In a recently published report, Clinical Trial Imaging Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Clinical Trial Imaging Market products.
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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.
Global Clinical Trial Imaging Market is valued approximately at USD 939.6billion in 2019 and is anticipated to grow with a healthy growth rate of more than 6.7% over the forecast period 2020-2027. In clinical trial, imaging system provides insights on the drug mechanism of action (MOA) and drug effects, which further helps researcher to take scientifically based decisions. Technological advancements are enabling substantial improvements in the evaluation, collection, and submission of clinical trial imaging data. The technology enabled imaging software offers data accuracy, adaptability, consistency and compliance to clinical studies. The rising technological advancements in science and technology coupled with increase in the number of pharmaceutical and biotechnology companies are the few factors responsible for growth of the market over the forecast period.
For instance: as per Statista, the number of enterprises for the manufacture of pharmaceutical products and preparations in United Kingdom was 376 enterprises in 2008 and has risen to 645 enterprises that manufacture of pharmaceutical products and preparation in 2018. Moreover, R&D expenditure on pharmaceutical and biotechnology industry is augmenting the growth the market. According to Statista, research and development as a percentage of sales in pharmaceuticals manufacturing industry in the United Kingdom was 31.9% in 2016 and has risen to 35% in 2018. Thus, rising R&D expenditure in pharmaceutical industry coupled with increase in the number of pharmaceutical and biotechnology companies is fostering the demand of the market. Whereas, high implementation cost of imaging systems is the major factor restraining the growth of global Clinical Trial Imaging market during the forecast period.
The regional analysis of global Clinical Trial Imaging market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world owing to the presence of leading outsourcing companies and an increase in R&D in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027.
Major market player included in this report are:
Parexel International Corporation
Biomedical Systems Corporation
Cardiovascular Imaging Technologies, LLC
Intrinsic Imaging LLC
Radiant Sage LLC
Worldcare Clinical, LLC
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
by Product & Services:
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Magnetic Resonance Imaging
Positron Emission Tomography
Ambulatory Surgical Centers
Research & Academic Institutions
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Clinical Trial Imaging Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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