Published on : May 03, 2021
Albany, New York, May 03, 2021: Increase in number of pharmaceutical and biotechnology companies along with large investment inflow for research and development of new drug for treatment of diseases is one of the key driving factors. In addition, growing number of contract research organizations (CROs) is propelling global clinical trial imaging market.
The newly added report “Global Clinical Trial Imaging Market Size, Status and Forecast 2020-2026” in RMoz repository provides insights about various factors contributing to growth of the market. It also presents information about several challenges and restraining factors that may limit the growth of the global clinical trial imaging size market during the forecast period.
The report consists of 95 pages, each page depicting different aspects of the market growth. In addition, the analysts have used graphs and statistics to present the information in pictorial form.
The market analysts have done in-depth research to provide details of the drivers and trends shaping the market. They have also visited several enterprises, stakeholders, and other key operators of the global clinical trial imaging size market to get an idea of possible growth rate in coming years.
High Cost Associated With Instalment of Machinery May Restrain Market Growth
Clinical trials are vital step during the drug development process. However, cost of clinical trials has escalated in recent years. Thus, clinical trials imaging is emerging as an efficient alternative method to support clinical trials. In addition, it aids to mitigate cost of drug trial. This, in turn, has improved the timeline of clinical trial imaging market.
Aforementioned factor is anticipated to contribute to growth of the global clinical trial imaging market.
On the other hand, high cost associated with machinery and the initial installment cost may interfere with expansion of the clinical trial imaging market in coming years. Also, expensive procedure to run clinical trials may restrain growth of the market.
North America Sustains its Position in Global Market on Back of Developed Healthcare Infrastructure
In recent years, North America market dominated the global clinical trial imaging market. The dominance of the region is attributed to growing prevalence of chronic diseases along with increasing geriatric population. These conditions are anticipated to support growth of the regional market during the forecast period (2020-2026) as well. Besides, ongoing development the healthcare sector is enabling rapid diagnosis and treatment of chronic diseases. In addition, government agencies in the U.S. spends on a larger chunk of clinical trials related to cancer treatment. Registering all these above-mentioned factors, the regional clinical trial imaging market is anticipated to lead in the global market during the forecast period.
Meanwhile, Europe is estimated to follow North America, in terms of revenue generation. Prominence of the region is attributed to growing prevalence of chronic diseases such as Alzheimer's, Parkinson’s, and Huntington’s disease among others in the region. Further, rapid rise in the geriatric population is, further, stimulating the adoption rate of clinical trial imaging techniques in the region. Furthermore, research laboratories are planning to minimize the operational costs. This, in turn, will result in extensive adoption of clinical trials and contribute to expansion of the regional market, subsequently.
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Asia Pacific is estimated to exhibit progressive growth in the tenure of the forecast period. Growing prevalence of chronic diseases and dire need for better diagnostic devices are, conjointly, triggering growth of the regional clinical trial imaging market. Besides, upsurge in demand for better healthcare facilities in order to improve the quality of life is another key factor contributing to further growth of the regional market. The Asia-Pacific clinical trial imaging market is driven by research and development activities being conducted by stakeholders in the market.
Some of the key players operating in the global clinical trial imaging market are Navitas Life Sciences, Bioclinica Inc., Worldcare Clinical LLC, Ixico PLC., Radiant Sage LLC., Resonance Health, Icon PLC, Parexel International Corporation, and Intrinsic Imaging LLC.