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.
According to the report published by Allied Market Research, 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. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Increase in need for outsourcing imaging in the clinical trials, increased adoption of imaging in clinical trials, advancements in medical imaging technology fuel the global clinical trial imaging services market. However, obligations related to integration of imaging in clinical trials hinder the market growth. Contrarily, advancements in image modality present new opportunities in the next few years.
Onkar Sumant, a Manager, Healthcare at Allied Market Research, stated, “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.”
- 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.
By region, North America contributed to the highest market share, accounting for nearly two-fifths of the total market share in 2019, and is expected to maintain its dominant share throughout the forecast period. However, Asia-Pacific is projected to manifest the fastest CAGR of 7.4% from 2020 to 2027.
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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.
Leading players of the global clinical trial imaging services market analyzed in the research include Biospective Inc., BioClinica, Inc., ERT Clinical, Icon Plc, Calyx, Intrinsic Imaging LLC, IXICO plc, Micron Inc., Imaging Endpoints, Medpace Inc., Median Technologies, Pharmtrace, and ProScan Imaging.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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