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.
Key Insights & Findings:
- 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.
Read 110 page market research report, “Clinical Trial Equipment & Ancillary Solutions Market Size, Share & Trends Analysis Report By Product (Sourcing, Supply/Logistics), By Phase (Phase I, II, III), By Region (APAC, North America), And Segment Forecasts, 2021 – 2028“, by Grand View Research
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.
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)
- Equipment Servicing
- Clinical Trial Equipment & Ancillary Solutions Phase Outlook (Revenue, USD Million, 2016 – 2028)
- Phase I
- Phase II
- Phase III
- Phase IV
- Clinical Trial Equipment & Ancillary Solutions Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa
- Saudi Arabia
- North America
List of Key Players of Clinical Trial Equipment & Ancillary Solutions Market
- Ancillare, LP
- Imperial Clinical Research Services
- Woodley Equipment Company Ltd.
- Thermo Fisher Scientific, Inc.
- PPD, Inc.
- PAREXEL International Corp.
- MediCapital Rent
- Quipment SAS
Check out more studies related to clinical trials, conducted by Grand View Research:
- Clinical Trial Supplies Market – The global clinical trial supplies market size was valued at USD 1.9 billion in 2020 and is expected to expand at a CAGR of 6.0% from 2021 to 2028. The outbreak of COVID-19 has accelerated certain new models in the market to ease the crisis and to cope up with changing trends.
- COVID-19 Clinical Trials Market – The global COVID-19 clinical trials market size is valued at 5.0 billion in 2020 and is expected to grow at a CAGR of 9.5% from 2021 to 2027. Factors such as globalization of clinical trials, demand for CROs to conduct clinical trials, and technological evolution, are anticipated to drive growth.
Browse through Grand View Research’s coverage of the Global Medical Devices Industry.