The global Clinical Trial Equipment & Ancillary Solutions Market size is anticipated to reach USD 4.4 billion by 2028, according to the new report of Grand View Research, Inc., expanding at a CAGR of 8.2% over the forecast period. The growing pharmaceutical and medical sectors, globalization of clinical trials, and rising R&D expenditure are the factors driving the market.
The clinical trial procedure has evolved considerably
in recent years. Complex clinical studies are creating new problems throughout
the healthcare supply chain. Modern studies frequently involve huge numbers of
patients and patient subgroups, as well as numerous nations and research sites.
As a result, the number of challenges that supply chain managers confront while
working with clinical trial equipment & ancillaries has increased. Renting
medical equipment relieves the burden of storage, retrieval, and disposal.
Another important decision-making reason is that renting equipment reduces
significant upfront expenses and large investments required to furnish licensed
clinical trial locations.
The COVID-19 pandemic has affected the global market,
which resulted in slowing down the supply chain of the equipment &
ancillary supplies. The COVID-19 pandemic has caused major changes in the
clinical trial environment. Hundreds of experiments that were in progress
before the pandemic have been halted, while many new trials have been launched
in the hunt for effective therapies and interventions. COVID-19 has changed the
way clinical trials are conducted, encouraging the digitization of healthcare
and the adoption of cutting-edge technologies and techniques.
Related Press Release@ Clinical Trial Equipment & Ancillary Solutions Market
Report
Clinical Trial Equipment &
Ancillary Solutions Market Report Highlights
- The supply/logistics product segment dominated the market with a
revenue share of more than 38% in 2020 due to the high number of clinical
trials globally, which resulted in increased demand for efficient
logistics services
- The phase III segment accounted for the maximum revenue share of
the global market in 2020. Phase III studies are the most effective
approach to discover a new treatment standard
- North America led the global market in 2020 and is expected to
remain dominant even during the forecast years due to a rise in the number
of CRO and pharmaceutical & medical companies in the region
- Asia Pacific is projected to be the fastest-growing regional market
during the forecast period as it is becoming an increasingly significant
site for clinical trial investigations
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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