At 6.6% CAGR, the South America Clinical Trial Imaging Market is projected to be worth US$ 123.52 million by 2028, says The Business Market Insights

According to the Business Market Insights’ research, the South America clinical trial imaging market was valued at US$ 89.63 million in 2023 and is expected to reach US$ 123.52 million by 2028, registering a CAGR of 6.6% from 2023 to 2028. Accelerated clinical trial activities in pharmaceutical and biotechnology industry and spur in number of CROs offering medical imaging services are the critical factors attributed to the South America clinical trial imaging market expansion.

The ultimate goal of drug development is to bring new compounds with proven therapeutic effects to the market. Obtaining accurate information on conducted trials' outcomes poses a significant challenge in estimating the success rate of clinical trials, as collecting these data is expensive, time-consuming, and prone to errors. In-vivo imaging performed on human subjects in clinical trials are likely to improve the success rate of the drug development process. Mass spectrometry imaging (MSI) is currently utilized to visualize drug molecules for ex-vivo tissue sections. Therefore, the increasing use of imaging techniques or modalities for clinical trial testing to determine clinical dose efficacy and toxicity leads to greater success rates of clinical trials, in turn, favoring the growth of the South America clinical trial imaging market.  

On the contrary, high investment and standardized infrastructure requirements hurdles the growth of South America clinical trial imaging market. 

Based on modality, the South America clinical trial imaging market is segmented into tomography, magnetic resonance imaging (MRI), ultrasound, positron emission tomography (pet), x-ray, echocardiography, and others. The tomography segment held 38.0% market share in 2023, amassing US$ 34.10 million. It is projected to garner US$ 47.40 million by 2028 to expand at 6.8% CAGR during 2023–2028.

Based on offering, the South America clinical trial imaging market is segmented into operational imaging services, imaging software, read analysis services, trial design and consulting services, and others. The operational imaging services segment held 32.9% market share in 2023, amassing US$ 29.53 million. It is projected to garner US$ 40.43 million by 2028 to expand at 6.5% CAGR during 2023–2028.

Based on end user the South America clinical trial imaging market is segmented into contract research organizations (CROs), pharmaceutical and biotechnology companies, academic and research institutes, and others. The contract research organizations (CROs) segment held 45.5% market share in 2023, amassing US$ 40.78 million. It is projected to garner US$ 56.62 million by 2028 to expand at 6.8% CAGR during 2023–2028.

Based on country, the South America clinical trial imaging market has been categorized into Argentina, Brazil, and the Rest of South America.  Our regional analysis states that Brazil captured 58.5% market share in 2023. It was assessed at US$ 52.45 million in 2023 and is likely to hit US$ 74.26 million by 2028, exhibiting a CAGR of 7.2% during the forecast period.     

Key players dominating the South America clinical trial imaging market are eResearch Technology Inc, ICON PLC, IXICO plc, Medical Metrics Inc, VIDA Diagnostics Inc, and WCG Clinical Inc among others.   

• In Mar-2023, Clario, a healthcare research technology company that delivers leading endpoint technology solutions for clinical trials, has announced a partnership with Strados Labs to provide the FDA-cleared RESP Biosensor for clinical trials. This innovative, wearable device is lightweight, comfortable and non-invasive, with capabilities that have not previously existed on the market, such as allowing for objective assessment of crackles, rhonchi, and wheeze events, as well as offering a streamlined approach for at-home cough monitoring in trial participants.

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