Clinical Trial Imaging Market Size, Growth, Report and Forecast 2023-2031
According to the report by Expert Market Research (EMR), the global clinical trial imaging market size reached a value of USD 1.3 billion in 2022. Aided by the rising number of clinical trials and advancements in imaging technologies, the market is projected to further grow at a CAGR of 8.05% between 2023 and 2031 to reach a value of USD 2.5 billion by 2031.
Clinical trial imaging encompasses the use of various imaging modalities such as Magnetic Resonance Imaging (MRI), Computed Tomography (CT), Positron Emission Tomography (PET), and others in clinical trials. These imaging techniques are pivotal in evaluating the efficacy of new drugs and treatment protocols, providing accurate data about disease progression, and aiding in patient selection for clinical trials.
The clinical trial imaging market growth is primarily propelled by the increasing number of clinical trials globally due to the escalating burden of chronic diseases and the emergence of novel therapies. As the pharmaceutical and biotech industries work on developing new treatments, the reliance on imaging for early detection and assessment of drug effectiveness has increased, thereby driving the clinical trial imaging market expansion.
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Moreover, advancements in imaging technologies are fuelling the clinical trial imaging market development. Emerging imaging techniques like molecular and functional imaging are providing superior insights into disease processes at cellular and molecular levels, revolutionizing drug development procedures. Furthermore, AI-based imaging analytics is becoming increasingly popular, allowing for automated and accurate analysis, thus bolstering the clinical trial imaging market demand.
In various sectors apart from pharmaceuticals and biotech, clinical trial imaging also finds extensive applications. In academia and research institutions, for example, imaging is used in clinical research to understand disease mechanisms. The cosmetic industry is leveraging imaging technologies for testing the effectiveness of skincare products, offering a non-invasive and efficient evaluation method. The broadening scope of application is a significant factor propelling the clinical trial imaging market.
Additionally, the rising adoption of decentralised or virtual clinical trials, intensified by the COVID-19 pandemic, has further spurred the demand for clinical trial imaging. The use of imaging enables remote patient monitoring and reduces the need for physical visits, thus fitting perfectly into the decentralised trial model.
Further, favourable government regulations and initiatives promoting clinical research are also contributing to the clinical trial imaging market expansion. Regulatory bodies like the FDA and EMA are increasingly recognising the role of imaging in drug development, further fostering the clinical trial imaging market’s progress.
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Clinical Trial Imaging Market Segmentation
The market can be divided based on products and services, application, modality, end user, and region.
Market Breakup by Products and Services
- Services
- Software
Market Breakup by Application
- Trial Design Consulting Services
- Read Analysis Services
- Operational Imaging Services
- Imaging Software
Market Breakup by Modality
- Magnetic Resonance Imaging
- Computed Tomography
- Ultrasound
- Positron Emission Tomography
- X-Ray
- Echocardiography
- Other Modalities
Market Breakup by End User
- Pharmaceutical and Biotechnology Companies
- Medical Device Manufacturers
- Academic and Government Research Institutes
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global clinical trial imaging companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Navitas Life Sciences
- BioTelemetry
- ICON PLC
- IXICO plc.
- Image Core Lab
- anagram 4 clinical trials
- Quotient Sciences
- WORLDCARE CLINICAL
- Paraxel International Corporation
- Median Technologies
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