The global clinical trial imaging market is projected to reach USD 1.4 billion by 2026 from USD 1.0 billion in 2021, at a CAGR of 7.6% during the forecast period. Growth in the clinical trial imaging market is mainly driven by factors such as the increase in R&D spending, growth in pharmaceutical and biotechnology industry, increasing number of CROs. However, high implementation cost of imaging system and high cost of clinical trials are the major factors hampering the growth of this market.
The major players in this 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)
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In 2020, ICON held the leading position in the clinical trial imaging market. The company has maintained its leading position through its strong distribution networks across North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The company adopts inorganic growth strategies to increase its dominance in this market. It also focuses on acquisition to complement its existing business segments.
In 2020, BioTelemetry Inc. held second leading position in the clinical trial imaging market. The company’s leading position can be attributed to its strong sales and distribution network. The company invests a significant amount of its revenue on R&D and adopts inorganic strategies like acquisition. Such developments have strengthened the company’s position in the clinical trial imaging market.
Biomedical Systems Corporation accounted for a third largest share of the clinical trial imaging market in 2020. The company maintains its leading position in this market with a strong global sales and distribution network. The company is a part of ERT Clinical and has attained a wide geographic reach.
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
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