PUBLISHER: The Business Research Company | PRODUCT CODE: 1518270
PUBLISHER: The Business Research Company | PRODUCT CODE: 1518270
Clinical trial equipment and ancillary solutions encompass a wide array of products, services, and support systems essential for planning, executing, and managing clinical trials. These solutions play a crucial role in ensuring the safe, efficient, and compliant conduct of clinical studies across various therapeutic areas and phases of drug development. They support the successful completion of clinical trials, thereby contributing to the advancement of medical science and enhancing patient care.
The primary types of clinical trial equipment and ancillary solutions include diagnostic equipment, laboratory instruments, and ancillary solutions. Diagnostic equipment comprises specialized devices used in clinical trials for detecting, diagnosing, or monitoring health conditions or treatment effects. Various services provided encompass rental and leasing services, supply and logistics services, regulatory compliance services, and software services. These solutions are utilized by diverse end-users such as pharmaceutical and biotechnology companies, contract research organizations (CROs), medical device companies, and others.
The clinical trial equipment and ancillary solutions market research report is one of a series of new reports from The Business Research Company that provides clinical trial equipment and ancillary solutions market statistics, including clinical trial equipment and ancillary solutions industry global market size, regional shares, competitors with clinical trial equipment and ancillary solutions market share, detailed clinical trial equipment and ancillary solutions market segments, market trends, and opportunities, and any further data you may need to thrive in the clinical trial equipment and ancillary solutions industry. This clinical trial equipment and ancillary solutions market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The clinical trial equipment and ancillary solutions market size has grown strongly in recent years. It will grow from $2.34 billion in 2023 to $2.54 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth during the historic period can be attributed to several factors, the rising prevalence of chronic diseases, increasing spending on research, growth in the pharmaceutical sector, expansion of the medical sectors, and the emergence of patient-centric clinical trials.
The clinical trial equipment and ancillary solutions market size is expected to see strong growth in the next few years. It will grow to $3.59 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to several factors, the rising prevalence of chronic diseases, increasing spending on research, growth in the pharmaceutical and medical sectors, and the expansion of patient-centric clinical trials. Major trends expected during this period include technological advancements, advancements in ancillary solutions, advanced developmental services, the development of innovative equipment, and the creation of innovative therapies.
The anticipated rise in chronic diseases is set to drive growth in the market for clinical trial equipment and ancillary solutions. Chronic diseases, which are enduring conditions often requiring ongoing medical attention and impacting daily life, result from various factors including exposure to pollutants, lifestyle shifts, and genetic predispositions. Clinical trial equipment and ancillary solutions play a crucial role in improving outcomes for chronic disease patients by facilitating early detection, personalized treatment approaches, objective treatment assessment, safety monitoring, patient engagement, optimized trial design, regulatory compliance, and research collaboration. For example, according to the Australian Institute of Health and Welfare, about 20,000 fatalities in Australia were attributed to chronic kidney disease, representing 12% of the total mortality rate in 2021. Additionally, as per the National Library of Medicine, the global cancer burden is expected to reach 28.4 million cases by 2040, marking a 47% increase from 2020. Hence, the growing prevalence of chronic diseases is a driving force behind the clinical trial equipment and ancillary solutions market.
Leading companies in this sector are focused on developing integration platforms to streamline workflow efficiency across diverse clinical trial systems and technologies. These platforms serve as centralized hubs, facilitating seamless connection and integration of various tools, technologies, and services utilized in clinical research. This integration enhances data and information exchange among different components of the clinical trial ecosystem, thereby improving efficiency and fostering collaboration among stakeholders. For instance in March 2022, Vibrent Health has announced the development of an Ancillary Studies Tool Suite as part of its Digital Health Research Platform, aiming to provide essential integration management tools for embedding existing digital apps, sensors, and data collection platforms into longitudinal cohort research.
In December 2021, Thermo Fisher Scientific acquired PPD Inc. for $17.4 billion, thereby expanding its suite of services across the clinical development spectrum. This acquisition allows Thermo Fisher to offer comprehensive services ranging from safety and efficacy assessments to clinical trial logistics management and drug product development and manufacturing. PPD Inc., known for its clinical trial equipment and ancillary solutions, adds significant value to Thermo Fisher's portfolio.
Major companies operating in the clinical trial equipment and ancillary solutions market are Thermo Fisher Scientific Inc., Danaher Corporation, Merck KGaA, Agilent Technologies Inc., Iron Mountain Incorporated (IRM), PerkinElmer Inc., Illumina Inc., Sartorius AG, PAREXEL International Corp., Marken, Shimadzu Corporation, Waters Corporation, Bruker Corporation, Eppendorf AG, Tecan Group AG, Mettler Toledo International Inc., Hamilton Company, Repligen Corporation, Labconco Corporation, Ancillare LP, Binder GmbH, Germfree Laboratories Inc., Nuaire Inc., Sheldon Manufacturing Inc., Esco Micro Pte. Ltd.
North America was the largest region in the clinical trial equipment and ancillary solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the clinical trial equipment and ancillary solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the clinical trial equipment and ancillary solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The clinical trial equipment and ancillary solutions market consists of revenues earned by entities by providing services such as clinical trial supply services, laboratory services, data management and technology solutions, regulatory and compliance services, and training and support services. The market value includes the value of related goods sold by the service provider or included within the service offering. The clinical trial equipment and ancillary solutions market also includes sales of auditing tools, inventory management tools, and safety signal detection tools. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Clinical Trial Equipment And Ancillary Solutions Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on clinical trial equipment and ancillary solutions market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for clinical trial equipment and ancillary solutions ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The clinical trial equipment and ancillary solutions market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.