Clinical Trials Imaging Market

Clinical Trials Imaging Market - New report by MarketsandMarkets™

The overall market for clinical trials imaging is projected to reach $1069.7 billion by 2021 from $773.4 billion in 2016, at a CAGR of 6.7% from 2016 to 2021. Increase in R&D spending by growing pharmaceutical and biotechnology industries is attributed to the growth of the market.

Among the top 5 players in the services segment, and clinical trials imaging market, PAREXEL International Corporation (U.S.) held the top position in 2015. The company has strengthened its position in clinical trials imaging market through the adoption of organic as well as inorganic strategies such as collaboration, partnership, and agreement, acquisition, expansion, and product launch. For instance, in June 2016, PAREXEL entered into a service agreement with Pfizer Inc. (U.S.), in which PAREXEL will continue to provide global clinical research and development services to Pfizer for conducting clinical trials and accomplishing its drug development goals. In January 2016, PAREXEL collaborated with Optum (U.S.), this collaboration was aimed to offer innovative studies that combine existing data from Optum’s electronic health records (EHRs) and PAREXEL’s medical claims with site-based clinical research. Similarly, in December 2015, PAREXEL International launched the IMPACT Express Clinical Trials Management System (CTMS).

ICON PLC (Ireland) is the second largest player in the global clinical trials imaging market. The company focuses on inorganic growth strategies such as agreements, collaborations, and partnerships to garner higher revenues in the market. For instance, in July 2015, the company entered into a strategic partnership with Mereo BioPharma Group Ltd. (U.K.) to provide clinical development services to the latter. Similarly, in July 2015, the company entered into a strategic partnership with the Cancer Genetics, Inc. (U.S.). As per this partnership, the two organizations work together to provide a full range of comprehensive oncology laboratory testing solutions for oncology-focused clinical trials. The company also adopted the strategy of acquisitions to expand its product portfolio. For instance, in May 2014, the company completed the acquisition of Aptiv Solutions, Inc. (U.S.). This acquisition expanded ICON’s eClinical product profile and technology platform.

New product launches are the most preferred strategy adopted by key players in clinical trials imaging market. Players adopted this strategy to enhance their product offerings, increase their market share, cater to customers’ demands, and consolidate their market presence.

Continuous advancements of clinical trials imaging such multimodality methodologies based on nuclear medicine (NM), PET imaging, MRI, and optical imaging are revenue-generating pockets for the clinical trial imaging market. Developing markets in Asia such as Japan, China, and India are also revenue pockets for market players, due to increasing investments in the healthcare industry by key market players of clinical trials imaging.

Related Reports:

Clinical Trials Imaging Market Size & Share by Modality (CT, MRI, PET, Ultrasound, Echocardiography, X-Ray), Product & Services (Software), End User (Pharmaceutical Companies, Biotechnology Companies, CROs, Medical Device Manufacturers) - Global Forecast to 2021

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Report Code
MD 4818
Published ON
Dec, 2016
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