Clinical Trial Imaging Services Market Estimation Worth $1.80 Billion by 2027

PORTLAND, IA, UNITED STATES, December 4, 2024 /EINPresswire.com/ -- The global clinical trial imaging market is expected to witness significant growth during the forecast period due to increased spending for research and development, and increasing number of pharmaceutical and biotechnological industries. In addition, increasing number of contract research organizations has further boosted the market growth. However, high cost of the imaging systems hampers the market growth.

According to the report published by Allied Market Research, the 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.

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The clinical trial imaging market is segmented based on product and services, modality, end-user, and region. Based on product and services, the market is segmented into service and software. On the basis of modality, the clinical trial imaging market is broadly classified into computed tomography, magnetic resonance imaging, ultrasound, positron emission tomography, x-ray, echocardiography, and other modalities. On the basis of end-user, the market is categorized into pharmaceutical companies, biotechnology companies, medical device manufacturers, contract research organizations, academic and government research institutes, and other end-users. The market is analyzed based on four geographical regions, which include North America, Europe, Asia-Pacific, and LAMEA.

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.

Contract research organizations offer a wide variety of services for clinical trials to the sponsors. Similarly, imaging services in clinical trials is also a type of service offered by CROs to sponsor. Thus, these imaging services include management of tasks related to performing medical imaging in clinical trials. In addition, medical imaging is an effective filed of science, which helps in studying the internal organs in a body. 

By service type, the project and data management services segment held the highest market share, accounting for around one-third of the total share in 2019, and is projected to maintain its leadership position during the forecast period. Moreover, the same segment is projected to register the largest CAGR of 6.8% from 2020 to 2027.

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By end user, the pharmaceutical and biotechnology companies segment accounted for the highest share in 2019, holding more than two-thirds of the global clinical trial imaging services market, and is expected to maintain its lead in terms of revenue by 2027. Moreover, this segment is projected to portray the highest CAGR of 5.9% from 2020 to 2027.

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.

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
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