New York, United States, June 10, 2024 (GLOBE NEWSWIRE) -- The Global Clinical Trial Imaging Market Size is to Grow from USD 1.96 Billion in 2023 to USD 4.46 Billion by 2033, at a CAGR of 8.57% during the projected period.
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A clinical trial is a process used to develop, test, and evaluate novel drugs while taking into account their effects on people and potential treatments. Comprehensive clinical trials are conducted to identify interesting compounds and safety testing is carried out to identify any potential risks before novel drugs are brought to market. The firms that develop and manufacture imaging software and hardware for use in clinical trials, along with those that provide imaging services such image management, analysis, and acquisition, comprise the clinical trial imaging market. The market is driven by the increase in clinical trials conducted worldwide and the growing demand for imaging technologies that are more accurate and efficient for these trials. Market industry expansion is expected to be driven by expanding biotechnology and pharmaceutical companies, as well as increased spending on research and development to manufacture new drugs to treat diseases. However, the healthcare and medical sectors are very concerned about the rising expenses of healthcare, and numerous groups are working together on different projects to decrease costs. Imaging service providers must employ radiologists with experience and other qualified personnel to guarantee that such equipment is utilized to its maximum capacity.
Browse key industry insights spread across 220 pages with 110 Market data tables and figures & charts from the report on the "Global Clinical Trial Imaging Market Size, Share, and COVID-19 Impact Analysis, By Service (Clinical Trial Design and Consultation Services, Reading and Analytical Services, Project and Data Management, and System and Technology Support Services), By Modality (Computed Tomography, Ultrasound, Magnetic Resonance Imaging, Positron Emission Tomography, Echocardiography, X-Ray, and Other Modalities), By End-Use (Pharmaceutical Companies, Medical Device Manufacturers, Academic and Government Research Institutes, Biotechnology Companies, Contract Research Organizations, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The project and data management segment dominates the market with the largest revenue share through the forecast period.
Based on the service, the global clinical trial imaging market is segmented into clinical trial design and consultation services, reading and analytical services, project and data management, and system and technology support services. Among these, the clinical trials involving imaging often require careful data management and efficient coordination amongst multiple stakeholders. Operational expertise, trial workflow development, project monitoring, scan-to-digital image conversion, regulatory supervision, quality control, real-time trial progress reporting, MRI center establishment and supervision are just a few of the many topics covered by these services.
The computed tomography segment dominated the global clinical trial imaging market during the forecast period.
Based on the modality, the global clinical trial imaging market is segmented into computed tomography, ultrasound, magnetic resonance imaging, positron emission tomography, echocardiography, x-ray, and other modalities. Among these, the computed tomography segment dominated the global clinical trial imaging market during the forecast period. The CT scan's ability to provide an accurate and detailed view of the body's internal structure makes it the imaging method of choice for clinical trials. CT scans provide comprehensive cross-sectional images of the body using X-rays and computer systems, enabling medical professionals and researchers to identify and quantify changes in tissues and organs over time.
The contract research organizations segment dominated the global clinical trial imaging market during the forecast period.
Based on the end-use, the global clinical trial imaging market is segmented into pharmaceutical companies, medical device manufacturers, academic and government research institutes, biotechnology companies, contract research organizations, and others. Among these, the contract research organizations segment dominated the global clinical trial imaging market during the forecast period. The large market share could be attributed to higher research and development efforts combined with the rising cost of drug discovery. The market is developing as a result of biotechnology and pharmaceutical companies' increasing desire to outsource research and development tasks in order to save money.
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North America dominates the market with the highest market share during the forecast period.
North America dominates the market with the highest market share during the forecast period. The primary reasons for his supremacy are the notable surge in R&D activities in the region and the presence of large outsourcing companies. The market in North America is also influenced by factors including the rising prevalence of chronic disorders and the aging population.
The Asia-Pacific region is expected to accelerate during the forecast period. The region's increasing R&D activity, the population's rapid increase, and the growing need for new treatments all contribute to this. Most clinical research in all fields is conducted through phase II clinical trials; this has been the case for the past five years.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Clinical Trial Imaging Market are Intrinsic Imaging, BioTelemetry, ProScan Imaging, Medpace, Biomedical Systems Corp, IXICO plc, Resonance Health, Navitas Life Sciences, Cardiovascular Imaging Technologies, Radiant Sage LLC, WCG Clinical, Medidata, WorldCare Clinical, Image Core Lab, and Other Key Players.
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Recent Developments
- In March 2023, A cloud-based imagine viewer designed especially for clinical trials was introduced by Clario. The objective of this innovation is to enhance accessibility and expedite medical image analysis in the context of clinical research.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global clinical trial imaging market based on the below-mentioned segments:
Global Clinical Trial Imaging Market, By Service
- Clinical Trial Design and Consultation Services
- Reading and Analytical Services
- Project and Data Management
- System and Technology Support Services
Global Clinical Trial Imaging Market, By Modality
- Computed Tomography
- Ultrasound
- Magnetic Resonance Imaging
- Positron Emission Tomography
- Echocardiography
- X-Ray
- Other Modalities
Global Clinical Trial Imaging Market, By End-Use
- Pharmaceutical Companies
- Medical Device Manufacturers
- Academic and Government Research Institutes
- Biotechnology Companies
- Contract Research Organizations
- Others
Global Clinical Trial Imaging Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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