Clinical Trial Equipment & Ancillary Solutions Market Size is valued at USD 2.71 billion in 2023 and is predicted to reach USD 5.16 billion by the year 2031 at a 8.61% CAGR during the forecast period for 2024-2031.
The increased investment in research and development projects fosters innovation and creates new equipment and solutions. Furthermore, advancements in medical research and drug development are resulting in a higher volume of clinical trials globally, escalating the demand for associated equipment and ancillary solutions. The growing emphasis on patient-centric clinical trials is another significant driver, leading to developing solutions to improve patient comfort, convenience, and participation. Moreover, stringent regulatory requirements necessitate the use of specialized equipment, contributing to market growth.
Additionally, the increasing complexity of clinical trials and the globalization of trial operations are driving demand for advanced and adaptable equipment and solutions. The shift towards personalized medicine and the emergence of digital technologies in clinical trials further fuel demand in this market segment. Collectively, these drivers are propelling the growth and expansion of the Clinical Trial Equipment & Ancillary Solutions Market.
Competitive Landscape:
Key players in the Clinical Trial Equipment & Ancillary Solutions market are:
- Ancillary, LP
- Imperial CRS, Inc.
- Woodley Equipment Company Ltd.
- Thermos Fisher Scientific, Inc.
- Parexel International (MA) Corporation
- Emser (formerly Medi Capital Rent)
- Equipment SAS
- IRM
- Mirken
- Moyne
- Your way
Market Segmentation:
The clinical trial equipment & ancillary solutions market is segmented on the basis of product and phase. Based on product, the clinical trial equipment & ancillary solutions market is segmented as sourcing, supply/logistics, services, and others. By phase, the market is segmented into Phase I, II, III, and IV Clinical Trial Equipment & Ancillary Solutions Market.
Based On Product, The Segment Is Accounted As A Significant Contributor In The Clinical Trial Equipment & Ancillary Solutions Market.
The Phase III category is expected to hold a major share in the global Clinical Trial Equipment & Ancillary Solutions market in 2022. Phase III investigations are notably more intricate than earlier phases despite fewer medications being involved. The complexities inherent in this stage are substantial, with research design and sample size demanding precise dosing at optimal levels, resulting in heightened failure rates. Such failures incur human and economic costs and are primarily attributed to non-compliance with safety regulations. This situation is poised to drive the need for efficient supply chain and logistics solutions, consequently fueling market growth in the foreseeable future.
The Sourcing Segment Witnessed Growth At A Rapid Rate.
The sourcing segment is projected to grow at a rapid rate in the global Clinical Trial Equipment & Ancillary Solutions market. Due to the increasing complexity of clinical trials, there has been a significant rise in the number of tools and ancillary supplies required and an increase in the number of suppliers needed. This presents a challenge in efficiently delivering supplies to research sites worldwide. However, by leveraging sourcing and distribution expertise, a single point of contact can now manage the supply and transportation of equipment and ancillary supplies on a global scale. This streamlined and coordinated approach alleviates the burden on trial teams and facilities, ensuring smoother operations.
The North American Clinical Trial Equipment & Ancillary Solutions Market Holds A Significant Revenue Share In The Region.
The North American Clinical Trial Equipment & Ancillary Solutions market is projected to mark a tremendous market share. His predominant position stems from the concentration of the majority of pharmaceutical enterprises in the U.S., conducting a significant portion of their operations within this geographical area. The anticipated regional market growth is anticipated to be propelled by favourable regulatory frameworks, the rollout of technologically sophisticated products by industry players, and heightened investment by pharmaceutical companies throughout the forecast period. In addition, the Asia Pacific regional market is projected to develop rapidly in the global Clinical Trial Equipment & Ancillary Solutions market.
Clinical Trial Equipment & Ancillary Solutions Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 2.71 Bn |
|
Revenue Forecast In 2031 |
USD 5.16 Bn |
|
Growth Rate CAGR |
CAGR of 8.61% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Component, Application, End-user |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
|
Competitive Landscape |
Ancillare, LP; Imperial CRS, Inc.; Woodley Equipment Company Ltd.; Thermo Fisher Scientific, Inc.; Parexel International (MA) Corporation; Emsere (MediCapital Rent); Quipment SAS; IRM; Marken; Myonex; Yourway |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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