South America Clinical Trial Imaging Market Forecast to 2028 -Regional Analysis - by Modality [Tomography, Magnetic Resonance Imaging (MRI), Ultrasound, Positron Emission Tomography (PET), X-Ray, Echocardiography, and Others], Offering (Operational Imagin

South America Clinical Trial Imaging Market Forecast to 2028-Regional Analysis- by Modality [Tomography, Magnetic Resonance Imaging (MRI), Ultrasound, Positron Emission Tomography (PET), X-Ray, Echocardiography, and Others], Offering (Operational Imaging Services, Imaging Software, Read Analysis Services, Trial Design and Consulting Services, and Others), and End User [Contract Research Organizations (CROs), Pharmaceutical and Biotechnology Companies, Academic and Research Institutes, and Others]

The South America clinical trial imaging market is expected to grow from US$ 89.63 million in 2023 to US$ 123.52 million by 2028; it is estimated to register a CAGR of 6.6% from 2023 to 2028.

Spur in Number of CROs Offering Medical Imaging Services Fuels South America Clinical Trial Imaging Market

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.

South America Clinical Trial Imaging Market Overview

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 Revenue and Forecast to 2028 (US$ Million)

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.

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