The clinical trial imaging market will grow due to the rise in the number of contract research organization, an increase in the R&D spending and growth in the pharmaceutical and biotechnological companies.
With the increasing advancements in science and technology, there has been an increasing growth of pharmaceutical companies across the globe. The rise in the number of pharmaceutical and biotechnology companies is making it imperative for the manufacturers to deliver the best possible drug or medicine to the end-user, as competition is striking the companies. This factor is contributing to the rise of clinical trials as a large number of novel drug discoveries are being done by these companies.
Thus, the rise in the number of drug discoveries is fuelling the demand for implementation of imaging technologies in clinical trials. This is positively affecting the growing number of pharmaceutical and biotechnological companies.
In addition the improvements seen in the overall regulatory framework has also affected the market growth and the acceptance of imaging technologies in clinical trials.
Key Market Trends
Computed Tomography is Expected to Witness Rapid Growth
Computed tomography is a non-invasive medical procedure that makes use of X-Rays to generate cross-sectional images of the body and provides detailed information for the treatment and examines abnormalities in children and adults.
Computed tomography (CT) segment growth is being attributed to extensive advantages CT offers such as the study of drug activity and screenings for injuries, cancer (tumors), and abnormalities inside the body. Furthermore, the increased funding and investment in the field of clinical research and clinical trials is boosting the segment growth. The large share of this segment is also attributed to the high advantages of CT in screenings for cancer (tumors), injuries.
North America is Anticipated to Dominate the Clinical Trial Imaging Market
North America is found dominating the clinical trial imaging market due to the rising prevalence of chronic diseases combined with increasing geriatric population that is poised to spur the growth of the regional market. Besides this, the advancements in healthcare infrastructure are enabling faster diagnosis and treatment of chronic diseases.
However, the US FDA and other regulatory organizations have also played a leading role in attaining accomplishments of trial registration to date and is likely to be supported in tackling such challenges in the near future. Owing to all these factors, the regional market is projected to maintain its position in the market throughout the forecast period.
The key participants of the market studied include Bioclinica Inc, Ixico PLC, Icon PLC, Intrinsic Imaging LLC, Radiant Sage LLC and Parexel International Corporation. These major players are undertaking growth strategies such as new product launches, mergers and acquisitions to retain share and diversify product portfolio.
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