Market Definition
Clinical Trial Imaging comprises the use of imaging modalities, analysis services, and software to effectively determine the efficacy of novel medications prior to commercial release. Clinical Imaging techniques are increasingly used in oncology drug clinical trials to provide evidence for the drug’s effectiveness and safety. The imaging systems commonly used in clinical trials comprise Positron Emission Tomography (PET), Optical Coherence Tomography (OCT), Magnetic Resonance Imaging (MRI), and Ultrasound. The growth in the number of cancer diagnoses and deaths worldwide is estimated to drive the market during the projection period. However, the stringent government regulations in the sector are projected to restrict growth opportunities for the Clinical Trial Imaging Industry.
Market Outlook
The global clinical trial imaging market was valued at USD 1.2 billion in 2021 and it is anticipated to grow at 5.9% CAGR during the forecast period to reach up to USD 2.1 billion by 2031.
An increase in R&D spending in the medical sector is expected to drive the growth of the market. Pharmaceutical and biotechnology companies invest heavily in research to develop breakthrough molecules. Growth in the R&D expenditure by pharmaceutical & biotechnology companies and governments combined with the increasing focus on life science projects to develop new therapeutic & diagnostic products is estimated to boost the clinical trial imaging market. Likewise, developing countries such as India, South Korea, Brazil, and Mexico offer significant growth opportunities to players operating in the clinical trial imaging market, mainly owing to the growing R&D funding in these countries. These developing markets also have a strong trend of commercialization of life science research. With significant developments in life sciences research, these economies are anticipated to offer high growth opportunities in the clinical trial imaging market. Moreover, Asian markets, especially China and India, have many CROs that offer drug discovery services to pharmaceutical and biotechnology companies. With the significant increase in R&D funding and CROs operating in emerging countries, the demand for clinical trial imaging is anticipated to boost in these countries in the upcoming years.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segments
By Products & Services
- Services
- Software
By Modality
- Computed Tomography
- Magnetic Resonance Imaging
- Ultrasound
- Positron Emission Tomography
- X-ray
- Echocardiography
By Therapeutic Area
- Oncology
- Infectious Diseases
- Neurology
- CVS
- Endocrinology
- Immunological Disorder
By End User
- Pharmaceutical Companies
- Biotechnology Companies
- Medical Device Manufacturer
- Contract Research Organizations
- Academic & Government Research Institutes
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Major Players in Global Clinical Trial Imaging Market
The key players in the global clinical trial imaging market are ICON plc. (Ireland), BioTelemetry Inc. (US), Biomedical Systems Corporation (US), Medpace Holdings, Inc. (US), IXICO plc. (UK), Resonance Health Ltd. (Australia), Radiant Sage LLC. (US), BioClinica Inc. (US), Intrinsic Imaging LLC. (US), Cardiovascular Imaging Technologies LLC. (US), Medical Metrics Inc. (US), Prism Clinical Imaging, Inc. (US), Boston Imaging Core Lab LLC. (US), anagram 4 clinical trials (Spain), Lyscaut Medical Imaging Company (Belgium), Calyx Group (UK), Bioseptive Inc. (Canada), ProScan Imaging LLC. (US), Micron Inc. (Japan), Imaging Endpoints LI, LLC (US), Perspectum Ltd. (UK), Pharmtrace Klinische Entwicklung GmbH (Germany), WorldCare Clinical, LLC (US).
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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.
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