Clinical trial imaging is a technique and process of creating visual representations of the interior of a body for clinical analysis and medical intervention. Clinical trial imaging seeks to reveal internal structures hidden by the skin and bones, as well as to diagnose and treat disease. Imaging clinical trial is a research study conducted with people who volunteer to take part. Clinical trial imaging is part of biological imaging and incorporates radiology which uses the imaging technologies of X-ray radiography, magnetic resonance imaging, medical ultrasonography or ultrasound and others.
According to the report, the global clinical trial imaging market was valued at approximately USD 731.9 million in 2015 and is expected to reach approximately USD 1,052.9 million by 2021, growing at a CAGR of around 6.30% between 2016 and 2021. Zion Market Research has published a new report titled “Clinical Trial Imaging (Software And Services) By Technology (Echo, PET, MRI, X Ray, CT, Ultrasound And Other) Market For Biotech Companies, Pharmaceuticals, Research Center, Hospitals, And Other End-Users: Global Industry Perspective, Comprehensive Analysis And Forecast, 2015 – 2021”
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Global clinical imaging market is primarily driven by rising geriatric population and growing occurrences of chronic diseases across the globe. Another major driver is growing pharmaceutical & biotechnology industries worldwide. However, high cost related with the machinery and its implementation is a major restraint that may limit the growth of the market. Nonetheless, advancement in technology is likely to disclose the new avenues for clinical trial imaging market in the near future.
Service and software is the key product of the global clinical trial imaging market. Service segment dominated the global clinical trial market in 2015. It accounted for 64.9% share of the total revenue generated in the same year. This trend is predicted to continue within the forecast period.
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On the basis of technology, the global clinical trial imaging market is segmented as echo, PET, MRI, X-Ray, CT, and ultrasound and others. CT has the largest share in the clinical trial imaging market and it accounted around 31% share of the total market in 2015. MRI, PET, and ultrasound are the important outlets that are expected to grow at above average rate within the forecast period owing to the improvement of the regulatory framework in the emerging markets.
Biotech companies, pharmaceutical, research centers, hospitals and others are the key end-users of the global clinical trial imaging market. Pharmaceutical was one of the foremost end-user industries in clinical trial imaging market in 2015. The biotech companies segment is likely to have a significant growth within the forecast period due to the development in biopharmaceutical industries.
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North America is expected to have the largest share in the global clinical trials imaging market in 2015. It accounted for over 45% share of the entire market for clinical trial imaging in 2015. North America was followed by Europe. In addition, Asia Pacific is expected to register the fastest growth in terms of demand owing to the emerging economies such as China and India over the years to come.
Some of the key players of the global clinical trial imaging market include Cardiovascular Imaging Technologies, Virtual Scopic, Biomedical Systems, BioClinica, Intrinsic Imaging LLC, Prism Clinical Imaging, PAREXEL International Corporation, and ICON among others.