Press Release

Clinical Trial Equipment & Ancillary Solutions Market to Grow with a CAGR of 7.80% through 2028

Increasing trial complexity, stringent regulatory requirements, and globalization of trials are expected to drive the Global Clinical Trial Equipment & Ancillary Solutions Market growth in the forecast period, 2024-2028.

 

According to TechSci Research report, “Clinical Trial Equipment & Ancillary Solutions Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Clinical Trial Equipment & Ancillary Solutions Market stood at USD 2.63 billion in 2022 and is anticipated to grow with a CAGR of 7.80% in the forecast period, 2024-2028. This can be attributed to patient-centric approaches. A growing focus on patient-centric clinical trial approaches has emphasized the importance of patient recruitment and retention. Ancillary solutions providers offer strategies and technologies to engage patients effectively, leading to improved trial outcomes. Patient-centricity has become a key factor in the success of clinical trials and is driving the adoption of ancillary solutions.

Furthermore, wearable devices and mobile health apps are generating an abundance of patient-generated health data. Ancillary solutions providers can leverage this data to create more comprehensive patient profiles and monitor patient progress. This trend will require solutions for integrating PGHD into trial workflows securely.

The global market has experienced significant growth due to increased investments in research and development, a growing demand for clinical trials, and the rapid expansion of the pharmaceutical and medical industries. The COVID-19 pandemic temporarily disrupted clinical trials in 2020 due to government-imposed lockdowns, negatively impacting the market. However, the heightened demand for effective treatments for COVID-19 and other diseases has led to a rebound in the number of trials post-pandemic. For example, data from ClinicalTrial.gov shows that in 2020, there were 325,761 reported studies, whereas in 2022, this number rose to 399,502, and it is expected to continue increasing in 2023. This surge in clinical studies is anticipated to support the market's recovery after the pandemic.

As clinical trials become more complex, there is a growing need for additional resources, including drugs, equipment, and ancillary supplies. Ancillary supplies encompass all the items required to conduct a clinical study, such as syringes, surgical instruments, swabs, gloves, and other materials used by both patients and medical professionals to administer medication and evaluate safety and effectiveness parameters.

Procuring equipment and ancillary materials for clinical trials involves more than just purchasing; it requires a deep understanding of the study's design and requirements, as well as meticulous proactive planning to ensure that the most appropriate equipment and supplies are acquired at the right time and at a reasonable cost. Managing the complexities of equipment and ancillary supply, including restocking, logistics, and expiration management, often necessitates a combination of internal expertise and external assistance.

The substantial increase in the number of clinical studies conducted for COVID-19 is expected to contribute to market growth. Additionally, the high investment in research and development and the adoption of virtual clinical trials in response to the pandemic have further fueled market expansion.

           

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The Global Clinical Trial Equipment & Ancillary Solutions Market is segmented into product, phase, regional distribution, and company.

Based on its product, the supply and logistics sector emerged as the dominant force in the market, capturing the largest share of revenue in 2022. The increasingly global and diverse nature of clinical trials has underscored the necessity for a robust cold chain logistics system to safeguard the temperature-sensitive medications' integrity. Furthermore, the anticipated fluctuations in regulations within emerging markets are poised to drive up the demand for supply and logistics services during the projected period.

Conversely, the sourcing segment is expected to experience significant growth throughout the forecast period. The growing complexity of clinical trials has led to a substantial increase in the quantity of equipment and ancillary supplies required, as well as a greater number of diverse suppliers needed to provide them. This heightened complexity has raised the challenge of efficiently delivering supplies to research sites on a global scale. With expertise in sourcing and distribution, there exists a single point of contact for procuring and transporting equipment and ancillary supplies worldwide. This streamlined and well-coordinated process alleviates the burden on both clinical trial teams and facilities.

Based on phase, the phase III sector secured the highest revenue share within the global market in 2022, and it is expected to maintain its dominant position in the years ahead. Phase III clinical studies are notably more intricate compared to earlier stages. Despite the relatively smaller number of medications in this phase, it is characterized by the most significant complexities.

Conversely, the phase I segment is poised for substantial growth throughout the forecast period. This growth is primarily driven by the rising number of pharmaceutical companies focusing on developing innovative therapies for rare diseases. Additionally, the proliferation of Contract Research Organizations (CROs) worldwide further supports the adoption of phase I clinical trials, facilitating the accelerated development of pharmaceuticals.

 

Major companies operating in Global Clinical Trial Equipment & Ancillary Solutions Market are:

  • Ancillare, LP
  • Imperial Clinical Research Services Inc
  • Woodley Equipment Company Ltd
  • Thermo Fisher Scientific Inc
  • PAREXEL International Corp
  • Emsere
  • Quipment SAS
  • Marken Ltd.
  • Myonex
  • Yourway

 

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“The Global Clinical Trial Equipment & Ancillary Solutions Market is on the brink of transformation, driven by innovative technologies and a shift towards patient-centric, data-driven, and sustainable approaches. To remain competitive and responsive to the changing landscape, ancillary solutions providers must adapt and innovate in line with these upcoming trends. Embracing these trends will not only enhance the efficiency and effectiveness of clinical trials but also contribute to the overall advancement of healthcare and medical research,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

Clinical Trial Equipment & Ancillary Solutions Market By Product (Sourcing (Procurement, Rental), Supply/Logistics, Service, Others), By Phase (Phase I, Phase II, Phase III, Phase IV), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Clinical Trial Equipment & Ancillary Solutions Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Clinical Trial Equipment & Ancillary Solutions Market.

 

Contact

Mr. Ken Mathews

Techsci Research LLC

420 Lexington Avenue, Suite 300,

New York, United States- 10170                   

Tel: +13322586602

Email: [email protected]

Website: www.techsciresearch.com

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