PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1399613
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1399613
Clinical Trial Imaging Market size is projected to expand at 7.9% CAGR from 2023-2032 driven by the expanding biopharmaceutical sector across the globe. Biopharmaceutical companies, engaged in the development of novel therapies, increasingly rely on advanced imaging services to assess drug efficacy and safety. With the growing focus of the biopharma companies on precision medicine and targeted therapies, the demand for robust and specialized imaging solutions in clinical trials is rising.
Furthermore, key players are investing in cutting-edge solutions, including AI applications for image interpretation for catering to the increasing demand for precise and real-time data, whilst attracting sponsors and researchers seeking state-of-the-art imaging services, further accelerating the industry expansion. For instance, in March 2023, Clario launched a cloud-based Image Viewer application for sponsors and contract research organizations (CROs) to examine clinical trial images.
The overall industry is segmented into service, imaging technique, therapeutic area, end user, and region.
As per service, the clinical trial design & consultation services market gained significant traction in 2022 and is anticipated to depict 8.7% growth rate during 2023-2032. Clinical trial design and consultation services are witnessing high demand for planning imaging protocols for ensuring regulatory compliance and optimizing trial efficiency. With pharmaceutical and biotechnology companies increasingly recognizing the importance of imaging endpoints in clinical trials, the demand for specialized design and consultation services is also rising.
In terms of end-user, the clinical trial imaging market from the medical devices manufacturers segment is estimated to expand at 7.3% CAGR from 2023 to 2032. Medical device manufacturers are increasingly incorporating imaging technologies in clinical trials to assess product efficacy and safety. Additionally, the ongoing collaboration between medical device manufacturers and clinical trial imaging service providers for facilitating precise data acquisition and analysis while complying with regulations will contribute to the segment growth.
Regionally, the Asia Pacific clinical trial imaging industry is set to exhibit 8.8% CAGR between 2023 and 2032 attributed to the increasing clinical research activities and the growing emphasis on healthcare innovation. The presence of diverse patient population and the higher availability of cost-effective clinical trial solutions in the region are attracting investments from multinational pharmaceutical companies. Several market participants are also taking steps to help public healthcare facilities become clinical research centers of excellence for ascending the value chain, augmenting the regional industry outlook. For instance, in October 2023, Roche Pharma India commenced its clinical trial excellence initiative in India to help public health institutions in the nation conduct clinical trials and drug research.