Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Clinical trials are observations or experiments done in clinical research. The medical imaging technology and related devices are used in the clinical and non-clinical trials since ages for the detection of diseases. The clinical trial imaging is widely used to obtain human physiology or anatomy information’s which are interpretable as well as undeniable. And is an important measure of the drug development process. It can also be used on daily basis to detect or identify, prevent, manage, and treat numerous diseases or medical conditions.
An increasing number of contract research companies, rapidly growing elderly population with chronic diseases, and ongoing investments in research and development activities are major driving factors behind the growth of the market. Likewise, supportive factors such as rapid growth in the biotechnology and pharmaceutical industries, rapidly evolving healthcare industry across the globe, growing market for medical devices, surge in the number of clinical trials owing to the current COVID-19 pandemic, and development of innovative contrast agents, imaging modalities, radiopharmaceuticals, and molecular probes are anticipated to expand growth of the market during the projection period. Nevertheless, high cost associated with the implementation of imaging system and clinical trials are major restraining factors that could hamper the growth of the market.
The study analyses global clinical trial imaging market based on product and services, modality, end user and geography.
Based on product and services segment, services segment is dominated the market in the past few years and is expected to maintain its dominance at a high growth rate during the forecast period. Project and data management segment is likely to dominate market under services segment. Data management of clinical trial is the method of a program or study gathering, cleaning, and managing study and subject data in a way that conforms to regulatory requirements and internal guidelines.
Based on modality, computed tomography segment dominated the market in the past few years. The major factor such as growing significance of computed tomography technology owing to its benefits in screenings for cancer (tumors), injuries is attributed to the growth of this segment. However, positron emission tomography segment is expected to see rapid growth during the projected timeframe. The growing use of PET in clinical trial imaging for screening several organs to find information about the metabolism and function is contributed to the growth of this segment.
Based on end user, medical device manufacturers segment is projected to witness fast growth during the forecast period. Growing market for global medical devices, vast presence of various medical technology companies across the globe, and improved research and development expenditure by these companies are some of the major driving factors that accredited to the growth of the market. However, biotechnology companies and pharmaceutical companies segments are also likely to experience steady growth during the forecast period. A surge in the demand of clinical trial imaging by the pharmaceutical and biotechnology companies for the outsourcing of research and development activities to reduce expenses is key impelling factor behind the market growth.
Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World. North America held the largest market share of global clinical trial imaging market and is likely to dominate the market over the estimated time frame. This is owing to the increasing R&D investments in the field of clinical research and the vast presence of leading outsourcing companies in the region. Likewise, factors such as increasing number of chronic diseases across the region, rising healthcare expenditure from public as well as private entities, and surge in the number of biotechnology and pharmaceutical companies are expected to expand the growth of the market across the NA region.
The major key players of market includes Bioclinica, Inc, Parexel International Corporation, Icon PLC, Biomedical Systems Corporation, Biotelemetry, Inc, Cardiovascular Imaging Technologies, LLC, Intrinsic Imaging LLC, Ixico PLC, Radiant Sage LLC and Worldcare Clinical, LLC among others.
The study analyses global clinical trial imaging market based on product and services, modality, end user and geography. Clinical trial imaging market by product and services is segmented into services [clinical trial design and, consultation services, operational imaging services, project and data management, reading and analytical services, system and technology support services] and software. The services segment is likely to dominate the market over the forecast period. The number of services provided by the clinical trial imaging technology is propelling the growth of the market. By modality, the market is segmented into computed tomography, echocardiography, magnetic resonance imaging, positron emission tomography, ultrasound, x-ray, and other modalities. By end user the market is categorized into academic and government research institutes, biotechnology companies, contract research organizations, medical device manufacturers, pharmaceutical companies, and other end users. Medical device manufacturer segment is likely to register fastest growth in years to come owing to the growing market and demand for various medical devices for clinical research application. Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World.
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