Pharmaceutical and biotechnology industries are to drive the growth of the clinical trial imaging industry as they have significantly increased their R&D spending in this area.

Northrook, IL -- (SBWire) -- 12/17/2019 --The report "Clinical Trial Imaging Market Size & Share by Modality (CT, MRI, PET, Ultrasound, Echocardiography, X-Ray), Product & Services (Software), End-User (Pharmaceutical Companies, Biotechnology Companies, CROs, Medical Device Manufacturers) - Global Forecast to 2021" is about the current global market trends of the clinical trial imaging industry.

Along with that, the report also outlines the various challenges and future estimates of this market. It is estimated that the global clinical trial imaging market size will reach USD 1,069.7 million by 2021 from USD 773 million in 2016, at a CAGR of 6.7% from 2016 to 2021.

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The service segment is projected to lead the clinical trial imaging market.

Growth in this segment is because of an increase in the outsourcing of the work by pharmaceutical & biotechnology companies as well as medical device companies to Contract Research Organizations or CROs and other service providers. The services segment is divided further into reader services, systems & technical support services, operational imaging services, and design consulting services. The operational imaging services segment offers different imaging modalities, which include CT, PET, MRI among others. These imaging modalities form the core services of this segment and of the clinical trial imaging market which is why the operational imaging services segment will have the largest revenue share in 2016. From among these modalities, the CT segment constitutes the largest share in the market. This is because of the usefulness of the CT scans in detecting injuries and cancerous tumors in the body. The PET modality is also expected to grow at the highest CAGR in 2016.

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The pharmaceutical companies are expected to capture a significant share of the clinical trial imaging market by end-user.

As mentioned before, the pharmaceutical companies have increased their R&D spending which is driving this end-user segment. While pharmaceutical companies are expected to have the lion's share of the global market, the medical device manufacturing industry is projected to witness the highest CAGR in the forecast period of 2016 to 2021. R&D spending and expansion of the medical devices market will fuel the medical device manufacturing industry.

North America: The globally leading clinical trial imaging market

The US, Canada, and Mexico are the major countries of this region. Growth in CROs, pharmaceutical, and biotechnology companies, along with their increased investment in R&D spending, are factors that will contribute to North America having the largest share in the global market. However, it is Asia Pacific that is projected to grow at the highest CAGR in the forecast period of 2016 to 2021. The factors that will lead to Asia Pacific's rise are the emergence of biotechnology and pharmaceutical industries and higher R&D spending.

The leading players in the global clinical trial imaging market include BioClinica, Inc. (US), Biomedical Systems (US), Cardiovascular Imaging Technologies (US), BioTelemetric, Inc. (US), ICON Public Limited Company (Ireland), IXICO, PLC (UK), Intrinsic Imaging, LLC (US), PAREXEL International Corporation (US), WorldCare Clinical, LLC (US), and Radiant Sage, LLC (US).

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