12/29/2023 0 Comments Radiant player radiology![]() The services segment accounted for the largest share of the market in 2020, mainly due to the increase in R&D spending and growth in pharmaceutical and biotechnology industries. ![]() The market is segmented into services and software based on product and services. “In 2020, services segment accounted for the largest share of the clinical trial imaging market, by product and services” However, conducting a clinical trial to document the effect of a drug/therapy and monitor its side-effects is a very expensive process. While laboratory experiments attempt to simulate the conditions of the human body, validating the efficacy and safety of drugs in the population of interest remains a necessary step. ![]() Clinical trials are an essential part of documenting the effectiveness of innovations, whether for the therapy/drug, medical devices, diagnosis, or academic research. Challenge: High cost of the clinical trialĪny research related to the advancements of healthcare includes clinical trials. Owing to these factors, the implementation cost of imaging systems is very high, which is a major factor restraining the growth of the clinical trial imaging market. To make optimal use of such equipment, imaging service providers need to hire expert professionals such as experienced radiologists. These high upfront costs, coupled with maintenance costs, tend to impact market growth negatively. The cost of implementing an imaging system includes costs related to procuring, housing, and maintaining equipment. It is difficult for imaging service providers to allocate significant capital for procuring high-cost equipment such as advanced radiology and other imaging systems in such a scenario. In the healthcare industry, there is a significant focus on reducing growing healthcare costs most industry stakeholders are undertaking various initiatives to make this possible. Restraint: High implementation cost of imaging systems With the significant increase in R&D funding and CROs operating in emerging countries, the demand for clinical trial imaging is expected to increase in these countries in the coming years. With significant developments in life sciences research, these economies are expected to offer high growth opportunities in the market.įurthermore, Asian markets, especially China and India, have many CROs that offer drug discovery services to pharmaceutical and biotechnology companies. These developing markets also have a strong trend of commercialization of life science research. Opportunity: Developing Countriesĭeveloping countries such as India, South Korea, Brazil, and Mexico offer significant growth opportunities to players operating in the clinical trial imaging market, mainly due to the growing R&D funding in these countries. Growth in the R&D expenditure by pharmaceutical & biotechnology companies and governments, coupled with the increasing focus on life science projects to develop new therapeutic & diagnostic products, is expected to aid the clinical trial imaging market. Pharmaceutical and biotechnology companies invest heavily in research to develop breakthrough molecules. ![]() Market Dynamics Driver: Increase in R&D spending While the number of trials for diseases such as HIV and tuberculosis fell, attention was diverted toward COVID-19 diagnostics and therapeutics, which increased the need for clinical trial imaging. As the pandemic resulted in the temporary closure of several institutes across the globe, many ongoing trials were paused due to the closure of research institutes.ĭespite the challenging situation, industries are gradually recovering from the impact, and supply and distribution channels have also resumed. Furthermore, this is a service-intensive market providing services became difficult due to restrictions implemented to control the spread of COVID-19. In addition, limited operations in most industries, inadequate funding for research and academic institutes, and challenges in providing essential/post-sales services due to lockdowns have reduced the supply of clinical trial imaging products to end users. The COVID-19 pandemic has significantly affected the market unfavorable changes in regulations and guidelines, the closing of manufacturing facilities due to lockdowns, disruptions in supply chains, and recruitment challenges for clinical trials have severely affected the market growth. The emergence of the COVID-19 pandemic has changed the delivery of medical care across the world. To know about the assumptions considered for the study, Request for Free Sample Report COVID-19 Impact on Global Clinical Trial Imaging Market Market growth is driven by increase in R&D spending, growth in pharmaceutical and biotechnology industries, increasing number of CROs. The global clinical trial imaging market is projected to reach USD 1.4 billion by 2026 from USD 1.0 billion in 2021, at a CAGR of 7.6%.
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