Clinical Trial Equipment & Ancillary Solutions Market Trends [2031]

Report Description

Clinical Trial Equipment & Ancillary Solutions Market Outlook 2031

The Global Clinical Trial Equipment & Ancillary Solutions Market size was USD 2.65 Billion in 2022 and is likely to reach USD 5.30 Billion by 2031, expanding at a CAGR of 8.0% during 2023–2031. The market growth is attributed to the increasing need for drug development and the increasing globalization of clinical trials.

Increasing globalization of clinical trials is expected to boost the demand for clinical trial equipment & ancillary solutions. Clinical trial equipment such as infusion pumps, ECG machines, blood pressure monitors, freezers, and refrigerators are utilized in clinical trials to enable globalized medical product discovery and development, shorten drug development timelines, and expand the diversity of the test subject pool. Thus, increasing globalization of clinical trials is propelling the market.

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Clinal trial equipment is a medical device for examinations or investigations undertaken to assess the performance or the safety of a medical device, in terms of its use in treating, preventing, or diagnosing diseases in human subjects. Ancillary solutions are medical supplies or services such as ambulatory surgery center (ASC) services. These supplies are not provided by acute care hospitals, doctors, or healthcare professionals.

Increasing need for drug development is anticipated to drive the market. Clinical trial equipment & ancillary solutions are utilized in clinical trials for drug development by detecting and studying diseases. This is expected to enhance the demand for clinical trial equipment & ancillary solutions. For instance,

• As per a report, there were 2,784 phase I clinical drug trials started in 2021, compared to 2,306 in 2020. 

The COVID-19 pandemic impeded the demand for clinical trial equipment & ancillary solutions. The abrupt rise in COVID-19 propelled the government to take preventive measures such as imposition of lockdowns, suspension of non-emergency activities, and social distancing, which encouraged doctors and researchers to halt or delay screening and enrollment of patients in clinical trials. This hampered the market demand for clinical trial equipment & ancillary solutions. For instance,

• As per the report published by the National Library of Medicine on July 8, 2021, 60% of investigators halted or delayed the screening and enrollment of patients in clinical trials.

Impact of Artificial Intelligence (AI) on Clinical Trial Equipment & Ancillary Solutions

Clinical trials need advanced technology for drug development and AI with its introduction solved the need for advanced technology in clinical trials. The implementation of artificial intelligence tools in clinical trials is expected to hasten clinical development by increasing the probability of trial success and regulatory approval. AI has enormous potential in clinical studies, as it can assist a company in patient selection, monitoring patients, and cohort composition. Moreover, the introduction of AI tools for clinical trial research by major market players creates a lucrative opportunity in the market. For instance,

• On April 25, 2023, myTomorrows an active healthcare company launched TrialSearch AI, a tool for pre-screening in clinical trial search. It allows physicians to identify potentially eligible clinical trials or expanded access programs (EAPs) for their patients by leveraging AI technology.

Clinical Trial Equipment & Ancillary Solutions Market Dynamics

Major drivers

Growth of the pharmaceuticals and medical industries is expected to fuel the demand for clinical trial equipment & ancillary solutions. Clinical trial equipment is utilized in the medical field to detect, treat, or prevent disease by finding new ways to use existing treatments, new drugs or combinations of drugs, and new surgical procedures or devices, encouraging their adoption in the pharmaceuticals and medical industry. For instance,

• As per a report, the healthcare industry is likely to reach USD 85.95 billion by 2027 at a CAGR of 10.40 % between 2023 and 2027.

Existing Restraints

Lack of funding for clinical trial equipment & ancillary solutions in developing nations is expected to restrict the market. Moreover, failure linked with clinical trials is impeding the market, as 90 % of clinical trials fail to advance to the approval stage due to the complexities of trials, lack of efficacy, issues with safety, trial design, costs, technology regulations, and access to patients. These issues related to clinical trial equipment & ancillary solutions are estimated to hinder the market.

Emerging Opportunities

Increasing ongoing research for treatment trials create lucrative opportunities in the market. Companies are initiating clinical trials with different groups of patients and with different treatment plans to treat severe diseases such as HIV, cancer, onychomycosis, or toenail fungus, and others. For instance,

• On June 26, 2023, Emblation, a global leader in medical microwave technology, introduced its trial in Canada investigating the use of its Swift microwave skin therapy device for the treatment of onychomycosis, also known as toenail fungus.

Rising approval from regulatory bodies for investigational device exemption (IDE) creates an immense opportunity in the market. Recently, the US Food and Drug Administration (FDA) approved the ReGelTec HYDRAFIL system, an investigational device exemption (IDE) to study degenerative disc disease.

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Scope of the Clinical Trial Equipment & Ancillary Solutions Market Report

The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Product Segment Analysis

Based on product, the clinical trial equipment & ancillary solutions market is categorized as sourcing, supply/logistics, service, and others. The supply/logistics segment held a large market share in 2022 due to rising globalization in clinical trials. Clinical trials require a proper logistic system such as cold chain equipment to accurately and timely supply of drugs to patient sites by maintaining the integrity of temperature-sensitive drugs, which encourages their adoption. Moreover, the increasing complexity of clinical trials that is estimated to boost the demand for supply/logistics as complex clinical trials need an efficient supply chain system for effective drug delivery.

The sourcing segment is projected to grow at a rapid pace during the forecast period owing to the increasing quantity of equipment and ancillary supplies required and the rising number of diverse suppliers. Sourcing is required in clinical trial equipment to evaluate, engage, and find suppliers based on predefined criteria to achieve cost savings and the best value for goods and services at a price point. Thus, diversity in suppliers of clinical trial equipment is expected to boost the demand for sourcing in clinical trials.

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Phase Segment Analysis

In terms of phase, the global market is segregated into Phase I, Phase II, Phase III, and Phase IV. The Phase III segment dominated the market in 2022 and is anticipated to continue its dominance throughout the projected period due to its ability to compare the safety and effectiveness of the new treatment against the current standard treatment. Phase III trials last for several years and demonstrate whether or not a product offers a treatment benefit to a specific population. Moreover, Phase III trials offer knowledge or information about the treatment options, which enhances its adoption in clinical trials. For instance,

• As per a report, 1562 Phase III clinical drug trials started in 2021, compared to 1334 in 2020.

The phase I segment is projected to grow at a rapid pace during the assessment period owing to the rising number of pharmaceutical companies. Pharmaceutical companies practice phase I trials for developing novel therapeutics for rare diseases such as hemophilia, thalassemia, and sickle-cell anemia, which is expected to propel the segment.

Regional Outlook

Based on region, the clinical trial equipment & ancillary solutions market is divided into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America accounted for a major share of the market in 2022 due to the presence of key market players such as Ancillare, LP, Thermo Fisher Scientific Inc., Parexel International, and Imperial CRS and the presence of regulatory bodies such as the FDA. Moreover, the introduction of clinical trials in the region to diagnose diseases and redefine the patient experience is propelling the market. For instance,

• On June 16, 2022, Walgreens, a US-based pharmacy company, announced the launch of its clinical trial to redefine the patient experience and increase access and retention in sponsor-led drug development research.

The market in Asia Pacific is anticipated to expand at a high CAGR in the coming years owing to the less cot of the study and growing patient population, which allows for research studies across a wide range of demographics and medical conditions. Moreover, increase in health research spending by governments for new drug development in the region is projected to boost the demand for clinical trial equipment & ancillary solutions. For instance,

• On February 1, 2023, Government of India introduced the Union Budget of India stating the allocation of ₹89,155 crores for the Ministry of Health out of which ₹2,980 crores were allocated for the Department of Health Research, 3.43% higher than the previous year.

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