North America is the largest regional market for clinical trial imaging market

Northbrook, IL 60062 -- (SBWire) -- 03/22/2022 --According to the new market research report "Clinical Trial Imaging Market by Software & Services(Operational Imaging, Read Analysis), Modality(CT, MRI, X-ray, PET, Ultrasound, ECHO), Therapeutic Areas(Infectious, Oncology, CNS, CVS), End user(Pharma, biotechnology, CRO) - Global Forecast to 2026", published by MarketsandMarkets™, is projected to reach USD 1.4 billion by 2026 from USD 1.0 billion in 2021, at a CAGR of 7.6%.

Driver: Increase in R&D spending;

Pharmaceutical and biotechnology companies invest heavily in research to develop breakthrough molecules. Growth in the R&D expenditure by pharmaceutical & biotechnology companies and governments, coupled with the increasing focus on life science projects to develop new therapeutic & diagnostic products, is expected to aid the clinical trial imaging market.

Opportunity: Developing Countries;

Developing countries such as India, South Korea, Brazil, and Mexico offer significant growth opportunities to players operating in the clinical trial imaging market, mainly due to the growing R&D funding in these countries. These developing markets also have a strong trend of commercialization of life science research. With significant developments in life sciences research, these economies are expected to offer high growth opportunities in the clinical trial imaging market.

Furthermore, Asian markets, especially China and India, have many CROs that offer drug discovery services to pharmaceutical and biotechnology companies. With the significant increase in R&D funding and CROs operating in emerging countries, the demand for clinical trial imaging is expected to increase in these countries in the coming years.

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The Increase in R&D spending, growth in pharmaceutical and biotechnology industries and increasing number of CROs are among the other factors. Emerging economies such as China, India and Japan are providing lucrative opportunities for the players operating in the market.

The services segment accounted for the largest share of the market, by product and service segment, in 2020

Based on product and service, the clinical trial imaging market is segmented into services and software. The services segment accounted for the largest share of the market in 2020. Factors such as the and growth in pharmaceutical and biotechnology industries and the increase in R&D spending are contributing for the growth of this market.

Positron emission tomography segment to register the highest growth rate during the forecast period

The clinical trial imaging market is segmented into computed tomography, magnetic resonance imaging, ultrasound, positron emission tomography, X-ray, echocardiography and other modalities. In 2020, the positron emission tomography segment accounted for the highest growth rate. Factors such as the increase in R&D spending, increasing number of CROs and growth in pharmaceutical and biotechnology industries drive this market.

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The oncology segment accounted for the largest share of the clinical trial imaging market, by therapeutic area segment, in 2020

Based on therapeutic area, the market has been segmented into oncology, infectious diseases, neurology, CVS, endocrinology, immunological disorder and other therapeutic area. In 2020, the oncology segment accounted for the largest share of the market. An increase in R&D spending and growth in pharmaceutical and biotechnology industries is driving this segments growth.

The pharmaceutical companies segment accounted for the largest share of the market, by end user segment, in 2020

Based on end user, the clinical trial imaging market has been segmented into pharmaceutical companies, biotechnology companies, medical devices manufacturers, contract research organizations, academic and government research institutes and other end users. In 2020, the pharmaceutical companies segment accounted for the largest share of the market. Growth in pharmaceutical and biotechnology companies, increasing number of CROs and increase in R&D spending is driving this segments growth.

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The global Clinical Trial Imaging Market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the market. The large share of this region can be attributed to increase in R&D spending, increasing number of CROs and growth in pharmaceutical and biotechnology industries.

The major players operating in this clinical trial imaging market are ICON plc. (Ireland), BioTelemetry Inc. (US), Biomedical Systems Corporation (US), Medpace Holdings, Inc. (US), IXICO plc. (UK), Resonance Health Ltd. (Australia), Radiant Sage LLC. (US), BioClinica Inc. (US), Intrinsic Imaging LLC. (US), Cardiovascular Imaging Technologies LLC. (US), Medical Metrics Inc. (US), Prism Clinical Imaging, Inc. (US), Boston Imaging Core Lab LLC. (US), anagram 4 clinical trials (Spain), Lyscaut Medical Imaging Company (Belgium), Calyx Group (UK), Bioseptive Inc. (Canada), ProScan Imaging LLC. (US), Micron Inc. (Japan), Imaging Endpoints LI, LLC (US), Perspectum Ltd. (UK), Pharmtrace klinische Entwicklung GmbH (Germany), WorldCare Clinical, LLC (US).