Global Clinical Trial Imaging Market Overview:
Medical imaging plays a very important role in the process of clinical development of various kinds of novel life science products. Although the medical imaging industry is constantly volatile, the biotechnology and pharmaceutical industries continue to grow. This is due to increased investments in medical imaging companies as well as mergers and acquisitions and the introduction of innovative imaging technologies to support clinical trials for medical devices. However, the high cost of machines and their installation, as well as the large capital required to conduct clinical studies, can stifle the growth of the market. Advances in technology enable significant improvements in the collection, evaluation, and communication of imaging data for clinical trials. Technology-based imaging, particularly image analysis software, offers numerous benefits, including data accuracy, consistency, adaptability, and compliance with clinical trials. For example, image analysis software is implemented in order to manage and control a reader via the analysis of imaging times. The increasing use of technology, along with improved computing power, increases the use of imaging in clinical trials. Clinical trials are thus a very much important part of the process of drug development. However, the cost of conducting these clinical trials has hereby increased in recent years. Therefore, clinical trial imaging is emerging as an alternative measure that can help reduce drug trial costs, thereby improving the clinical trial schedule.
As per latest study released by AMA Research, the Global Clinical Trial Imaging market is expected to see growth rate of 7.9% and may see market size of USD1.76 Billion by 2027.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Historical Period | 2017-2021 |
Unit | Value (USD Billion) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Growth Drivers
- The Rising Prevalence of Chronic Diseases
- The Increasing Geriatric Population
- Rise in Number of Contract Research Organization
Roadblocks
- The High Cost of Machinery and Their Installation
- High Implementation Barriers
Opportunities
- The Rise in the Number of Biotechnology and Pharmaceutical Companies
- Increase in R&D by Growing Pharmaceutical and Biotechnology Industries
- The Increased Funding and Investment in the Field of Clinical Research and Clinical Trials
Challenges
- The Enormous Cost of Clinical Trials
Competitive Landscape:
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Some of the key players profiled in the report are BioClinica, Inc. (United States), Biomedical Systems (United States), Cardiovascular Imaging Technologies (United States), ICON Public Limited Company (Ireland), Intrinsic Imaging, LLC (United States), Medpace (United States), Resonance Health Ltd. (Australia), Navitas Life Sciences (United States), IXICO, PLC (United Kingdom) and PAREXEL International Corporation (United States). Additionally, following companies can also be profiled that are part of our coverage like Radiant Sage, LLC, BioTelemetric, Inc. and WorldCare Clinical, LLC. Analyst at AMA Research see United States Players to retain maximum share of Global Clinical Trial Imaging market by 2027. Considering Market by Mode, the sub-segment i.e. Computed Tomography will boost the Clinical Trial Imaging market. Considering Market by End User, the sub-segment i.e. Pharmaceutical Companies will boost the Clinical Trial Imaging market.
Latest Market Insights:
In February 2020, ICON plc had acquired MedPass International, which is a European CRO for medical devices, reimbursement, and regulatory advice. This acquisition would in turn help expand ICON's medical device and diagnostic research services in Europe.
In June 2018, Bioclinica had introduced the SMART technology suite, which is available with the feature of Medical Imaging, Interactive Response Technology (IRT), as well as Electronic Data Capture (EDC) so as to transmit and manage medical image data in accordance with general data protection regulations and all the global requirements, for the purpose of submitting, investigating, and reporting.
What Can be Explored with the Clinical Trial Imaging Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Clinical Trial Imaging Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Clinical Trial Imaging
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Clinical Trial Imaging market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Clinical Trial Imaging market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes New Entrants/Investors, Analysts and Strategic Business Planners, Providers of Clinical Trial Imaging, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industry.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.