality engineers and auditors to help ensure our clients produce safe products for consumers with better patient outcomes.”
The rising number of IVD products being launched by market leaders in the industry such as Abbott Diagnostics, Becton, Dickinson (BD), Bio-Rad, Lab Corp, and Quest is a key component of growth for 2022.
“Another industry forecasted to grow in 2022 and beyond is the pharmaceutical industry,” said Cannon. “As we see the convergence of medical devices with pharmaceutical products, we see the need to support our clients who are pioneers in this converging field.”
According to industry experts, continued high levels of approvals by the FDA with predictions that the FDA will approve about 25 new drug applications in 2022 is fueling market growth.
More agile technology approaches to supply chain problems will continue in 2022. This year may also bring significant regulatory changes as the EU considers its once in every 20-years pharmaceutical policy revisions. Major companies in the pharmaceuticals market include Pfizer, Merck, and Johnson & Johnson.
About Cannon Quality Group
Cannon Quality Group, the leader in Quality Management System services in the Bay Area, has served over 200 companies to date with 88% of past clients still in business. 30% have been acquired or gone public. The company helps companies of all sizes set up or improve their quality management processes to achieve compliance to FDA standards and ISO 13485. www.cannonqualitygroup.com