Number of pages: 120 | Report Format: PDF | Published date: 09 July, 2020
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
The global clinical trial imaging market was pegged at US$ 991.2 million in 2020 and is expected to witness a CAGR of 6.4% during the forecast period.
Market Fundamentals
Imaging is a non-invasive tool used for conducting clinical trials. Imaging techniques include X-rays, computed tomography, magnetic resonance imaging, ultrasound, positron emission tomography, and echocardiography, among others. Imaging techniques used in clinical trials help in making evidence-based decision making. Imaging plays pivotal role in the clinical development of novel therapeutics. Imaging techniques support clinical trials in the pharmaceutical, biotechnology, and medical device industries.
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Market Dynamics
The global clinical trial imaging market is mainly driven by growing number of clinical trials and rising spending on the research and development studies. Moreover, increasing number of pharmaceutical, biotechnology, and contract research organizations is also boosting the growth of the clinical trial imaging market. However, high cost of imaging systems, high cost of clinical trials, and dearth of skilled professionals are some of the factors likely to hinder the market growth to a certain extent.
Market Ecosystem
The global clinical trial imaging market has been analyzed from four perspectives: Products & Services, Modality, End User, and Region.
Clinical Trial Imaging Market by Products & Services
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Based on products & services, the clinical trial imaging market has been segmented into services and software. The services segment is further categorized into operational imaging services, systems & technical support services, read analysis services, and trial design consulting services. Services segment dominated the clinical trial imaging market in 2020. The large share of this segment can be attributed to increasing number of clinical trials and growing use of imaging modalities as a product development tool by pharmaceutical, biotech, and medical device companies.
Clinical Trial Imaging Market by Modality
Based on modality, the clinical trials market has been segmented into computed tomography, ultrasound, magnetic resonance imaging, x-ray, positron emission tomography, echocardiography, and other modalities. The positron emission tomography (PET) segment is anticipated to grow at the highest CAGR during the projected period. PET is majorly used in clinical trials that focus on safety of drugs, assess tumoral activity, cells proliferation or apoptosis in the body. Thus, increasing number of clinical trials is expected to fuel the growth of this segment during the forecast period.
Clinical Trial Imaging Market by End User
Based on end user, the clinical trials market has been segmented into pharmaceutical & biotechnology companies, medical device manufacturers, academic & government research institutes, and contract research organizations (CROs). Contract research organizations (CROs) segment held the largest market share in the clinical trial imaging market. Increasing R&D spending and increased outsourcing of clinical trials by medical device, pharmaceutical, and biotechnology companies are some of the key factors boosting the growth of clinical trial imaging market.
Clinical Trial Imaging Market by Region
Regionally, the global clinical trial imaging market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America held the largest market share in the global clinical trial imaging market in 2020. Presence of well-established healthcare framework, the rising number of research activities coupled with the increasing public and private funding for research studies are playing a crucial role in propelling the market growth in this region.
Competitive Landscape
Some of the prominent players operating in the global clinical trial imaging market includes:-
Strategic Developments
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Report Attribute |
Details |
|
Revenue forecast in 2031 |
US$ 1,961.2 million |
|
Market size value in 2020 |
US$ 991.2 million |
|
Growth Rate |
CAGR of 6.4% from 2021 to 2031 |
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Base year for estimation |
2020 |
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Forecast period |
2021-2031 |
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Segments covered |
Offering, Application, End User |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global clinical trial imaging Market was anticipated to clock US$ 991.2 million in 2020
The clinical trial imaging market is projected to reach US$ 1,961.2 million by 2031
The global clinical trial imaging market is mainly driven by growing number of clinical trials and rising spending on the research and development studies.
Bioclinica, Parexel International Corporation, BioTelemetry, Inc., ERT Clinical, Cardiovascular Imaging Technologies., Intrinsic Imaging., ICON plc, Navitas Life Sciences, IXICO plc, Radiant Sage LLC
The growth rate of clinical trial imaging market is CAGR of 6.4% between 2021-2031
North America held the largest share of the global clinical trial imaging market in 2020
*Insights on financial performance is subject to availability of information in public domain
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