Global Clinical Trial Imaging Market – Analysis and Forecast (2018-2024)
Clinical trial imaging is a component of massive research and development of biotechnology and pharmaceutical industries and drug development process. It helps in making trial more effective and accurate. The global clinical trial imaging market is growing at significant rate, due to mounting research and development spending by growing biotechnology and pharmaceutical industries and boosting number of contract research organization (CROs). Different products and services contributed to the clinical trial imaging market size. The market has witnessed high demand for services segment over the last few years due to elevated price of the imaging equipment. Market Segmentation Insight by Product and Services On the basis of product and services, the clinical trial imaging market is sub divided into services and software. Of both, service segment market account the larger share and is expected to grow at the fastest rate in the market, due to elevated price of the imaging equipment and mounting outsourcing of imaging clinical trial by medical device, pharmaceutical, and biotechnology manufacturers. The services segment is further sub divided into system and technical support services, operational imaging services, trial design consulting services and read analysis services. The operating imaging service accounted the largest share in the market, as it comprises of essential services accessible by imaging CROs for several imaging modalities. Insight by Modality On the basis of modality the market is sub divided into x-ray, computed tomography (CT), magnetic resonance imaging (MRI), positron emission tomography (PET), ultrasound, echocardiography and others. High benefits of computed tomography in diagnoses for injuries, abnormalities and cancer, in the body are some of the factors responsible for the growth of the computed tomography segment. Of all the types of modality, the computed tomography accounted largest share in the clinical trial imaging market. Moreover, PET is expected to grow at fastest rate due to benefits of PET in delivering data about the performance and metabolism of the body organs. Insight by End User The different end users of the market are academic and government research institutes, pharmaceutical companies, contract research organizations, biotechnology companies, medical device manufacturers, and others. Mounting research and development finances of pharmaceutical companies is the factors growing the demand of pharmaceutical companies. Among the all end users, the pharmaceutical companies are accounted to command the clinical trial imaging industry. Moreover, medical devices manufacturers are expected to grow at fastest rate in the market due to boosting medical device market and mounting research and development expenditure by medical device manufacturers. Industry Dynamics Growth Drivers The mounting research and development spending by growing biotechnology and pharmaceutical industries, expansion in pharmaceutical and biotechnology industries and boosting number of CROs are the primary growth drivers for clinical trial imaging market. The pharmaceutical and biopharmaceutical companies are investing profoundly in the research and development for the advancement of new drugs. In the clinical research and life science sector, the organizations are attempting to invent and improve treatment for health problems, such as AIDS, diabetes, and cancer. Expansion of advanced imaging modalities, and radiopharmaceuticals and mounting clinical research in emerging economies are also facilitating the growth for the clinical trial imaging market. The frequency of clinical research is mounting in the emerging economies, due to low operational cost, availability of large number of patients, faster recruitment rates, and availability of CROu2019s focused on global trials. Challenges The excessive cost of clinical trials, high employment price of imaging systems and elevated cost of positron emission tomography are the major challenges for the growth of clinical trial imaging market. High investment is involved in the drug development process in clinical trials. Moreover, it requires skilled labor for data collection, assessment, and maintaining records. Industry Ecosystem Globally, the manufacturing companies trying to enter the clinical trial imaging market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier for the entry of new players. This offers an edge to the established players in the industry competition. Geographic Overview Geographically, North America is the largest clinical trial imaging market as in the region the research and development spending is huge. Mounting number of pharmaceutical and biotechnology companies, and expanding number of CROs are also up surging growth of the North American clinical trial imaging market. Asia-Pacific is observed to witness fastest growth in the market, as in the region number of biotechnology and pharmaceutical companies are increasing. In addition, mounting research and development spending is also creating a positive impact on the clinical trial imaging market growth in the region. Competitive Insight Key players in the clinical trial imaging market are catering the demand of these devices by investing on technologically advanced products in their product portfolio across the globe. In July 2017, ICON plc acquired Mapi Group to strengthen its commercialization and outcome research business. Parexel International Corporation, Radiant Sage LLC, ICON Plc, Biomedical Systems Corporation, Biotelemetry, Inc., Intrinsic Imaging LLC, Cardiovascular Imaging Technologies, LLC, Ixico PLC, and Worldcare Clinical, LLC are the key players offering clinical trial imaging.
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