The Global Clinical Trial Imaging Market is expected to value USD 1.62 Bnillion in 2021 and is expected to grow at a CAGR of 8.23%% during the forecast period. Clinical trial imaging is a technique used in oncological clinical trials to provide evidence for decision making. It is a type of research, that studies new treatments and tests and evaluates their effects on human health outcomes.
The clinical trial imaging market is driven by increasing spending on research & development sectors for developing new drugs to treat diseases and growing focus on life science projects for diagnostics or new therapy.
Further, advanced radiology and other imaging systems involves high-cost investments for installation and maintenance and to hire expert professionals are required to operate the equipment, which can also be costly. These factors are expected to restrain the global clinical trial imaging market growth. Also, due to increasing prevalence of chronic diseases and increasing investments in R&D sectors are expected to create opportunities for market growth.
The trial imaging procedures involves high cost-structures for providing innovative treatments and innovative drugs development or therapy needs to go through a very expensive process. These factors are expected to pose a challenge to market players to operate in the global clinical trial imaging market.
Impact of COVID-19 on Global Clinical Trial Imaging Market
With increasing number of COVID-19 pandemic cases across the world, many ongoing trials, treatments or therapy were paused by the research institute during the initial stages, which had a negative impact in the market due to COVID-19. However, due to the rising need for drugs and vaccines, clinical trials were conducted thus meeting the need for vaccines/drugs. Hence, post mid-2020, the market has witnessed a positive impact and is also expected to witness positive impact during the forecast period.