Market Trends of Clinical Trial Imaging Industry
This section covers the major market trends shaping the Clinical Trial Imaging Market according to our research experts:
Computed Tomography is Expected to Witness Rapid Growth Over the Forecast Period
Computed tomography is a non-invasive medical procedure that uses X-rays to generate cross-sectional images of the body and provides detailed information for treatment while examining abnormalities in children and adults. Factors such as increasing clinical trials and initiatives by the key players are expected to increase market growth.
There are currently 410,319 registered studies, including 61,961 recruiting studies and 169,924 pharmaceutical or biologic studies, dispersed over all 50 states in the US and 220 countries worldwide, according to Clinicaltrials.gov's April 7, 2022, updated figures. As a result, when various types of pharmaceuticals are being created, there will likely be a high need for clinical trial imaging services. Product approval is another factor in market growth. For instance, the Siemens NAEOTOM Alpha device represented a significant technological advance in computed tomography imaging when it received approval from the United States Food and Drug Administration in September 2021. It employs detectors to measure the overall energy present in several x-rays simultaneously. NAEOTOM Alpha measures each x-ray that travels through a patient's body using the cutting-edge CT technology of photon-counting detectors. While minimizing information that is not necessary for the review and analysis, more precise information about the patient can be acquired and used to build images.
Further, acquisitions are one of the key factors behind market expansion, as with acquisitions organizations develop and broaden the scope of the products and services they offer. For instance, MILabs B.V. was acquired by Rigaku Corporation in August 2021. By merging MILabs' multi-modality activities, which include PET, SPECT, optical imaging, and CT, Rigaku extended its life sciences modality business globally. Therefore, it is anticipated that during the predicted time, these acquisitions will contribute to the market's growth.
North America is Expected to Dominate the Market Over the Forecast Period
North America is expected to dominate the market during the forecast period. The increasing funding from the United States government for supporting healthcare will contribute to the market's growth in the region. For instance, a 2021 assessment from the Congressional Budget Office found that the National Institutes of Health (NIH) collected more than USD 700 billion in public financing over the previous three decades. Increasing funding is predicted to increase market growth by providing the essential infrastructure to expand clinical trials in the area, increasing the requirement for clinical trial imaging in the area throughout the forecast period.
Additionally, according to Pfizer Inc.'s annual report for 2021, the company spent USD 13,829 million on R&D in FY 2021, up significantly from USD 9,393 in the previous year. It is predicted that more products in the company's portfolio will be eligible for clinical studies, which will fuel market expansion in the area. Key companies are expected to expand R&D, which will accelerate market expansion. As of October 2022, "clinicaltrials.gov" reported that 42,240 oncology clinical studies had been registered in the country. As a result, it is predicted that both public and private organizations will increase their spending on research and development over the forecast period.
Similarly, initiatives such as the Canadian government's grant approval to keep conducting cancer studies there are contributing causes to the market's expansion. For instance, the Canadian Cancer Society (CCS) promised the national research network in April 2022 a five-year, USD 30 million investment in support of the Canadian Cancer Trials Group (CCTG). When CCS contributed to the creation of the Canadian Academic Research Group in 1980, it made its largest commitment to research, which the grant extension continues. Such partnerships are anticipated to accelerate market expansion during the anticipated time frame.
