Dublin, Nov. 19, 2021 (GLOBE NEWSWIRE) -- The "Imaging CRO Market Analysis and Forecast, 2020-2031" report has been added to ResearchAndMarkets.com's offering.
The biopharmaceutical market and its manufacturing capabilities have undergone a profound transformation during the period 2010-2020. The open global market and regulatory reforms within the industry have led to a better outscoring probability. The CROs, imaging CROs, and contract development and manufacturing organizations (CDMOs) are adding quality, cost-effectiveness, and manufacturing capacity to the existing pharmaceutical, biotechnology, and medical devices companies. Moreover, the big pharmaceutical firms are building their manufacturing and buying capacity from the smaller firms to improve their production.
The growing number of clinical trials, growing pharmaceutical pipeline, increasing awareness toward process automation, growing demand for high precision in drug manufacturing, and an increasing dependency of pharmaceuticals and biotechnology companies on the CROs for conducting imaging trials are the main factors driving the growth of the global imaging CRO market.
Healthcare experts have found imaging CRO to be one of the most rapidly evolving markets. The global market for imaging CRO is predicted to grow at a CAGR of 7.25% during the forecast period 2021-2031.
Based on region, North America dominated the global imaging CRO market in 2020 and is expected to grow at a high CAGR from 2021 to 2031. The growing number of clinical trials conducted in the region generates high demand for imaging CROs to distribute workload and cost-effectiveness. In addition, major end users in the region are adopting advanced imaging equipment and automation at a fast pace for efficient processing. Also, the industry's largest CROs operate in this region as government regulations and programs support the overall growth of the companies. Europe held the second-largest share of the global imaging CRO market in terms of revenue in 2020, followed by Asia-Pacific.
Owing to the COVID-19 pandemic, the investment in research and development in biopharmaceutical companies has increased significantly. Researchers, scientists, and skilled personnel around the world are involved in the development of vaccines and drugs for the treatment of SARS-CoV virus infection, and this scenario is predicted to directly boost the demand for CROs for large scale production in a shorter period, thus enhancing the overall market of imaging CRO.
Within the research report, the market is segmented based on service, modality, application, phase, and end user. Each of these segments covers the snapshot of the market over the projected years, the inclination of the market revenue, underlying patterns, and trends by using analytics on the primary and secondary data obtained.
Market Growth Drivers
- Continued Growth in R&D Spending
- Increase in the Annual Number of Clinical Trials with Medical Imaging
Market Challenges
- High Installation Cost of Medical Imaging Systems
- Supply Chain and Logistical Challenges
Market Opportunities
- Increasing Outsourcing Trend Among Pharmaceutical Companies
- Automation in Imaging CRO Process
Key Questions Answered in this Report:
- What is the major factor driving the growth of the global imaging CRO market?
- What are the different types of services offered in the global imaging CRO market?
- What are the key development strategies implemented by the key players to stand out in this global imaging CRO market?
- What are the key modalities used by the key companies within the global imaging CRO market?
- What are the various applications of imaging CRO in different industries?
- In which phase of the clinical trials, does the imaging CRO services are being utilized the most?
- How have the strategic collaborations among the key players provided a large service sector within the global imaging CRO market?
- Which are the leading companies that are dominating the global imaging CRO market?
- Based on the end-user type, which industry in the global imaging CRO market is anticipated to witness a massive rise in demand during the forecast period?
- Which region dominates the global market of imaging CROs?
- Who are the key players operating in the imaging CRO market in each region?
- How is each segment of the global Imaging CRO market expected to grow during the forecast period, and what revenue is expected to be generated by each of these segments by the end of 2031?
Companies Mentioned
- Worldcare Clinical, LLC
- LabCorp Drug Development (Laboratory Corporation of America Holdings)
- IXICO PLC
- ICON plc
- The Micron Group
- Medpace Holdings, Inc.
- Radiant Sage LLC
- Biomedical Systems Corporation (ERT)
- Bioclinica
- Imaging Endpoints LLC
- Parexel International Corporation
- Wuxi AppTec
- Syneos Health, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/2crmim
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