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Clinical Trial Imaging Market to Hit USD 2.07 Billion by 2029 with 7.8% CAGR | MarketsandMarkets™


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MarketsandMarkets

03 Oct, 2024, 14:30 GMT

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DELRAY BEACH, Fla., Oct. 3, 2024 /PRNewswire/ -- The global clinical trial imaging market is on track to grow from USD 1.42 billion in 2024 to USD 2.07 billion by 2029, with a compound annual growth rate (CAGR) of 7.8%. This growth is driven by increased research and development funding in pharmaceuticals and biotechnology, coupled with a rise in Contract Research Organizations (CROs). However, high costs associated with imaging equipment and services may hinder expansion. The services segment currently dominates the market, reflecting a demand for comprehensive clinical study support, while computed tomography holds the largest share among imaging modalities. North America leads in market share due to its advanced R&D and aging population. Emerging economies like India and China also present significant growth opportunities, especially as they attract investment in clinical trials. Key players in the market include ICON plc, Clario, and IXICO, which are innovating to enhance clinical trial efficiencies. Overall, the clinical trial imaging market is poised for substantial growth driven by rising drug development demands and advancements in imaging technologies.

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The clinical trial imaging market is divided into two segments: services and software. By far the largest share of the clinical trial imaging market in 2023 belonged to the services segment. One of the main reasons for this segment's considerable domination is the high cost of imaging equipment. This element has fueled the trend of pharmaceutical, biotechnology, and medical device companies outsourcing imaging clinical studies to third-party service providers.

The clinical trial imaging market is divided into several modalities based on imaging techniques, such as computed tomography, magnetic resonance imaging, ultrasound, positron emission tomography, X-ray and more. The computed tomography segment accounted for the largest share of the clinical trial imaging market in 2023. It is anticipated that factors including the expansion of clinical studies and the actions taken by major companies will boost market expansion.

The market for clinical trial imaging has been divided into therapeutic areas such as immunological disorders, cancer, infectious diseases, neurology, CVS, endocrinology, and others. As of 2023, the oncology sector held the largest share of the clinical trial imaging market. This can be attributed to the increasing number of research studies that focus on cancer treatments and the expanding number of businesses that are committed to bringing innovative cancer medications to the market.

The pharmaceutical and biotechnology firms, medical device makers, contract research organizations, academic and government research institutes, and other end users are the segments of the clinical trial imaging market based on end users. With the highest market share in 2023 for clinical trial imaging, the pharmaceutical & biotechnology firms segment can be mainly ascribed to the growth in CROs and the overall expansion of the pharmaceutical sectors.

There are five primary regions that make up the global market for clinical trial imaging: North America, Europe, Asia Pacific, Latin America, the Middle East & Africa, and the Gulf Cooperation Council. In terms of clinical trial imaging, North America was the largest regional market in 2023. Growth in R&D spending and the rise of CROs specializing in imaging modality optimization in the US and Canada are driving the market's expansion in North America.

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The major players in this market are ICON Plc (Ireland), Clario (US), Medpace (US), IXICO Plc (UK), and Resonance Health Ltd. (Australia). Other players such as Radiant Sage (US), WCG Clinical (US), Voiant (US), Cardiovascular Imaging Technologies (US), Medical Metrics Inc. (US), Prism Clinical Imaging (US), Boston Imaging Core Lab (US), Anagram 4 Clinical Trials (Spain), Calyx (UK), Biospective Inc. (Canada), Proscan Imaging (US), Micron Inc. (Japan), Imaging Endpoints (US), Perspectum (UK), Pharmtrace (Germany), Navitas Life Sciences (US), Median Technologies (France) and Invicro, LLC. (US), Image Core Lab (India), Image Analysis Group (UK).

ICON held a strong position at the forefront of the clinical trial imaging market as of 2023. The company's extensive distribution networks in North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa have maintained its dominance. To further solidify its dominance in this industry, ICON uses non-organic expansion techniques, with a focus on acquisitions that bolster its current business divisions. For example, in October 2023, ICON acquired 100% of the equity of BioTel Research, LLC, a leading medical imaging and cardiac safety monitoring service provider. This part of the business was formerly known as Philips Pharma Solutions. The company's foothold in the market is primarily attributed to several factors, such as its strong technical and service capabilities, good client relationships, and diversified service offerings.

In the clinical trial imaging market, Medpace Holdings, Inc. held the second-best position in 2023. The company's strong sales and distribution network is responsible for its dominant position. The company's leading position in this market can be attributed to its strong global sales and distribution network, enabling it to market its services and solutions in various countries. Its increasing focus on emerging markets has also supported revenue growth and has increased its overall revenue—the company's overall revenue increased from USD 0.93 billion in 2020 to USD 1.89 billion in 2023. The organization pursues non-organic tactics like acquisitions and devotes a significant amount of its revenue to research and development (R&D). Through completely owned subsidiaries and representative sales offices, the company operates in North America, Europe, Asia, South America, Africa, and Australia.

For more information, Inquire Now!

Related Reports:

Preclinical Imaging Market

Clinical Trial Supplies Market

Contract Research Organization Services Market

Diagnostic Imaging Market

Ultrasound Market

Get access to the latest updates on Clinical Trial Imaging Companies and Clinical Trial Imaging Market Size

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