The rising technologies like Artificial Intelligence are improving and developing the Clinical Trial Imaging Market
Covid-19 Impact & Market Status
Due to COVID-19, almost all the healthcare departments and clinics were involved with the treatment of COVID patients. This decreased the treatment rate of other patients because hospitals treating COVID patients were not allowing other patients to avoid the spread of the COVID-19 virus. Due to this, there was a decline in the growth of the global clinical trial market because all the services were stopped abruptly. Also, the potential companies had to pause their work due to lockdown. During the lockdown, all the manufacturing and production departments had to pause their work as the workers could not work during that period.
After lockdown, all the potential companies, and research institutes are trying their best to cover up the loss and add value to the global clinical trial imaging market.
The therapeutic sector and computed tomography are expected to be the leading sectors of the global clinical trial imaging market.
As the number of injuries across the cross-sectional part of the human body is increasing, there is a rise in the demand for CT imaging technology. Along with this, computed tomography helps in the detection and location of various injuries and abnormalities that might occur randomly at different internal parts of the human body. X-rays and other imaging techniques are in high demand because of the increased injury rate.
Similarly, there is an increase in the research and development therapeutic sector that will help the potential companies to develop advanced and affordable tools and techniques.
Among all the nations, the clinical trial imaging sector is getting high growth opportunities because of developing countries.
Many developing countries like India, Korea, etc. are providing new growth opportunities to the global clinical trial imaging market. This is because the market of developing countries is evolving and there is a high demand for advanced tools and techniques that could deal with major treatments like ECHO, ECG, MRI, CT, etc. This makes their government authorities invest more in the clinical trial imaging market to support the research and development of this sector.
The growth of developing countries is providing new opportunities and market share to the global Clinical Trial Imaging Market
The development research and academic studies sector is leading the development of the clinical trial imaging market. The clinical trial market is a key aspect of detailed study of the medical sector that involves the diagnosis, treatment, analysis, etc. of various diseases related to echocardiology, ultrasound, oncology, and much more. This field is related to the detailed study and research of various diseases related that require highly advanced treatment tools and techniques like ECHO, X-ray, CT, MRI, and similar techniques.
Hence, it provides better decision-making criteria that include all the important fields and discussion points. To develop proper imaging techniques or models, the clinical sector needs sufficient time. Sometimes, it takes years of proper research on a particular topic. This is because the clinical trial imaging market takes the note of big picture that involves all the related aspects of a procedure like CNS, PET, and so on.
Current market trends and developments suggest a lucrative growth outlook for the global clinical trial imaging market, ensuring the overall market size worth USD 1.53 billion at a CAGR of 6.63%.
Also, several Contract Research Organizations, academic institutes, research laboratories, government organizations, etc. try to improve the clinical trial imaging market. Currently, all developing countries are having a high interest in this field. This is because the advancement of the medical sector will help the developing countries to increase their GDP and hence match the pace with the developed countries. This increases the total revenue of a nation, therefore, the developing countries are increasing their expenditure on the global clinical trial imaging market.
This growth has benefited the pharmaceutical companies as they get high financial support from various organizations for the development and improvement of related software and hardware equipment. Many emerging nations like Brazil and India are unboxing novel opportunities for the seamless growth of the global clinical trial imaging market.
Government organizations are spending a lot on clinical instruments and tools required for a complex diagnosis like ECHO, MRI, etc. This is done to decrease the cost that the patient has to provide for his diagnosis but the cost of manufacturing and production of these instruments is very high. This makes the clinical trial imaging market expensive and most of the medical sectors are not able to afford it. This rise in service price results in inflation and due to this, the developing countries are unable to provide efficient services.
There is an increase in the number of people suffering from high-risk diseases like cancer, heart attack, kidney failure, etc. This increase in the number of patients increases the demand for specific tests like ECHO, ECG, etc. and hence, this directly influences the global clinical trial imaging market by expanding it.
Overall, this results in the growth of the clinical trial imaging market as there is an increase in the research and development of new technologies that can do better diagnosis, treatment, and analysis of these diseases and provide a better solution for the patients. With the increase in technical development, there is a vast scope for the production of effective and affordable testing and treatment tools and techniques that would have a significant effect on that particular disease.
The major players of the global clinical trial imaging market are Medpace Holdings Inc., ICON plc., Biomedicals Systems Corporation, WorldCare Clinical LLC, IXICO plc., Pharmatrace Klinische Entwicklung GmbH, Resonance Health Ltd., Perspectum Ltd., Radiant Sage LLC, Imaging Endpoints LI LLC, BioClinica Inc., Micron Inc., Intrinsic Imaging Inc., ProScan Imaging LLC, Cardiovascular Imaging Technologies LLC, Bioseptive Inc., Medical Metrics Inc., Calyx Group, Prism Clinical Imaging Inc., Lyscaut Medical Imaging Company, Boston Imaging Core Lab LLC, Anagram 4 Clinical Traits, and Bio Telemetry Inc.
Latest Innovations in the Global Clinical Trial Imaging Market: a Snapshot
- In November 2021 VIDA Diagnostics has announced the integration of AI enabled portal to streamline developments in the respiratory clinical trials to improve image data management, data quality assurance, staff onboarding, and training, and the like. The development is significant in improving growth prospects for the global clinical trial imaging market.
- In Tennessee, the Western Cancer Center and Research Institute are initiating its first Clinical Trial Imaging Site.
Clinical Trial Imaging Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 1.53 billion|
|Growth Rate||CAGR of 6.63% during 2021-2028|
|Segment Covered||Software and Services, Modality, Therapeutic Areas, End-Users, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Medpace Holdings Inc., ICON plc., Biomedicals Systems Corporation, WorldCare Clinical LLC, IXICO plc., Pharmatrace Klinische Entwicklung GmbH, Resonance Health Ltd., Perspectum Ltd., Radiant Sage LLC, Imaging Endpoints LI LLC, BioClinica Inc., Micron Inc., Intrinsic Imaging Inc., ProScan Imaging LLC, Cardiovascular Imaging Technologies LLC, Bioseptive Inc., Medical Metrics Inc., Calyx Group, Prism Clinical Imaging Inc., Lyscaut Medical Imaging Company, Boston Imaging Core Lab LLC, Anagram 4 Clinical Traits, and Bio Telemetry Inc.|
Key Segments of the Global Clinical Trial Imaging Market
Software and Services Overview, 2018-2028 (USD Billion)
- Operational Imaging
- Trial Design Consulting Services
- Imaging Software
- Read Analysis
Modality Overview, 2018-2028 (USD Billion)
Therapeutic Areas Overview, 2018-2028 (USD Billion)
End-Users Overview, 2018-2028 (USD Billion)
- Medical Device Manufacturers
- Academic and Government Research Institutes
- Contract Research Organization
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa