The global clinical trial equipment & ancillary solutions market size was valued at USD 2.7 billion in 2022 and is anticipated to exhibit a compound annual growth rate (CAGR) of 8.1% from 2023 to 2032.
Report Scope of The Clinical Trial Equipment & Ancillary Solutions Market:
|Market Size In 2022||USD 2.7 Billion|
|Revenue Forecast By 2032||USD 5.88 Billion|
|Growth Rate From 2023 to 2032||8.1%|
|Segments Covered||Product, Phase|
|Market Analysis (Terms Used)||Revenue In USD Million/Billion And CAGR From 2023 To 2032|
|Regional Scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa|
|Key Companies Profiled||Ancillare LP; Imperial CRS; Woodley Equipment Company Ltd.; Thermo Fisher Scientific, Inc.; PAREXEL International Corp.; Emsere (Medicapital Rent); Quipment SAS; IRM; Marken A UPS Company; Myonex; Yourway|
The global market has noticed critical growth on account of the rising R&D investments, evolving need for clinical trials, and the rapid growth of the pharmaceutical and medical industries. The COVID-19 outbreak temporarily slowed down the process of clinical trials in 2020, owing to the national lockdown implemented by the government, which had affected the market negatively. However, the growing demand for an effective treatment for COVID-19 and other diseases improves the number of trials post covid. For instance, according to ClinicalTrial.Gov, 325,761 studies were reported in 2020, whereas in 2022 the number of studies reached 399502 by 2023. The surge in clinical studies is expected to support the market post-pandemic.
As clinical trials evolve, more resources are required for a clinical trial, including the drugs, equipment, and ancillary supplies. Ancillary supplies include all items necessary to perform a clinical study, such as syringes, surgical knives, swabs, gloves, and any other material that the patient and medical professional need to administer the medication and analyze the effectiveness and safety parameters under examination.
Sourcing equipment & ancillary materials for clinical trials involves considerably more than just procurement. It needs an in-depth understanding of the study’s design and requirements, as well as rigorous proactive planning to guarantee that the most relevant equipment and supplies are bought at the correct time and at a reasonable price. A combination of internal knowledge and external help is strongly recommended in handling the complexity of equipment and ancillary supply, restocking, logistics, and expiry management.
There is a massive rise in the number of clinical studies being undertaken for COVID-19, and this is expected to improve market growth. Apart from this high investment in R&D and adoption of virtual clinical trials owing to the pandemic have further supported the market growth.
Clinical Trial Equipment & Ancillary Solutions Market Report Segmentation: