Fort Collins, Colorado, Feb. 23, 2024 (GLOBE NEWSWIRE) -- The Clinical Trial Imaging Market size was valued at USD 1.3 Billion in 2023 and is anticipated to reach USD 2.5 Billion by 2032 at a CAGR of 7.8%.
Clinical trial imaging uses various services and technologies that capture, analyze, and manage medical images obtained via X-rays, CT scans, and MRIs within clinical trials. These images are incredibly useful in evaluating the safety and therapeutic efficacy of novel drugs and medical devices. The market growth in this field is mainly attributed to the increasing demand for innovative medicines for novel therapies and a growing investment in new drug development.
Personalized medicine is becoming more popular in healthcare because it has many benefits, including better patient outcomes, lower healthcare costs, and faster drug development. Clinical trial imaging is an important part of personalized medicine because it provides detailed information about a patient's body. This helps doctors choose the best treatment for each patient based on their specific characteristics.
As the significance of personalized medicine grows, advanced imaging technology becomes increasingly crucial to facilitate accurate diagnoses and develop more efficient treatment plans for individual patients. Recent technological advancements have significantly improved the quality and sharpness of radiology and imaging images. This enhanced clarity has made it easier to diagnose diseases and detect them at their earliest stages accurately. Furthermore, it has enabled healthcare professionals to monitor the effectiveness of various treatments over time.
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Segmentation Overview:
The global clinical trial imaging market has been segmented into imaging modality, services, end-user, and region. The computed tomography segment held the largest market share. CT scans have become increasingly popular because they provide detailed cross-sectional images that accurately depict the body's internal structure, making them an effective tool for assessing tumors. The contract research organizations (CROs) segment accounted for the majority of the market share, and this is due to the increasing complexity of drug development, especially with the introduction of personalized medicine. CROs offer services such as imaging protocol design, image acquisition & analysis, and data management, enabling pharmaceutical companies to focus on their core drug development activities and accelerate timelines.
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Clinical Trial Imaging Market Report Highlights:
- The global clinical trial imaging market growth is anticipated at a CAGR of 7.8% by 2032.
- Clinical trial imaging is a crucial part of personalized medicine that captures, evaluates, and manages medical images obtained via X-rays, CT scans, and MRIs. These images provide detailed insights into a patient's body, making it easier for doctors to choose the best treatment options. Recent technological advancements have significantly improved image quality, enabling healthcare professionals to diagnose diseases accurately and monitor treatment effectiveness over time.
- The North American market is expected to have a large share in the coming years due to strong infrastructure, extensive R&D, and leading pharmaceutical and biotech companies. The U.S. has top-tier research institutions and a strong regulatory framework from the FDA, making it a central hub for drug development and manufacturing.
- Some prominent players in the clinical trial imaging market report include IXICO plc, Navitas Life Sciences, Resonance Health, ProScan Imaging, Radiant Sage LLC, Koninklijke Philips N.V, WIRB-Copernicus Group, Medpace, Biomedical Systems Corp, Cardiovascular Imaging Technologies, Icon PLC and Intrinsic Imaging.
Industry Trends and Insights:
- Radon Medical Imaging (Radon) has acquired Tristate Biomedical Solutions, LLC (TBS), a medical equipment sales and services provider. This acquisition strengthens Radon's position in the medical imaging market, provides access to new solutions and technology, and expands its geographic footprint to serve customers better.
- The US Biomedical Advanced Research and Development Authority (BARDA) has partnered with ICON to conduct clinical trials of Covid-19 vaccine candidates for "Project NextGen." BARDA plans to invest over $5 billion in developing COVID-19 vaccines and therapies for current and future strains.
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Clinical Trial Imaging Market Segmentation:
By Imaging Modality: CT (Computed Tomography), MRI (Magnetic Resonance Imaging), Ultrasound, PET (Positron Emission Tomography), X-ray, and Echocardiography
By Services: Operational Imaging, Read Analysis, System & Technical Support, and Trial Design & Consulting
By End-user: Pharmaceutical and Biotechnology companies, Medical Device Manufacturer, Contract research organizations (CROs) and Academic institutions
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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