The global clinical trial equipment & ancillary solutions market size is anticipated to reach USD 4.4 billion by 2028, according to the new report of Grand View Research, Inc., expanding at a CAGR of 8.2% over the forecast period. The growing pharmaceutical and medical sectors, globalization of clinical trials, and rising R&D expenditure are the factors driving the market.
The clinical trial procedure has evolved considerably in recent years. Complex clinical studies are creating new problems throughout the healthcare supply chain. Modern studies frequently involve huge numbers of patients and patient subgroups, as well as numerous nations and research sites. As a result, the number of challenges that supply chain managers confront while working with clinical trial equipment & ancillaries has increased. Renting medical equipment relieves the burden of storage, retrieval, and disposal. Another important decision-making reason is that renting equipment reduces significant upfront expenses and large investments required to furnish licensed clinical trial locations.
The COVID-19 pandemic has affected the global market, which resulted in slowing down the supply chain of the equipment & ancillary supplies. The COVID-19 pandemic has caused major changes in the clinical trial environment. Hundreds of experiments that were in progress before the pandemic have been halted, while many new trials have been launched in the hunt for effective therapies and interventions. COVID-19 has changed the way clinical trials are conducted, encouraging the digitization of healthcare and the adoption of cutting-edge technologies and techniques.
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The supply/logistics product segment dominated the market with a revenue share of more than 38% in 2020 due to the high number of clinical trials globally, which resulted in increased demand for efficient logistics services
The phase III segment accounted for the maximum revenue share of the global market in 2020. Phase III studies are the most effective approach to discover a new treatment standard
North America led the global market in 2020 and is expected to remain dominant even during the forecast years due to a rise in the number of CRO and pharmaceutical & medical companies in the region
Asia Pacific is projected to be the fastest-growing regional market during the forecast period as it is becoming an increasingly significant site for clinical trial investigations
Grand View Research has segmented the clinical trial equipment & ancillary solutions market on the basis of product, phase, and region:
Clinical Trial Equipment & Ancillary Solutions Product Outlook (Revenue, USD Million, 2016 - 2028)
Clinical Trial Equipment & Ancillary Solutions Phase Outlook (Revenue, USD Million, 2016 - 2028)
Clinical Trial Equipment & Ancillary Solutions Regional Outlook (Revenue, USD Million, 2016 - 2028)
List of Key Players of Clinical Trial Equipment & Ancillary Solutions Market
Imperial Clinical Research Services
Woodley Equipment Company Ltd.
Thermo Fisher Scientific, Inc.
PAREXEL International Corp.
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