Dublin, Sept. 14, 2023 (GLOBE NEWSWIRE) -- The "Global Clinical Trial Imaging Market by Software & Service (Operational Imaging, Trial Design), Modality (CT, MRI, X-Ray, PET, Ultrasound, ECHO), Therapeutic Area (Infectious, Oncology, CNS, CVD), End User (Pharma, Biotech, CROs) & Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global clinical trial imaging market is projected to reach USD 1.9 billion by 2028 from USD 1.3 billion in 2023, at a CAGR of 7.8% during the forecast period. The market's expansion is propelled by factors including the expansion of the pharmaceutical and biotechnology sectors, escalated research and development investments, and the proliferation of Contract Research Organizations (CROs). On the other hand, the high implementation cost of the imaging system and the high cost of clinical trials are the major factors hindering the growth of this market during the forecast period.
The service segment accounted for the highest growth rate in the clinical trial imaging market, by service & software, during the forecast period
The clinical trial imaging market is segmented into services and software based on product. In 2022, the service segment accounted for the highest growth rate in the clinical trial imaging market. Based on type, the services segment is further classified into operational imaging services, reader analysis services, system & technical support services, and trial design consulting services. The growth of this segment is primarily attributed to the rising R&D spending, expanding clinical trials, and the demand for new disease treatment and diagnostics.
Medical device manufacturers segment accounted for the highest CAGR
Based on end user, the clinical trial imaging market is segmented into pharmaceutical companies, biotechnology companies, medical devices manufacturers, contract research organizations, academic and government research institutes, and other end users. In 2022, the medical device manufacturers segment accounted for the highest growth rate. This can be attributed to the increasing R&D expenditure and R&D activities by medical device manufacturers and the expanding medical devices market are the primary growth drivers of the medical device manufacturers segment.
Asia Pacific: The fastest-growing region clinical trial imaging market
The global clinical trial imaging market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific region is projected to register the highest CAGR during the forecast period. The surge in research and development investments and the growing inclination towards outsourcing pharmaceutical research to emerging Asian nations are the pivotal catalysts propelling the market's expansion.
Premium Insights
- Rising R&D Spending to Drive Market Growth
- Services to Hold Largest Market Share Till 2028
- Computed Tomography to Command Largest Share Over Forecast Period
- Oncology to Dominate Market, by Therapeutic Area, Till 2028
- Pharmaceutical Companies to Retain Market Leadership Over Forecast Period
- Asia-Pacific to Register Highest Growth Rate Till 2028
Market Dynamics
Drivers
- Increasing R&D Spending
- Growth of Pharmaceutical and Biotechnology Industries
- Increasing Number of CROs
Restraints
- High Implementation Cost of Imaging Systems
Opportunities
- Growth Opportunities in Emerging Economies
- Development of Innovative Imaging Modalities, Contrast Agents, Molecular Probes, and Radiopharmaceuticals
Challenges
- High Cost of Clinical Trials
Company Profiles
Key Players
- Icon PLC.
- Biotelemetry (Philips)
- Medpace Holdings Inc.
- Biomedical Systems Corporation (Ert Clinical)
- Bioclinica Inc. (Clario)
- Ixico PLC.
- Resonance Health Analysis Services (Resonance Health)
- Radiant Sage LLC
- Intrinsic Imaging (Wcg Clinical)
- Cardiovascular Imaging Technologies
Other Players
- Medical Metrics
- Prism Clinical Imaging
- Boston Imaging Core Lab
- Lyscaut Medical Imaging Company
- Calyx Group
- Biospective
- Proscan Imaging
- Micron, Inc.
- Imaging Endpoints Li LLC.
- Perspectum
- Pharmtrace Klinische Entwicklung GmbH
- Worldcare Clinical
- Median Technologies
- Invicro. LLC.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $1.3 Billion |
| Forecasted Market Value (USD) by 2028 | $1.9 Billion |
| Compound Annual Growth Rate | 7.8% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/nu5cjr
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