Global Clinical Trial Imaging Services Market generated $1.31 billion in 2019, and is projected to garner $1.80 billion by 2027, witnessing a CAGR of 5.6% from 2020 to 2027. The report offers an extensive analysis of changing market trends, key segments, top investment pockets, value chain, competitive landscape, and regional scenario.
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.
Covid-19 Scenario:
- Owing to the Covid-19 pandemic, the focus of research and healthcare institutions shifted toward finding treatment for Covid-infected patients and there have been disruptions, cancellations, or rescheduling of many clinical trials.
- There has been significant drop in demand for imaging in clinical trial services during the lockdown. On the other hand, the demand increased for R&D activities regarding development of therapeutics for Covid-19.
- However, governments have introduced few relaxations in different regions during the post-lockdown. This is expected to raise the demand for these services and the market would recover soon.
The animal feed segment to maintain its leadership position during the forecast period
Based on end user, the pharmaceutical and biotechnology companies segment contributed to the highest market share with more than two-thirds of the global clinical trial imaging services market in 2019, and is estimated to maintain its leadership position during the forecast period. Furthermore, the segment is estimated to generate the fastest CAGR of 5.9% from 2020 to 2027. This is attributed to constant change in needs related to clinical trials.
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.
Leading market players
- BioClinica, Inc.
- Biospective Inc.
- Calyx
- ERT Clinical
- Icon Plc
- IXICO plc
- Intrinsic Imaging LLC
- Imaging Endpoints
- Micron Inc
- Median Technologies
- Medpace Inc.
- Pharmtrace
- ProScan Imaging.
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