According to Vision Research Reports, the clinical trial equipment & ancillary solutions market size is expected to hit around US$ 9.4 billion by 2030 and is anticipated to grow at a CAGR of 12.2% during forecast period 2021 to 2030.
According to Vision Research Reports, the clinical trial equipment & ancillary solutions market size is expected to hit around US$ 9.4 billion by 2030 and is anticipated to grow at a CAGR of 12.2% during forecast period 2021 to 2030.
The global market will notice 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 has slowed down the process of. As a result of the pandemic, the market is shifting toward a decentralized approach to conducting clinical trials to achieve a high patient retention rate. The pandemic has affected the industry supply chain, resulting in a lack of clinical trial equipment & auxiliary supplies.
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Product Insights
The supply/logistics segment dominated the market and accounted for the largest revenue share of 38.69% in 2021. 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. Fluctuation in rules & regulations in emerging markets is expected to boost the need for supply/logistic services during the forecast period.
The sourcing segment on the other hand is anticipated to witness a considerable growth rate of 7.9% across the forecast period. Due to the increasing complexity of clinical trials, the quantity of equipment and ancillary supplies required, as well as the number of diverse suppliers required to supply them, has increased substantially. The challenge of ensuring that supplies reach sites in a cost-effective manner for worldwide research has increased. With sourcing and distribution expertise, there is a single point of contact to supply and transport equipment and ancillary supplies all over the world. This streamlined and coordinated procedure removes the strain on both clinical trial teams and facilities.
Report Coverage
| Report Scope | Details |
| Market Size | USD 9.4 billion by 2030 |
| Growth Rate | CAGR of 12.2% From 2021 to 2030 |
| Base Year | 2020 |
| Historic Data | 2017 to 2020 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Product, Phase |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Mentioned | 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; Yourway |
Phase Insights
The phase III segment accounted for the maximum revenue share of the global market of 53.9% in 2021. The segment is likely to remain dominant even during the forecast years. Clinical studies in phase III are more complicated than those in earlier stages. Even though the number of medicines in this phase is relatively minimal, the complications associated with this phase are the largest.
In addition, the failure rate is also highest in this phase as the sample size and research design need precise dosing at an optimal level. The failure causes both human and financial damage, and most failures are caused by non-compliance with safety requirements. Such a scenario is likely to increase the demand for effective supply chain and logistics, which is projected to boost market growth over the coming years.
The phase I segment is poised to witness significant growth across the forecast period due to the increasing number of pharmaceutical companies focusing on developing novel therapeutics for rare diseases. Growth in the number of CROs across the world is another factor supporting the adoption of phase I clinical trials to boost the rapid development of drugs.
Regional Insights
North America dominated the global clinical trial equipment & ancillary solutions market in 2021 with the largest revenue share of 40.8%. This is attributed to the fact that most pharmaceutical businesses are located in the U.S. and perform most of their business in this region. Favorable regulatory policies, the introduction of technologically advanced products by the market players, and increasing investments by pharmaceutical firms are expected to drive the regional market growth during the forecast period.
Asia Pacific is projected to be the fastest-growing regional market with a CAGR of 9.5% during the forecast period. The Asia Pacific region has become a hotspot for conducting clinical trials on account of the ease of regulatory compliance, cheap study costs, a growing patient population, and the existence of a few elite clinical institutions functioning as sites.
Key Players
- 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
- Yourway
Market Segmentation
- Product
- Sourcing
- Procurement
- Rental
- Supply/Logistics
- Transportation
- Packaging
- Others
- Service
- Calibrations
- Equipment Servicing
- Others
- Others
- Sourcing
- Phase
- Phase I
- Phase II
- Phase III
- Phase IV
- Regional
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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