- Rise in the need to outsource imaging in clinical trials and growth in adoption of imaging in clinical trials drive the global clinical trial imaging services market.
PORTLAND, Ore., March 3, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Clinical Trial Imaging Services Market by Service Type (Clinical Trial Design & Consultation Services, Reading & Analytical Services, Operational Imaging Services, Project & Data Management Services, and Others), End User (Pharmaceutical & Biotechnology Companies, Medical Device Manufacturers, and Academic & Government Research Institutes), and Therapeutic Area (Oncology, Neurology, Endocrinology, Cardiology, Gastroenterology, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global clinical trial imaging services industry garnered $1.31 billion in 2019, and is expected to reach $1.80 billion by 2027, growing at a CAGR of 5.6% from 2020 to 2027.
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Drivers, restraints, and opportunities
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.
- The outbreak of covid-19 impacted the market in various manners including disruptions or cancellations or rescheduling of majority of the clinical trials.
- In addition, the industry has witnessed a major drop in demand for imaging clinical trial services during the lockdown.
- At the same time, the research related to development of therapeutics for COVID-19 has fueled the demand to certain extent.
- Nevertheless, the government bodies have now introduced certain relaxations in various regions. Owing to which the industry is recovering and is expected to recoup soon.
The project and data management services segment to maintain its lead status in terms of revenue throughout the forecast period
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.
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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.
North America to dominate the market throughout the forecast period
Based on region, North America accounted for the highest share based on revenue, holding nearly two-fifths of the total share of the global clinical trial imaging services market in 2019, and is projected to maintain its dominant position throughout the forecast period. This is attributed to surge in use of imaging as an endpoint in clinical trials and availability of major market players in this province. However, Asia-Pacific is estimated to portray the fastest CAGR of 7.4% from 2020 to 2027, owing to rise in awareness related to use of imaging in clinical trials and rise in number of clinical trials conducted in the region.
Leading market players
- BioClinica, Inc.
- Biospective Inc.
- ERT Clinical
- Icon Plc
- IXICO plc
- Intrinsic Imaging LLC
- Imaging Endpoints
- Micron Inc
- Median Technologies
- Medpace Inc.
- ProScan Imaging.
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