What is Clinical Trial Imaging Market Scope?
Medical imaging plays a very important role in the process of clinical development of various kinds of novel life science products. Although the medical imaging industry is constantly volatile, the biotechnology and pharmaceutical industries continue to grow. This is due to increased investments in medical imaging companies as well as mergers and acquisitions and the introduction of innovative imaging technologies to support clinical trials for medical devices. However, the high cost of machines and their installation, as well as the large capital required to conduct clinical studies, can stifle the growth of the market. Advances in technology enable significant improvements in the collection, evaluation, and communication of imaging data for clinical trials. Technology-based imaging, particularly image analysis software, offers numerous benefits, including data accuracy, consistency, adaptability, and compliance with clinical trials. For example, image analysis software is implemented in order to manage and control a reader via the analysis of imaging times. The increasing use of technology, along with improved computing power, increases the use of imaging in clinical trials. Clinical trials are thus a very much important part of the process of drug development. However, the cost of conducting these clinical trials has hereby increased in recent years. Therefore, clinical trial imaging is emerging as an alternative measure that can help reduce drug trial costs, thereby improving the clinical trial schedule.
The Clinical Trial Imaging market study is being classified by Type (Services [Clinical Trial Design and Consultation Services, Reading and Analytical Services, Operational Imaging Services, System and Technology Support Services] and Software) and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that Players from United States will contribute to the maximum growth of Global Clinical Trial Imaging market throughout the predicted period.
BioClinica, Inc. (United States), Biomedical Systems (United States), Cardiovascular Imaging Technologies (United States), ICON Public Limited Company (Ireland), Intrinsic Imaging, LLC (United States), Medpace (United States), Resonance Health Ltd. (Australia), Navitas Life Sciences (United States), IXICO, PLC (United Kingdom) and PAREXEL International Corporation (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Radiant Sage, LLC (United States), BioTelemetric, Inc. (United States) and WorldCare Clinical, LLC (United States).
Analyst at AMA have segmented the market study of Global Clinical Trial Imaging market by Type, Application and Region.
On the basis of geography, the market of Clinical Trial Imaging has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their development strategies
In February 2020, ICON plc had acquired MedPass International, which is a European CRO for medical devices, reimbursement, and regulatory advice. This acquisition would in turn help expand ICON's medical device and diagnostic research services in Europe.
In June 2018, Bioclinica had introduced the SMART technology suite, which is available with the feature of Medical Imaging, Interactive Response Technology (IRT), as well as Electronic Data Capture (EDC) so as to transmit and manage medical image data in accordance with general data protection regulations and all the global requirements, for the purpose of submitting, investigating, and reporting.
Influencing Market Trend
- The Rising Trend in the Adoption of Innovative Imaging Technologies to Support Clinical Trials for the Medical Device
- The Rise in the Number of Drug Discoveries
- The Advancements in Healthcare Infrastructure
- The Rising Prevalence of Chronic Diseases
- The Increasing Geriatric Population
- Rise in Number of Contract Research Organization
- The Rise in the Number of Biotechnology and Pharmaceutical Companies
- Increase in R&D by Growing Pharmaceutical and Biotechnology Industries
- The Increased Funding and Investment in the Field of Clinical Research and Clinical Trials
- The High Cost of Machinery and Their Installation
- High Implementation Barriers
- The Enormous Cost of Clinical Trials
Key Target AudienceNew Entrants/Investors, Analysts and Strategic Business Planners, Providers of Clinical Trial Imaging, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industry
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