Global Clinical Trial Equipment Ancillary Solutions Market Ascends at a Noteworthy CAGR of 7.7%

Introduction

More resources, such as drugs, machinery, and supplementary supplies, are required as clinical investigations progress. Syringes, surgical blades, swabs, gloves, and any other items the patient and healthcare provider require to administer the medication and evaluate the effectiveness and safety criteria under research are ancillary supplies. More than basic purchases are required when sourcing tools and support materials for clinical trials. Understanding the study's design and requirements is essential to ensure that the most relevant instruments and materials are bought at the right time and at a fair price. It is strongly encouraged to use both internal knowledge and outside aid to manage the complexity of equipment and accessory supply, restocking, logistics, and expiry management.

Market Dynamics

Evolving Clinical Trial Need to Drive the Global Market

The clinical trial industry is undergoing rapid change. The design of clinical trials has changed significantly worldwide due to the creation of novel pharmaceuticals. Due to the intricacy of these medications, the logistics of implementing experimental therapies and the analytical techniques and technologies necessary to assess their safety and efficacy have also become more challenging. Decentralization of clinical trials has also been achieved through virtual trial models. Supply chains have become increasingly challenging as more hardware and related components are required for clinical studies.

One supply chain hiccup or late delivery of a crucial component might endanger the entire trial. A reliable supply chain must be in place to minimize risks to patients' health, time, and financial stability. This is where suppliers of additional solutions and clinical trial equipment can assist. These market participants provide quick and inexpensive sourcing, logistics, and services to pharmaceutical businesses, clinical research centers, biotechnology companies, and medical device companies.

Innovative Treatments Creates Tremendous Opportunities

The incidence of chronic diseases, the need to provide high-quality healthcare services, and the rising investment in the discovery of innovative treatments are all contributing to the market's expansion. Market expansion will be driven by the transition from paper-based data collecting to efficient ePRO tools and EDC solutions. Proper use of clinical trial tools and auxiliary services is essential for their effective completion. The market for these goods is expanding due to increased spending on research and development projects. The devices and services covered above are just a portion of what the market for clinical trial devices and auxiliary services offers. The demand for new tools and solution options grows with research and development. This market has a promising future, and we may anticipate novel solutions that will revolutionize clinical trials.

Regional Analysis

North America is the most significant global clinical trial equipment ancillary solutions market shareholder and is estimated to exhibit a CAGR of 6.7% over the forecast period. It is a result of the high R&D costs, the existence of foreign rivals, and their efforts to create fresh patents. Additionally, a rise in clinical studies contributes to the market's expansion. For instance, out of the 386,248 clinical trials registered globally as of August 2021, 59,421 recruiting studies were registered on ClinicalTrials.gov. For instance, in January 2015, President Obama announced USD 215 million in financing for a precision medicine project.

Furthermore, the National Cancer Institute (NCI), FDA, and NIH will all profit from the expenditure. The USD 130 million has been allocated to the NIH to support expanded volunteers through ethical and transparent data sharing. The NCI has been given USD 70 million to identify the genetic factors influencing cancer and create innovative therapeutic approaches. The FDA has been allocated a smaller fraction of USD 10 million to evaluate Next Generation Sequencing for better patient care. Due to technological developments made by industry players to reduce timelines, the market is growing.

Europe is anticipated to exhibit a CAGR of 7.9% over the forecast period. The industry is primarily driven by a growing emphasis on clinical trial research, favorable government policies and regulations, adherence to Good Clinical Practice (GCP) standards, and expanding patient populations. Additionally encouraging market expansion are the rising numbers of clinical trials. To assist orphan drug and rare illness medication research through public funding, the European Union is implementing several programs and policies. This is anticipated to create a lucrative opportunity for the growing number of clinical studies.

Additionally, nations like Germany and the U.K. have large patient populations and cutting-edge medical knowledge. The support of the physicians for these studies aids patients and research by enticing more volunteers. Unlike the U.K. and France, Germany is still in development, where the legal aspects have already been fully defined. The regulations protect volunteers' rights, security, and just recompense. With more money and clearer regulations, clinical trials will flourish throughout Europe. Low labor costs, a higher concentration of patients near facilities, easier access to a patient population that hasn't yet received therapy, and close relationships between patients and doctors all contribute to Europe's clinical research industry's success.

Key Highlights

• The global clinical trial equipment ancillary solutions market size was valued at USD 2.69 billion in 2022. It is estimated to reach USD 5.25 billion by 2031, growing at a CAGR of 7.7% during the forecast period (2023–2031).
• Based on the product, the global clinical trial equipment ancillary solutions market is bifurcated into Sourcing, Supply/Logistics, Service, and Others. The Supply/Logistics segment dominates the global market and is projected to exhibit a CAGR of 8% over the forecast period.
• Based on phase, the global clinical trial equipment ancillary solutions market is bifurcated into Phase I, Phase II, Phase III, and Phase IV. The Phase III segment owns the highest market share and is predicted to exhibit a CAGR of 8% over the forecast period.
• North America is the most significant global clinical trial equipment ancillary solutions market shareholder and is estimated to exhibit a CAGR of 6.7% over the forecast period.

Competitive Players

Competitive Players

The key players in the global clinical trial equipment ancillary solutions market are Parexel International Corporation; Ancillary LP.; Imperial CRS, Inc.; Woodley Equipment Company Ltd.; Myonex; MARKEN; IRM; Imperial CRS, Inc.; Pharmaceutical Product Development, Inc.; and Yourway.

Recent Developments

Market News

• In July 2021, the Chinese Academy of Medical Sciences (CHCAMS) and Parexel established a creative partnership to develop patient-centric protocol designs and methodology for decentralized clinical trials in China. Additionally, quantitative research will improve the clinical trial experience for cancer patients.
• In July 2021, Parexel announced the start of a new clinical trial supplies depot in China to provide timely access to supplies and medications to clinical sites and patients.

Segmentation

Global Clinical Trial Equipment Ancillary Solutions Market: Segmentation

By Product

• Sourcing
• Supply/Logistics
• Service
• Others

By Phase

• Phase I
• Phase II
• Phase III
• Phase IV

By Regions

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa