Pune, India, Jan. 18, 2022 (GLOBE NEWSWIRE) -- The global clinical trial imaging market size is expected to value at USD 1.62 Billion in 2021 and is expected to grow at a CAGR of 8.23% during the forecast period, as per a detailed market study by Quince Market Insights.
Clinical trial imaging is a type of research, that studies new treatments and tests and evaluates their effects on human health outcomes. It is a technique used in oncology clinical trials to provide evidence for making decision.
The clinical trial imaging market growth can be attributed to rising number of biotechnology & pharmaceutical companies, increasing investments in research & development sectors for developing new drugs to treat diseases, and growing focus on life science projects for diagnostics or new therapy.
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Further, advanced radiology and other imaging systems involves high-cost investments for installation and maintenance and to expert professionals are required to operate the equipment, which can also be costly. These factors are expected to restrain the global clinical trial imaging market growth. Also, due to increasing prevalence of chronic diseases and increasing investments in R&D sectors are expected to create opportunities for market growth. The trial imaging procedures involves high cost-structures for providing innovative treatments. This is expected to pose a tough challenge to the market players operating in the global clinical trial imaging market.
Impact of COVID-19 on Global Clinical Trial Imaging Market
With growing cases of COVID-19 across the world, many ongoing trials, treatments or therapy were stopped by research institute during the initial stages due to COVID-19, which had a severe impact on the global market for clinical trial imaging. However, due to the rising needs for vaccines and drugs, clinical trials were conducted to meet the growing needs for drugs and vaccines. Hence, post mid-2020, the market has witnessed a positive impact and is also expected to witness positive impact during the forecast period.
Global Clinical Trial Imaging Market, by Software & Services
Based on software & services, the clinical trial imaging market is segmented into operational imaging and read analysis. Operational imaging segment dominates the market for clinical trial imaging in 2021 and is expected to remain dominant during the forecast period.
Operational imaging includes various process and technologies for the treatment of diseases like medical imaging such as magnetic resonance imaging (MRI), computed tomography (CT) scan or computerized axial tomography (CAT) scanners. With the growing diseases like chronic and lungs infections, the medical imaging demand is also increasing. This is expected to contribute to segment growth.
Global Clinical Trial Imaging Market, by Modality
Based on modality, the clinical trial imaging market is segmented into magnetic resonance imaging (MRI), computed tomography (CT), x-ray, Positron Emission Tomography (PET), echo cardiography, and others. Computed tomography captures (CT) hold the largest number of market share in 2021 and is estimated to remain largest during the forecast period.
Factors attributing the growth of computed tomography (CT) are increasing investments in research & development sectors, increasing number of contract research organizations (CROs), to detect bone and joint problems like tumors and bone fractures which are very common in patients.
Global Clinical Trial Imaging Market, by Therapeutic Areas
Based on therapeutic areas, the global clonal trial imaging market is segmented into oncology, infectious, central nervous system (CNS), and chorionic villus sampling (CVS). Oncology treatment holds the largest market share in 2021 and is expected to remain largest during the forecast period. High demands of oncology for the treatment of cancer, which help professionals to find new ways to prevent and detect cancer treatments is driving the segment growth.
Global Clinical Trial Imaging Market, by End User
Based on end user, the market is segmented into biotechnology & pharmaceutical companies, contract research organizations (CROs), medical device manufacturers, academia & government research institutes, and others. Among these, biotechnology & pharmaceutical industries dominates the market for clinical trial imaging in 2021 and is expected to remain dominant during the forecast period.
Factors attributed to segment growth are rise in chronic diseases and need to develop innovative drugs and therapies by biotechnology & pharmaceutical companies. Additionally, the recent strategic initiatives such as collaborations and acquisition & merger undertaken by major players will further drive the market growth.
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Global Clinical Trial Imaging Market, by Region
Based on region, the market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. North America holds the largest market share for global clinical trial imaging in 2021 and is expected to remain largest during the forecast period. Increasing investments in R&D sectors, increasing geriatric population with growing chronic diseases, and reasonable cost-structures are playing an important role in the North American market for clinical trial imaging.
Recent Developments in the Global Clinical Trial Imaging Market
- August 2021 – NANOX Imaging Ltd. declared two agreements projected to create globally connected by end-to-end radiology solution. NANOX acquired Zebra Medical Vision and USARAD, are expected to set a new standard in the medical device sector.
- January 2021 – Bioclinica announced invention of AI image redaction technology for clinical trials. The new AI image will support redaction of patient’s sensitive information from photos, videos, and PDFs in clinical trials.
- January 2021 – Bioclinica acquired Silicon Valley-based Saliency, to accelerate digital diagnostic development. Bioclinica merged with Saliency’s AI advanced technology to support increasing range of pharmaceutical and medical device clients.
Some Key Findings of the Global Clinical Trial Imaging Market Report Include:
- The analysis includes a global clinical trial imaging market study, expansions, and forecasts, along with a country-specific analysis
- An in-depth analysis of the global clinical trial imaging market comprises segment by software & services, modality, therapeutic areas, end user, and regions with an analysis of trend-based insights and factors
- Product offering details on competitive benchmarking and evolution approach adopted by the industry players, along with their investments in the last five years in the global market have been provided in the report
- The market research includes a study of the provinces, boundaries, drivers, prospects, guidelines, challenges, and procedures that are propelling the global clinical trial imaging market
- The study also offers complex measures of potential market effect during the forecast period and an in-depth overview of the leading companies operating in the global market
- External as well as internal variables that are expected to have a positive or negative effect on companies have been evaluated, which will offer the decision-makers a strong futuristic view of the industry
- The research also helps understand the dynamics of the clinical trial imaging market structure by analyzing market segments and by projecting the size of the market
- The report helps to understand the effects of the COVID-19 pandemic on the clinical trial imaging market
- Some major industry players functional in the global clinical trial imaging market are: Biomedical Systems Corporation, BioClinica Inc., Cardiovascular Imaging Technologies LLC, Prism Clinical Imaging, Inc., ProScan Imaging LLC, ICON plc, Bio Telemetry, Inc., Medpace Holdings, Inc., Paraxel International Corporation, Radiant Sage LLC, Resonance Health, Navitas Life Sciences
To Find more insights on this topic, visit Quince Market Insights report titled, Clinical Trial Imaging Market, By Modality (CT, MRI, PET, Ultrasound, Echocardiography, X-Ray), By Product & Services (Software, Services), By End User (Pharmaceutical Companies, Biotechnology Companies, CROs, Medical Device Manufacturers), By Region (North America, Eastern Europe, Western Europe, Asia Pacific, Middle East, Rest Of The World) – in-depth analysis along with the table of contents (ToC).
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