The global clinical trial imaging market is projected to reach USD 1.9 billion by 2028 from USD 1.3 billion in 2023, at a CAGR of 7.8% during the forecast period. The expansion of the clinical trial imaging market is primarily propelled by factors like heightened expenditure on research and development, the upsurge in the pharmaceutical and biotechnology sector, and the proliferation of Contract Research Organizations (CROs). However, the substantial expenses associated with implementing imaging systems and conducting clinical trials stand out as significant obstacles impeding the market's progress.
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)
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As of 2022, ICON was at the forefront of the clinical trial imaging market, occupying a prominent position. The firm's supremacy has been upheld by its robust distribution networks spanning North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. ICON employs strategies of non-organic expansion to further enhance its predominance within this market, placing emphasis on acquisitions that complement its existing business divisions.
During 2022, BioTelemetry Inc. secured the second topmost position within the clinical trial imaging market. The firm's commanding standing can be credited to its robust sales and distribution network. A substantial portion of the company's revenue is directed towards Research and Development (R&D) efforts, and it pursues non-organic strategies such as acquisitions. These advancements have effectively bolstered BioTelemetry Inc.'s position within the clinical trial imaging market.
Medpace Holdings, Inc. accounted for the third largest share of the clinical trial imaging market in 2022. The Company conducts operations in North America, Europe, Asia, South America, Africa and Australia through wholly owned subsidiaries and representative sales offices.
Clinical Trial Imaging Market by Software & Service (Operational Imaging, Trial Design), Modality (CT, MRI, X-Ray, PET, Ultrasound, ECHO), Therapeutic Area (Infectious, Oncology, CNS, CVD), End User (Pharma, Biotech, CROs) - Global Forecast to 2028
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