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The global clinical trial imaging market is projected to reach USD 1069.7 Million by 2021 from USD 773.4 Million in 2016, at a CAGR of 6.7% from 2016 to 2021. The report provides a granular understanding of the clinical trials imaging market.
Major factors fueling market growth are the increasing number of contract research organizations, growth in the pharmaceutical and biotechnology industries, and increase in R&D spending are the key drivers for the growth of the clinical trial imaging market. On the other hand, the high implementation cost of imaging systems is restraining the growth of this market.
The clinical trial imaging market, on the basis of product and service, is segmented into service and software. Of these, the service segment is expected to account for the largest share as well as the highest CAGR of the clinical trial imaging market in 2016. The large share of this segment can primarily be attributed to high cost of the imaging equipment, which is leading to increased outsourcing of imaging clinical trial by pharmaceutical, biotechnology, and medical device manufacturers to service providers.
On the basis of type, the services segment is further classified into operational imaging services, reader services, systems and technology support services, and design consulting services. The operational imaging services segment is expected to account for the largest share of the global clinical trial imaging services market in 2016 as it constitutes the core services offered by imaging CROs for different imaging modalities. Furthermore, on the basis of modality, the clinical trial imaging market is broadly classified into CT, MRI, PET, ultrasound, ECHO, x-ray, and other modalities. In 2016, the CT segment is expected to account for the largest share of the global clinical trial imaging market.
The large share of this segment is attributed to the high advantages of CT in screenings for cancer (tumors), injuries, and abnormalities inside the body. Similarly, in 2016, the PET segment is expected to grow at a highest CAGR in the clinical trial imaging market. The highest growth of this segment is primarily attributed to the high advantages of PET in providing information about the function and metabolism of the bodys organs.
On the basis of end user, the clinical trial imaging market is categorized into pharmaceutical companies, biotechnology companies, medical device manufacturers, contract research organizations, academic and government research institutes, and other end users. Pharmaceutical companies are expected to account for the largest share of the global clinical trial imaging end user market in 2016. Increased R&D budgets of pharmaceutical companies is the primary growth driver for this end-user segment. However, medical device manufacturers are growing at a highest CAGR in the forecast period. Increased R&D spending by medical device manufacturers and the growing medical devices market are the primary growth drivers of the medical device manufacturers end user segment.
Geographically, the clinical trial imaging market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America is expected to command the largest share of the global clinical trial imaging market in 2016. This market is primarily driven by large R&D spending, growing number of pharmaceutical & biotechnology companies, and increasing number of CROs. Asia is expected to grow at the highest CAGR in the forecast period. The growth in the Asian clinical trial imaging market is driven by the growth in pharmaceutical & biotechnology industries and increase in R&D spending in the region.
The key players in the global clinical trial imaging market are BioClinica, Inc. (U.S.), Biomedical Systems (U.S.), Cardiovascular Imaging Technologies (U.S.), ICON Public Limited Company (Ireland), Intrinsic Imaging, LLC (U.S.), IXICO, PLC (U.K.), PAREXEL International Corporation (U.S.), Radiant Sage, LLC (U.S.), BioTelemetric, Inc. (U.S.), and WorldCare Clinical, LLC (U.S.).
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