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.
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.
The clinical trial imaging services market accounted for $1,310 million in 2019, and is expected to reach $1,807.65 million by 2027, registering a CAGR of 5.6% from 2020 to 2027.
Based on service type, the project and data management services segment accounted for around one-third of the total share of the global clinical trial imaging services market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. In addition, the same segment is estimated to portray the highest CAGR of 6.8% from 2020 to 2027, owing to the high cost associated with performing these tasks in house, which leads to the need to outsource them.
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.
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.
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.
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