Global Clinical Trial Imaging Market – Analysis And Forecast (2018-2024)

Clinical trial imaging is a component of massive research and development of biotechnology and pharmaceutical industries and drug development process. It helps in making trial more effective and accurate. The global clinical trial imaging market is growing at significant rate, due to mounting research and development spending by growing biotechnology and pharmaceutical industries and boosting number of contract research organization (CROs). Different products and services contributed to the clinical trial imaging market size. The market has witnessed high demand for services segment over the last few years due to elevated price of the imaging equipment.

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The mounting research and development spending by growing biotechnology and pharmaceutical industries, expansion in pharmaceutical and biotechnology industries and boosting number of CROs are the primary growth drivers for clinical trial imaging market. The pharmaceutical and biopharmaceutical companies are investing profoundly in the research and development for the advancement of new drugs. In the clinical research and life science sector, the organizations are attempting to invent and improve treatment for health problems, such as AIDS, diabetes, and cancer.

Expansion of advanced imaging modalities, and radiopharmaceuticals and mounting clinical research in emerging economies are also facilitating the growth for the clinical trial imaging market. The frequency of clinical research is mounting in the emerging economies, due to low operational cost, availability of large number of patients, faster recruitment rates, and availability of CRO’s focused on global trials

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The excessive cost of clinical trials, high employment price of imaging systems and elevated cost of positron emission tomography are the major challenges for the growth of clinical trial imaging market. High investment is involved in the drug development process in clinical trials. Moreover, it requires skilled labor for data collection, assessment, and maintaining records.

Globally, the manufacturing companies trying to enter the clinical trial imaging market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier for the entry of new players. This offers an edge to the established players in the industry competition.

Geographically, North America is the largest clinical trial imaging market as in the region the research and development spending is huge. Mounting number of pharmaceutical and biotechnology companies, and expanding number of CROs are also up surging growth of the North American clinical trial imaging market.

Asia-Pacific is observed to witness fastest growth in the market, as in the region number of biotechnology and pharmaceutical companies are increasing. In addition, mounting research and development spending is also creating a positive impact on the clinical trial imaging market growth in the region.

Key players in the clinical trial imaging market are catering the demand of these devices by investing on technologically advanced products in their product portfolio across the globe. In July 2017, ICON plc acquired Mapi Group to strengthen its commercialization and outcome research business. Parexel International Corporation, Radiant Sage LLC, ICON Plc, Biomedical Systems Corporation, Biotelemetry, Inc., Intrinsic Imaging LLC, Cardiovascular Imaging Technologies, LLC, Ixico PLC, and Worldcare Clinical, LLC are the key players offering clinical trial imaging.

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