Clinical trial imaging services market size, growth, business analysis report and Industry Forecast, 2020–2027

clinical-trial-imaging-services-market

PORTLAND, OREGON, UNITED STATES, February 13, 2024 /EINPresswire.com/ -- Demand for clinical trial imaging services is on the rise, owing to surge in adoption of imaging in clinical trials, rise in chronic disorders across the globe which leads to surge in clinical trials that require imaging leading to outsourcing of these services. Furthermore, surge in cost associated with conducting clinical trials in house also leads to surge in demand for imaging services offered by CROs thereby boosting the market growth. 

According to the report, the global clinical trial imaging services industry garnered $1.31 billion in 2019, and is expected to reach $1.80 billion by 2027, growing at a CAGR of 5.6% from 2020 to 2027.

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Rise in the need to outsource imaging in clinical trials, growth in adoption of imaging in clinical trials, and developments in the field of medical imaging technology drive the global clinical trial imaging services market. However, challenges associated with integration of imaging in clinical trials restrain the market growth. On the other hand, progress in image modality creates new opportunities in the coming years.

Contract research organizations offer a wide variety of services for clinical trials to the sponsors. Similarly, imaging services in clinical trials is also a type of service offered by CROs to sponsor. Thus, these imaging services include management of tasks related to performing medical imaging in clinical trials. In addition, medical imaging is an effective filed of science, which helps in studying the internal organs in a body. 

Covid-19 Scenario

The outbreak of covid-19 impacted the market in various manners including disruptions or cancellations or rescheduling of majority of the clinical trials.

In addition, the industry has witnessed a major drop in demand for imaging clinical trial services during the lockdown.

At the same time, the research related to development of therapeutics for COVID-19 has fueled the demand to certain extent.

Nevertheless, the government bodies have now introduced certain relaxations in various regions. Owing to which the industry is recovering and is expected to recoup soon.

North America to dominate the market throughout the forecast period

Based on region, North America accounted for the highest share based on revenue, holding nearly two-fifths of the total share of the global clinical trial imaging services market in 2019, and is projected to maintain its dominant position throughout the forecast period. This is attributed to surge in use of imaging as an endpoint in clinical trials and availability of major market players in this province. However, Asia-Pacific is estimated to portray the fastest CAGR of 7.4% from 2020 to 2027, owing to rise in awareness related to use of imaging in clinical trials and rise in number of clinical trials conducted in the region.

The animal feed segment to maintain its leadership position during the forecast period

Based on end user, the pharmaceutical and biotechnology companies segment contributed to the highest market share with more than two-thirds of the global clinical trial imaging services market in 2019, and is estimated to maintain its leadership position during the forecast period. Furthermore, the segment is estimated to generate the fastest CAGR of 5.9% from 2020 to 2027. This is attributed to constant change in needs related to clinical trials.

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Leading market players

BioClinica, Inc.
Biospective Inc.
Calyx
ERT Clinical
Icon Plc
IXICO plc
Intrinsic Imaging LLC
Imaging Endpoints
Micron Inc
Median Technologies
Medpace Inc.
Pharmtrace
ProScan Imaging.

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