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.
Browse over XX market data Figures spread
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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.
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