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Clinical Trial Imaging Services Market to Experience Strong Growth Fueled by Outsourcing Trends and Technological Developments
Clinical Trial Imaging Services Market
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According to the latest research by InsightAce Analytic, the global Clinical Trial Imaging Services market is valued at US$ 1155.6 Million in 2022, and it is expected to reach US$ 1901.2 Million by the year 2031, with a CAGR of 5.8% during a forecast period of 2023-2031.
Clinical trial imaging services encompass a range of offerings provided by contract research organizations (CROs) to support imaging in clinical trials. These services are utilized by pharmaceutical, biotechnology, medical device, and other industries, which outsource their clinical trial imaging operations to CROs. The services offered in this market include project and data management, quality control, image analysis, and additional support for various therapeutic areas such as oncology, endocrinology, and neurology, among others.
The primary factor driving the growth of the clinical trial imaging services market is the increasing demand for outsourcing imaging-related operations in clinical trials globally. Moreover, the market's expansion is further supported by advancements in medical imaging technologies. The growing adoption of imaging in clinical trials, the rise in chronic disease prevalence necessitating new treatment options, and the corresponding increase in clinical trials have all contributed to the market's growth. Furthermore, raising awareness about the value of imaging in clinical trials, along with the development of new imaging technologies, presents significant opportunities for market expansion.
Other key drivers include the growth of the pharmaceutical and biotechnology sectors, the development of cloud-based platforms facilitating image sharing, and the increasing incidence of chronic diseases. Additionally, the integration of artificial intelligence (AI) is expected to enhance accuracy and efficiency, contributing to further market growth. However, the expanding number of contract research organizations and the trend toward the commercialization of life science research may pose challenges to the market's growth over the forecast period.
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North America is projected to be the dominant region in the Clinical Trial Imaging Services market over the forecast period. This is primarily due to the growing utilization of imaging as an outcome measure in clinical trials, which incentivizes sponsors to outsource these services in order to reduce associated costs. Moreover, the presence of prominent industry players such as Parexel International, Biospective, Inc., ERT Clinical, and Intrinsic Imaging LLC facilitates the accessibility of clinical trial imaging services, thereby driving market growth in the region. Additionally, the Asia-Pacific Clinical Trial Imaging Services market is expected to experience significant growth during the forecast period, fueled by increasing public awareness regarding the role of imaging in clinical research. The rise in the number of clinical trials being conducted in the region further contributes to the growing demand for clinical trial imaging services, supporting the market's expansion.
Major market players operating in the Clinical Trial Imaging Services market include
Calyx, Biospective Inc., Bioclinica Inc., Ert Clinical, Median Technologies, Proscan Imaging, Ixico Plc, Imaging Endpoints, Intrinsic Imaging, Llc, Micron, Inc., Medpace, Inc., Pharmtrace, Icon Plc., and other Prominent Player.
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Recent collaborations and agreements in the market:
• In May 2021, IXICO Plc. (UK) and biopharmaceutical client IXICO entered into a contract to provide neuroimaging services for a Phase III clinical trial.
• In February 2021, HepaFat AI software from Resonance Health Ltd. (Australia) acquired CE mark approval for market commercialization in Europe.
• In February 2021, PRA Health Science (US) was purchased by ICON Plc. (Ireland) for expanding its clinical research and global healthcare intelligence operations.
Market Segments
Global Clinical Trial Imaging Services Market, by Service Types, 2022-2030 (Value US$ Mn)
• Clinical Trial Design & Consultation Services
• Reading & Analytical Services
• Operational Imaging Services
• Project & Data Management Services
• Other Service Types
Global Clinical Trial Imaging Services Market, by Therapeutic Areas, 2022-2030 (Value US$ Mn)
• Oncology
• Neurology
• Endocrinology
• Cardiology
• Gastroenterology
• Other Therapeutic Area
Global Clinical Trial Imaging Services Market, by End-Users, 2022-2030 (Value US$ Mn)
• Pharmaceutical & Biotechnology Companies
• Medical Device Manufacturers
• Academic & Government Research Institutes
Global Clinical Trial Imaging Services Market, by Region, 2022-2030 (Value US$ Mn)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
North America Clinical Trial Imaging Services Market, by Country, 2022-2030 (Value US$ Mn)
• U.S.
• Canada
Europe Clinical Trial Imaging Services Market, by Country, 2022-2030 (Value US$ Mn)
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe
Asia Pacific Clinical Trial Imaging Services Market, by Country, 2022-2030 (Value US$ Mn)
• India
• China
• Japan
• South Korea
• Australia & New Zealand
Latin America Clinical Trial Imaging Services Market, by Country, 2022-2030 (Value US$ Mn)
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa Clinical Trial Imaging Services Market, by Country, 2022-2030 (Value US$ Mn)
• GCC Countries
• South Africa
• Rest of Middle East & Africa
Why should buy this report:
To receive a comprehensive analysis of the prospects for the global Clinical Trial Imaging Services market
To receive an industry overview and future trends of the Clinical Trial Imaging Services market
To analyze the Clinical Trial Imaging Services market drivers and challenges
To get information on the Clinical Trial Imaging Services market value (US$Mn) forecast to 2030
Significant investments, mergers & acquisitions in the Clinical Trial Imaging Services market industry
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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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