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Clinical Trial Equipment and Ancillary Solutions Market: In-Depth Research and Key Insights
Clinical Trial Equipment And Ancillary Solutions Global Market Report 2024
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According to The Business Research Company's, 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 in the historic period can be attributed to rising prevalence of chronic diseases, increasing spending on research, growing pharmaceutical sector, growing medical sectors, growing 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 rising prevalence of chronic diseases, increasing spending on research, growing pharmaceutical sector, growing medical sectors, growing patient-centric clinical trials. Major trends in the forecast period include technological advancements, advancements in ancillary solutions, advanced developmental services, development of innovative equipment, developing innovative therapies.
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Market Drivers and Trends:
The growing demand for dairy products is expected to propel the growth of the cattle management software market going forward. Dairy products refer to food products that are derived from the milk of mammals, such as cows, goats, and sheep. The demand for dairy products is driven by factors such as population growth, rising incomes, urbanization, health and nutrition trends, cultural preferences, product innovation, and effective marketing. Cattle management software helps in dairy production by organizing and streamlining key aspects of farm management, such as herd health, reproduction, milk production, inventory, breeding, and financials, leading to improved efficiency and productivity in producing dairy products. For instance, in June 2023, according to the United States Department of Agriculture, a US-based federal agency, the total amount of cheese produced increased by 6% in 2023 over 2022. Therefore, the growing demand for dairy products is driving the growth of the cattle management software market.
Major companies operating in the clinical trial equipment and ancillary solutions market are developing integration platforms for clinical trial equipment and ancillary solutions to streamline and optimize workflow efficiency across various clinical trial systems and technologies. An integration platform for clinical trial equipment and ancillary solutions is a centralized platform to seamlessly connect and integrate various tools, technologies, and services used in clinical research. This platform facilitates the exchange of data and information between different components of the clinical trial ecosystem, streamlining workflows, improving efficiency, and enhancing collaboration among stakeholders involved in the conduct of clinical trials. For instance, in March 2022, Vibrent Health, a US-based healthcare company, announced the development of an Ancillary Studies Tool Suite as part of its Digital Health Research Platform. The Ancillary Studies Tool Suite is designed to provide critical integration management tools for seamlessly embedding existing digital apps, sensors, and data collection platforms into longitudinal cohort research.
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Major Key Players of the Market:
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.
Clinical Trial Equipment And Ancillary Solutions Market 2024 Key Insights:
• 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 Rising Prevalence Of Chronic Diseases Driving Growth In The Clinical Trial Equipment And Ancillary Solutions Market
• Advancements In Integration Management Tools For Clinical Trial Equipment And Ancillary Solutions
• North America was the largest region in the clinical trial equipment and ancillary solutions market in 2023
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