Report: Global clinical trial imaging market to hit $1B by 2021
The global clinical trial imaging market was valued at approximately $731.9 million in 2015 and is expected to reach approximately $1,052.9 billion by 2021, growing at a CAGR of around 6.30% between 2016 and 2021, according to a new report by Zion Research.
Imaging is the technique of generating visual representations of an object or body. Clinical trial imaging uses imaging technology in clinical trials for viewing the interior parts of body. The images obtained from clinical trial imaging are used for diagnose, examine and reveal human body. Screening imaging clinical trials, diagnostic imaging clinical trials and image-guided interventional clinical trials are the key types include in clinical trial imaging. Clinical trial imaging provides quick, detail, accurate diagnosis.
Increasing geriatric population and growing occurrences of chronic diseases, are some of the major factors driving the clinical trials imaging market. Growth in pharmaceutical industry is a major factor that is expected to help the growth of the clinical trial imaging in the years to come. Government support and investments coupled with research and development activities especially in countries such as U.S. and U.K. is anticipated to boost the market growth in the near future. However, high cost of machinery and its installation is a major restraining factor for the market growth.
The clinical trial imaging market is segmented on the basis of service and software. Service accounted for a large chunk of the global clinical trial imaging market in 2015. Software is another leading segment and it accounted for 35.2% share of total market in 2015. This growth is mainly attributed to high investment in R&D activities coupled with government support.
Based on technology, the global clinical trial imaging market is segmented as echo, PET, MRI, X-Ray, CT, ultrasound and others. The CT segment dominated the market with over 31% share of the total market in 2015. MRI, PET and ultrasound are also accounted for significant share owing to the increasing disabled and aging populations who are commonly diagnosed with different disease and other complications.
Some of the key end-users of the clinical trial imaging market include biotech companies, pharmaceutical, research centers, hospitals and others. Among all end-users, pharmaceutical was the leading segment and it accounted for over 45% share of the total revenue generated in 2015. Biotech companies another key outlet of the market and expected to exhibit significant growth within the forecast period. This growth is mainly due to rising development in bio-pharmaceutical industries.
North America dominated the clinical trial imaging market and accounted for over 44% share of the global market in 2015. North America was followed by Europe in terms of revenue. The clinical trial imaging market in Asia Pacific region is expected to exhibit significant growth owing to rising government support and rapid growth in population. Latin America and Middle East & Africa are also expected to experience significant growth of clinical trial imaging market in the years to come.
Some of the key players of the global clinical trial imaging market include Cardiovascular Imaging Technologies, VirtualScopic, Biomedical Systems, BioClinica, Intrinsic Imaging, Prism Clinical Imaging, PAREXEL International and ICON.