Imaging CRO Market Thrives with Impressive 7.5% CAGR, Reaching a US$ 9.8 Billion Valuation – By PMI
Imaging CRO Market (2022 – 2032) Research Report Analysis and Outlook Insights | PDF | 173 No of pages .The Imaging CRO Market research report analyses the global and regional markets, providing an in-depth analysis of the market’s overall growth potential and Forecast. Moreover, this report provides exclusive vital statistics, data information, demand, and competitive landscape insights in this niche sector. These insights enable them to make informed decisions and develop effective growth strategies.
Covina, Oct. 12, 2023 (GLOBE NEWSWIRE) — According to Prophecy Market insights, the Imaging CRO Market is likely to top a valuation of US$ 4.9Bn by 2022 from US$ 9.8Bn in 2032 and it is poised to reach a CAGR of 7.5% from 2022 to 2032.
Why are Imaging CROs important in drug development?
The medical imaging has become more common as primary endpoints in clinical trials where, ICRO (Imaging Contract Research Organization) has become a key asset to clinical trial team. Imaging CRO plays an important role in developing new medical devices and drugs by offering range of services.
Growing prevalence of diseases and increased complexity of clinical trials has given positive impact on target market growth. Rising demand for advanced imaging techniques such as computed tomography, magnetic resonance imaging and positron emission tomography has further boost the market growth. Furthermore, outsourcing provides them more time-efficient and cost-effective imaging services as compared to in-house imaging capabilities which is expected to drive the Imaging CRO market growth.
Recent Development of the Imaging CRO Market
- In July 2021, ICON plc, acquired a contract research company, PRA Health Sciences Inc., for total price of $12 billion as a part of focus on high quality and innovation in clinical trials. This acquisition will enable ICON to develop new medicines and medical devices in market.
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Scope of the Report:
|Imaging CRO Market Value (2022)||US$ 4.9Bn|
|Imaging CRO Market Projected Value (2032)||US$ 9.8Bn|
|Imaging CRO Market CAGR (2022 – 2032)||7.5%|
Short on time? Here are the Segmentation Analysis:
- By Services Offered – Image Collection & Quality Control, Imaging Acquisition & Protocol Development, Digital Image Conversion, Application Design, Support & Maintenance, and Others
- By Imaging Modality – Magnetic Resonance Imaging, Computed Tomography Scan, Positron Emission Tomography, and Others
- By Application – Oncology, Cardiovascular, Neurology, Ophthalmology, and Others
- By End-Users – Pharmaceutical & Biotechnology Companies, Academic & Research Institutions, Medical Device Manufacturers, and Others
Factors affecting the growth of the Imaging CRO Market
The Imaging Contract Research Organization (CRO) market is a segment of the broader CRO industry that specializes in providing imaging-related services to pharmaceutical, biotechnology, and medical device companies for clinical trials and research. Several factors can influence the growth of the Imaging CRO market:
- Increasing Clinical Trials: The growth of the pharmaceutical and biotechnology industries and the need for rigorous clinical trials to gain regulatory approvals for new drugs and medical devices drive the demand for Imaging CRO services.
- Advancements in Medical Imaging: Technological advancements in medical imaging techniques such as MRI, CT, PET, and ultrasound have increased the complexity and precision of clinical trial data, making Imaging CROs more essential.
Top Trends in Imaging CRO Market
The Imaging Contract Research Organization (CRO) market is witnessing several key trends, including the integration of artificial intelligence and machine learning for more efficient image analysis, the shift towards decentralized and remote imaging to support remote clinical trials, the use of advanced imaging modalities for more precise data collection, and a growing emphasis on data security and privacy compliance. Collaboration and partnerships, real-world evidence integration, and a patient-centric approach to imaging are also becoming increasingly important, while the adoption of emerging technologies such as virtual reality, augmented reality, and blockchain for data integrity is on the rise. Additionally, global expansion, regulatory compliance, and sustainability initiatives are shaping the future of the Imaging CRO market.
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Who Holds a Significant Market Share in the Imaging CRO Market ?
- Parexel International Corporation
- IXICO Plc.
- WorldCare Clinical
- Radiant Sage LLC.
- Labcorp Drug Development
- WuXi AppTec
- The Micron Group
- Imaging Endpoints
- Medspace Holdings Inc.
- Biomedical Systems Corporation
Rising prevalence of chronic diseases, continuous technological development, increased number of clinical trials, and strong presence of major players are major factors which fuel the market growth. Further, growing market consolidation activities among players to strengthen its position in market is expected to propel the Imaging CRO market growth.
- Outsourcing imaging tasks reduces in-house operational costs for companies.
- Rising investment in research and development leads to more clinical trials.
- The need for specialized expertise and infrastructure creates barriers to entry.
- Intense competition can impact pricing and profitability.
The Imaging Contract Research Organization (CRO) market presents significant opportunities for growth, driven by the increasing demand for advanced imaging technologies in clinical trials, the expansion of precision medicine and personalized healthcare, the emergence of decentralized and remote trial models, and the potential for innovative partnerships with pharmaceutical companies, academic institutions, and healthcare providers to offer comprehensive and integrated imaging solutions
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