Clinical Trial Imaging Market to Grow with a CAGR of 7.23% through 2029

Rising investments in development and research for creating new drugs to treat diseases is expected to drive the Global Clinical Trial Imaging Market growth in the forecast period, 2025-2029. 

According to TechSci Research report, “Clinical Trial Imaging Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the Global Clinical Trial Imaging Market stood at USD 1.10 billion in 2023 and is anticipated to grow with a CAGR of 7.23% through 2029. Increasing research and development by the key market players during the pandemic is expected to increase market growth during the forecast period. The clinical trial imaging market is expected to grow also due to the rise in the number of contract research organizations, an increase in R&D spending, and growth in pharmaceutical and biotechnological companies. In recent years, various pharmaceutical companies and government organizations have increased their spending on research and development (R&D), which is anticipated to drive market growth over the forecast period. Additionally, the market is expected to grow because of increased investment in research and development in the biopharmaceutical industry.

Similarly, increasing contract research organizations are expected to increase market growth. For instance, in September 2021, Insights Research Organization and Solutions (IROS) – a Contract Research Organization (CRO) in the UAE was launched, specializing in healthcare research and solutions to cover all therapeutic areas. 

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The surge in adoption of cutting-edge imaging technologies to bolster clinical trials for medical devices, alongside heightened activity in acquisitions and mergers, coupled with amplified investment in the medical imaging sector, are all attributable to this growth. Increased research and development (R&D) expenditures by pharmaceutical and biotechnology firms are driving the expansion of the market. This trend has spurred the introduction of new products, intensive research initiatives within the biopharmaceutical realm, and a pronounced inclination towards genomic exploration. The escalating R&D outlay is yielding innovative treatments and drugs for chronic ailments, thereby fostering market expansion. Consequently, the anticipated uptick in R&D spending is poised to propel market growth, facilitating biotechnology and pharmaceutical enterprises in pioneering novel imaging technologies for clinical trials.

The Global Clinical Trial Imaging Market is segmented into Product and Service, Modality, End User, and company.

Based on Modality, The computed tomography segment has asserted itself as the dominant market leader and is poised to sustain significant growth throughout the forecast period. Utilizing X-rays to produce cross-sectional images of the body, computed tomography represents a non-invasive medical procedure that furnishes comprehensive diagnostic and therapeutic insights for both adult and pediatric patients. The burgeoning expansion of the computed tomography (CT) market can be attributed to its myriad benefits, encompassing the evaluation of drug efficacy and the screening for injuries, cancerous growths, and anatomical irregularities. Moreover, the segment's growth trajectory is fueled by escalating investments and funding in clinical research and trials. Notably, this segment capitalizes on the substantial advantages offered by CT in the early detection and monitoring of injuries and cancerous formations.

Based on End-User, The Pharmaceutical & Biotechnology Companies segment is projected to experience growth throughout the forecast period. This expansion can largely be attributed to the escalating costs associated with drug development and the intensified research and development (R&D) activities within the industry. Moreover, the market is witnessing expansion due to the surging demand from pharmaceutical and biotechnology enterprises aiming to curtail expenses by outsourcing their development and research endeavors. Collaborations in contract research outsourcing further enhance the provision of cutting-edge services. The burgeoning need for innovative treatments and medications to address chronic diseases propels the rapid expansion of this market. With a growing number of pharmaceutical and biotechnology players entering the arena, manufacturers are compelled to deliver optimal medicines or drugs to consumers to maintain competitiveness.

Major companies operating in Global Clinical Trial Imaging Market are:

• Clario Medical Imaging Inc
• Icon PLC
• Ixico PLC
• Koninklijke Philips N.V
• Medpace
• Navitas Clinical Research, Inc
• Parexel International Corporation
• ProScan Imaging
• Radiant Sage LLC
• Resonance Health

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“Increasing research and development by the key market players during the pandemic is expected to increase market growth during the forecast period. The clinical trial imaging market is expected to grow also due to the rise in the number of contract research organizations, an increase in R&D spending, and growth in pharmaceutical and biotechnological companies. Additionally, the market is expected to grow because of increased investment in research and development in the biopharmaceutical industry. Similarly, increasing contract research organizations are expected to increase the market growth.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Clinical Trial Imaging Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product and Service (Trial Design Consulting Services, Read Analysis Services, Operational Imaging Services, Imaging Software), By Modality (Magnetic Resonance Imaging, Computed Tomography, Ultrasound, Positron Emission Tomography, X-Ray, Echocardiography, Other Modalities), By End-User (Pharmaceutical & Biotechnology Companies, Medical Device Manufacturers, Academic & Government Research Institute), By Region, By Competition Forecast & Opportunities, 2019-2029F”, has evaluated the future growth potential of Global Clinical Trial Imaging Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Clinical Trial Imaging Market.

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