Global clinical trial equipment and ancillary solutions market was valued at USD2.3 billion in 2020. It is expected to grow at an 8.2% compound annual growth rate (CAGR), between 2021 and 2028. Due to the increasing R&D investments and evolving clinical trial needs, the global market will experience significant growth. The process of clinical trial has been slowed by the COVID-19 epidemic. The market is moving towards a decentralized approach for clinical trials in order to increase patient retention. The industry supply chain has been affected by the pandemic, which has led to a shortage of equipment and auxiliary supplies.
Logistics problems have also been created by lockdowns in the transport of ancillary goods between different regions around the globe. The pandemic has seen a significant increase in clinical trials. Clinical trials are becoming more complex and require more resources, including drugs, equipment, and ancillary supply. Ancillary supplies are all the items required to conduct a clinical trial, including syringes and surgical knives, swabs and gloves.
It is more than simply procuring the equipment and ancillary material for clinical trials. You need to have a deep understanding of the requirements and design of your study. Proactive planning is essential in order to ensure that you get the best equipment and supplies at the right price. It is highly recommended that you have both internal and external knowledge to manage the complex issues of equipment supply and logistics. The ideal scenario would see research managers and project managers able to concentrate on the execution of the clinical trial, while an expert partner handles the logistics and equipment.
The market can be divided by product into supply/logistics and service. The market was dominated by the supply/logistics segment, which accounted for more than 38% of the total revenue in 2020. As clinical trials have become more global and diverse, they require a proper cold chain logistics system to maintain the integrity of temperature-sensitive drugs.
The increasing complexity of clinical trials has led to an increase in the amount of equipment and ancillary supply required. This has also increased the number of suppliers needed to supply them. It is becoming more difficult to ensure that supplies reach research sites in a cost-effective way for global research. The single point of contact for all supplies, transport equipment and other supplies around the globe is now possible thanks to sourcing and distribution expertise. This coordinated and simplified process reduces strain on both facilities and clinical trial teams.
The global market was sub-segmented on the basis of its phase into phases I, II and III. In 2020, the highest revenue share of the global marketplace was held by the phase III segment. It accounted for more than 53% of its total revenue. This segment will likely continue to be dominant in the future. Phase III clinical studies are more complex than those in the earlier stages. Despite the relatively small number of medicines involved in this phase, the complications that come with it are quite severe.
This phase also has the highest failure rate because of the large sample size and research design. Most failures are due to non-compliances with safety requirements. This scenario will likely increase demand for efficient supply chain and logistics, which will boost market growth in the future.
With a revenue share of more than 41%, North America dominated global markets in 2020. This is due to the fact that the majority of pharmaceutical companies are located in the U.S., and do most of their business here. The forecast period will see regional market growth due to favorable regulatory policies, technologically advanced products being introduced by market players, as well as increased investments by pharmaceutical companies.
Asia Pacific is expected to be the fastest growing regional market, with a CAGR exceeding 9% during the forecast period. Because of its ease of regulatory compliance and low study costs, the region of Asia Pacific has been a hub for clinical trials. There are also a few elite medical institutions that serve as sites.
To maintain market share, key players adopt a variety of strategies such as acquisitions, mergers, and collaborations. Parexel, a well-known global clinical research company, announced in July 2021 that it had signed a final merger agreement. It would be bought from Pamplona Capital Management by the EQT II fund and the venture capital division of Goldman Sachs Management for $8.5 Billion. The following are some of the most prominent players in global clinical trial equipment and ancillary solutions markets:
Ancillare, LP
Imperial Clinical Research Services
Woodley Equipment Company Ltd.
Thermo Fisher Scientific, Inc.
PPD, Inc.
PAREXEL International Corp.
MediCapital Rent
Quipment SAS
IRM
Marken
Myonex
Youway
Up Market Research published a new report titled “Clinical Trial Equipment & Ancillary Solutions Market research report which is segmented by Product (Supply/Logistics, Sourcing), by Phase (Phase I, II, III), By Players/Companies PPD Inc, Ancillare LP, Yourway , Woodley Equipment Company Ltd, Thermo Fisher Scientific Inc, Myonex, IRM, Imperial Clinical Research Services, Quipment SAS, PAREXEL International Corp, Marken, MediCapital Rent”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Clinical Trial Equipment & Ancillary Solutions Market Research Report |
By Product | Supply/Logistics, Sourcing |
By Phase | Phase I, II, III |
By Companies | PPD Inc, Ancillare LP, Yourway , Woodley Equipment Company Ltd, Thermo Fisher Scientific Inc, Myonex, IRM, Imperial Clinical Research Services, Quipment SAS, PAREXEL International Corp, Marken, MediCapital Rent |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 204 |
Number of Tables & Figures | 143 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Product (Supply/Logistics, Sourcing), by Phase (Phase I, II, III).
Clinical Trial Equipment & Ancillary Solutions Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Clinical Trial Equipment & Ancillary Solutions Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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