Clinical research organizations (CROs) assist in the successful implementation of clinical trials through the services offered using high-quality facilities and deep subject matter expertise. CROs have begun acting as a backbone of the clinical trial industry through their efficient and cost-effective operations that benefit trial sponsors. For example, on an average, CROs take 30% lesser time than in-house activity to conduct and complete clinical trials. With the rising number of CROs leading to high competition, some of these businesses offer specialized imaging services, thus emerging as imaging CROs (iCROs). Keosys Medical Imaging and Medica Group PLC are the iCROs examples. The CROs offer key knowledge insights in areas such as site qualification for imaging, acquisition of standardized images, and determination of read designs and criteria, thereby contributing to the growth of the overall South America clinical trial imaging market.
The South America clinical trial imaging market is segmented into Argentina, Brazil, and the Rest of South America. Brazil held the largest share in 2022, and it is expected to register a CAGR of 7.2% during the forecast period. A rise in clinical trials, key innovation by market players, and government initiatives to support clinical trial imaging are a few factors fueling the market growth. Brazil is a major destination for clinical trials. According to Clinical Trials Arena, in 2021, Brazil accounted for 1.7% share of the global clinical trials activity. In July 2022, Boston CRO acquired Rio de Janeiro-based Instituto Brasil de Pesquisa Clinica (IBPClin), the largest research center in the region, describing it as the first step towards Latin America's adoption of its decentralized clinical trial delivery model. It claims to have conducted more than 160 industry-sponsored research studies, enrolling more than 7,000 participants across 12 Brazilian states.
South America Clinical Trial Imaging Market Segmentation
The South America clinical trial imaging market is segmented on the basis of modality, offering, end user, and country. 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 registered the largest market share in 2023.
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 the largest market share in 2023.
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 the largest market share in 2023.
Based on country, the market is segmented into Argentina, Brazil, and the Rest of South America. Brazil dominated the market share in 2023.
eResearch Technology Inc, ICON PLC, IXICO plc, Medical Metrics Inc, VIDA Diagnostics Inc, and WCG Clinical Inc are the leading companies operating in the South America clinical trial imaging market.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 89.63 Million |
| Market Size by 2028 | US$ 123.52 Million |
| CAGR (2023 - 2028) | 6.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2028 |
| Segments Covered |
By Modality
|
| Regions and Countries Covered |
South and Central America
|
| Market leaders and key company profiles |
|
1. eResearch Technology Inc
2. ICON PLC
3. IXICO plc
4. Medical Metrics Inc
5. VIDA Diagnostics Inc
6. WCG Clinical Inc
The South America Clinical Trial Imaging Market is valued at US$ 89.63 Million in 2023, it is projected to reach US$ 123.52 Million by 2028.
As per our report South America Clinical Trial Imaging Market, the market size is valued at US$ 89.63 Million in 2023, projecting it to reach US$ 123.52 Million by 2028. This translates to a CAGR of approximately 6.6% during the forecast period.
The South America Clinical Trial Imaging Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the South America Clinical Trial Imaging Market report:
The South America Clinical Trial Imaging Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South America Clinical Trial Imaging Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South America Clinical Trial Imaging Market value chain can benefit from the information contained in a comprehensive market report.
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