Global Clinical Trial Imaging Market – Analysis and Forecast (2018-2024) – The Courier
The mounting research and development spending by growing biotechnology and pharmaceutical industries, expansion in pharmaceutical and biotechnology industries, and boosting the number of CROs are the primary growth drivers for the clinical trial imaging market. The pharmaceutical and biopharmaceutical companies are investing profoundly in the research and development for the advancement of new drugs. In the clinical research and life science sector, organizations are attempting to invent and improve treatment for health problems, such as AIDS, diabetes, and cancer.
Expansion of advanced imaging modalities, and radiopharmaceuticals, and mounting clinical research in emerging economies are also facilitating the growth of the clinical trial imaging market. The frequency of clinical research is mounting in the emerging economies, due to low operational cost, availability of a large number of patients, faster recruitment rates, and availability of CROs focused on global trials.
Globally, the manufacturing companies trying to enter the clinical trial imaging market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition.
Geographically, North America is the largest clinical trial imaging market as in the region the research and development spending is huge. A mounting number of pharmaceutical and biotechnology companies, an expanding number of CROs are also up surging growth of the North American clinical trial imaging market.
Asia-Pacific is observed to witness the fastest growth in the market, as in the region number of biotechnology and pharmaceutical companies is increasing. In addition, mounting research and development spending is also creating a positive impact on the clinical trial imaging market growth in the region.
Key players in the clinical trial imaging market are catering to the demand for these devices by investing in technologically advanced products in their product portfolio across the globe. In July 2017, ICON plc acquired Mapi Group to strengthen its commercialization and outcome research business. Parexel International Corporation, Radiant Sage LLC, ICON Plc, Biomedical Systems Corporation, Biotelemetry, Inc., Intrinsic Imaging LLC, Cardiovascular Imaging Technologies, LLC, Mexico PLC, and Worldcare Clinical, LLC is the key players offering clinical trial imaging.
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