Press release
Clinical Trial Imaging Market worth $1.9 billion | ICON plc. (Ireland), BioTelemetry Inc. (US), Biomedical Systems Corporation (US), Medpace Holdings, Inc. (US), IXICO plc. (UK)
Clinical Trial Imaging Market
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The services segment accounted for the largest share of the clinical trial imaging market, by product and service segment, in 2022
Based on product, the clinical trial imaging market is segmented into services and software. In 2022, services accounted for the largest share of the global clinical trial imaging market. The large share of this segment can primarily be attributed to the high cost of imaging equipment, which has driven the outsourcing of imaging clinical trials by pharmaceutical, biotechnology, and medical device manufacturers to service providers.
Positron emission tomography segment to register the highest growth rate during the forecast period
The clinical trial imaging market is segmented into computed tomography, magnetic resonance imaging, ultrasound, positron emission tomography, X-ray, echocardiography and other modalities. In 2022, the positron emission tomography segment accounted for the highest growth rate. Technological expansions and the introduction of new tracers for cardiology, oncology, and neurology applications are expected to support the adoption of PET systems in clinical trial settings.
The oncology segment accounted for the largest share of the clinical trial imaging market, by therapeutic area segment, in 2022
Based on therapeutic area, the clinical trial imaging market has been segmented into oncology, infectious diseases, neurology, CVS, endocrinology, immunological disorder and other therapeutic area. In 2022, the oncology segment accounted for the largest share of the clinical trial imaging market. The dominant portion of this segment's market share can be chiefly attributed to the extensive volume of oncology-related clinical trials, driven by the global increase in cancer incidence.
North America is the largest regional market for clinical trial imaging market
The global clinical trial imaging market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America accounted for the largest share of the clinical trial imaging market. The large share of this region can be attributed to the growing cutting-edge medical technologies, a mounting count of pharmaceutical and biotechnology enterprises, and substantial governmental investments in clinical research and development.
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Clinical Trial Imaging Market Dynamics:
Drivers:
Increasing R&D spending
Growth of pharmaceutical and biotechnology industries
Increasing number of CROs
Restraints:
High implementation cost of imaging systems
Opportunities:
Growth opportunities in emerging economies
Development of innovative imaging modalities, contrast agents, molecular probes, and radiopharmaceuticals
Challenges:
High cost of clinical trials
Key Market Players:
The major players operating in this market are ICON plc. (Ireland), BioTelemetry Inc. (US), Biomedical Systems Corporation (US), Medpace Holdings, Inc. (US), IXICO plc. (UK), Resonance Health Ltd. (Australia), Radiant Sage LLC. (US), BioClinica Inc. (US), Intrinsic Imaging LLC. (US), Cardiovascular Imaging Technologies LLC. (US), Medical Metrics Inc. (US), Prism Clinical Imaging, Inc. (US), Boston Imaging Core Lab LLC. (US), anagram 4 clinical trials (Spain), Lyscaut Medical Imaging Company (Belgium), Calyx Group (UK), Bioseptive Inc. (Canada), ProScan Imaging LLC. (US), Micron Inc. (Japan), Imaging Endpoints LI, LLC (US), Perspectum Ltd. (UK), Pharmtrace klinische Entwicklung GmbH (Germany), WorldCare Clinical, LLC (US), Median Technologies (France) and Invicro. LLC. (US).
Recent Developments:
In March 2023, ICON Plc. (Ireland) announced a strategic partnership with LEO Pharma (Denmark) to scale clinical trial execution that is patient-centric and cost effective, and which will support the company's overall ambition of building one of the most effective and efficient clinical
portfolio execution organisations in the industry.
In March 2023, Clario (US), announced the launch of a cutting-edge cloud-based image viewer tool for sponsors and contract research organizations to view images related to their clinical trials.
In May 2021 IXICO Plc. (UK) signed a contract with biopharmaceutical client IXICO to provide neuroimaging services for a Phase III clinical trial under this contract.
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