Yahoo Finance Clinical Trial Imaging Services Market Size to Hit $1.80 Billion by 2027: AMR
Increase in need for outsourcing imaging in the clinical trials, advancements in medical imaging technology fuel the global clinical trial imaging services market. North America contributed to the highest market share, and will maintain its dominant share throughout the forecast period. Owing to the Covid-19 pandemic, the focus of research and healthcare institutions shifted toward finding treatment for Covid-infected patients and there were cancellations or rescheduling of many clinical trials.
Portland, OR, March 08, 2021 (GLOBE NEWSWIRE) --
According to the report published by Allied Market Research, the global Clinical Trial Imaging Services Market generated $1.31 billion in 2019, and is projected to garner $1.80 billion by 2027, witnessing a CAGR of 5.6% from 2020 to 2027. The report offers an extensive analysis of changing market trends, key segments, top investment pockets, value chain, competitive landscape, and regional scenario.
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Increase in need for outsourcing imaging in the clinical trials, increased adoption of imaging in clinical trials, advancements in medical imaging technology fuel the global clinical trial imaging services market. However, obligations related to integration of imaging in clinical trials hinder the market growth. Contrarily, advancements in image modality present new opportunities in the next few years.
Covid-19 Scenario:
Owing to the Covid-19 pandemic, the focus of research and healthcare institutions shifted toward finding treatment for Covid-infected patients and there have been disruptions, cancellations, or rescheduling of many clinical trials.
There has been significant drop in demand for imaging in clinical trial services during the lockdown. On the other hand, the demand increased for R&D activities regarding development of therapeutics for Covid-19.
However, governments have introduced few relaxations in different regions during the post-lockdown. This is expected to raise the demand for these services and the market would recover soon.
The report offers detailed segmentation of the global clinical trial imaging services market based on service type, end user, therapeutic area, and region.
By service type, the project and data management services segment held the highest market share, accounting for around one-third of the total share in 2019, and is projected to maintain its leadership position during the forecast period. Moreover, the same segment is projected to register the largest CAGR of 6.8% from 2020 to 2027.
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By end user, the pharmaceutical and biotechnology companies segment accounted for the highest share in 2019, holding more than two-thirds of the global clinical trial imaging services market, and is expected to maintain its lead in terms of revenue by 2027. Moreover, this segment is projected to portray the highest CAGR of 5.9% from 2020 to 2027.
By region, North America contributed to the highest market share, accounting for nearly two-fifths of the total market share in 2019, and is expected to maintain its dominant share throughout the forecast period. However, Asia-Pacific is projected to manifest the fastest CAGR of 7.4% from 2020 to 2027.
Leading players of the global clinical trial imaging services market analyzed in the research include Biospective Inc., BioClinica, Inc., ERT Clinical, Icon Plc, Calyx, Intrinsic Imaging LLC, IXICO plc, Micron Inc., Imaging Endpoints, Medpace Inc., Median Technologies, Pharmtrace, and ProScan Imaging.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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