Clinical Trial Imaging Market - Forecast(2024 - 2030)

Report Code: HCR 0509 Report Format: PDF + Excel

Clinical Trial Imaging Market Overview

The Clinical Trial Imaging Market size is estimated to reach $841 million by 2026, growing at a CAGR of 7.1% during the forecast period 2021-2026. Clinical Trial Imaging involves the use of imaging modalities, analysis services, and software to effectively determine the efficacy of novel medications before commercial release. Clinical Imaging techniques are increasingly used in oncology drug clinical trials to provide evidence for the drug’s effectiveness and safety. The imaging systems commonly used in clinical trials include Positron Emission Tomography (PET), Optical Coherence Tomography (OCT), Magnetic Resonance Imaging (MRI), and Ultrasound. The growth in the number of cancer diagnoses and deaths worldwide is anticipated to drive the market during the forecast period. However, the stringent government regulations in the sector are projected to restrict growth opportunities for the Clinical Trial Imaging Industry.

Clinical Trial Imaging Market Report Coverage

The report: “Clinical Trial Imaging Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Clinical Trial Imaging Market.

By Service Type: Operational Imaging Services, Reading and Analysis Services, System and Technical Support Services, Trial Design & Consulting Services, and Software Services.
By Modality: Computed Tomography (CT), MRI (Magnetic Resonance Imaging), X-Ray, Ultrasound, Positron Emission Tomography (PET), Optical Coherence Tomography (OCT), Echocardiography and Others.
By Therapeutic Area: Oncology, Infectious Diseases, Neurology, Cardiovascular Diseases, Endocrinology, Immunology, and Others
By End User: Biotechnology and Pharmaceutical companies, Medical Devices Manufacturers, Academic Institutes, Government Research Institutes, Contract Research Organizations (CROs) and Others
By Geography: North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, and Rest of South America) and Rest of World (the Middle East and Africa).

Key Takeaways

  • Geographically, the North American Clinical Trial Imaging market accounted for the largest share in 2020 owing to an increase in the number of CROs and the presence of key Biotechnology, Pharmaceutical, and Medical Device manufacturing companies in the region.
  • An increase in technological advancements in both imaging systems and drug development processes is anticipated to drive the market. However, the high cost of imaging modalities is projected to challenge demand generation.
  • Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Clinical Trial Imaging Report.

        Clinical Trial Imaging Market Share, By Geography, 2020(%)
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Clinical Trial Imaging Market Segment Analysis-By Service Type

Based on Service Type, the Clinical Trial Imaging Market is segmented into Operational Imaging Services, Reading and Analysis Services, System and Technical Support Services, Trial Design & Consulting Services, and Software Services. The Operational Imaging Services segment is anticipated to have the largest share of the market in 2020 and is also poised to be the fastest-growing segment during the forecast period 2021-2026 at a CAGR of 7.5%. The rapid growth is attributed to their ease of use, high availability of data, and presence of a wide range of solutions to choose from. Operational Imaging Services help determine the effect of new drug compounds at the early stages of the clinical trial. This allows for enhanced decision making, superior evaluation, higher efficiency, lower costs, and better accuracy of the results obtained from the clinical trial process.

Clinical Trial Imaging Market Segment Analysis-By Modality

The Clinical Trial Imaging Market based on Modality can be further segmented into Computed Tomography (CT), MRI (Magnetic Resonance Imaging), X-Ray, Ultrasound, Positron Emission Tomography (PET), Optical Coherence Tomography (OCT), Echocardiography and Others. The CT segment accounted for the largest share of the market in 2020. CT scanner uses a series of X Rays to generate a three-dimensional image of the bones and tissues of the body without the need for invasive procedures. The CT segment is also anticipated to witness the fastest growth during the forecast period at a CAGR of 7.7%. The high precision of CT images aids researchers in monitoring drug activity, detecting injuries, a cancerous growth, and various abnormalities inside the body. CT scans can be used to determine the exact size, shape, and location of tumors. This is crucial for determining the effectiveness of a trial cancer drug as the shrinkage of the tumor is a major factor that determines drug effectiveness.

Clinical Trial Imaging Market Segment Analysis-By Geography

The Clinical Trial Imaging Market based on Geography can be segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. The North American segment is projected to dominate the Clinical Trial Imaging market during the forecast period 2021-2026 with a market share of 34% owing to the presence of highly developed healthcare infrastructure, large public and private investment in research and development, and rising cases of chronic illnesses such as cancer and cardiovascular diseases in the region. Moreover, the presence of major biotechnology, pharmaceutical, and medical device manufacturing companies in the region such as Pfizer, Moderna, Johnson and Johnson, General Electric, Medtronic, and Abbott ensure high demand for clinical trial imaging services for testing their new drugs or scanning devices. The Asia Pacific region is predicted to register the fastest growth owing to the increase in public healthcare funding and the emergence of major drug manufacturing companies in emerging economies like China and India.

Clinical Trial Imaging Market Drivers

Increase in Cancer Cases is Projected to Drive Market Growth

According to the International Agency for Research on Cancer (IARC), 20% of the global population will develop cancer during their lifetime, and 12.5% of men and 9.1% of women will die from the disease. Cancer alone was responsible for more than 10 million deaths worldwide in 2020, making it one of the leading causes of death. Breast cancer and lung cancer were the most common causes of cancer-related death in 2020. This rapid growth in cancer cases is increasing the demand for developing more effective drugs for cancer treatment which in turn, will drive the market for clinical trial imaging.

The rise in Research and Development Expenditure is Anticipated to Boost Demand

The R&D expenditure by CROs, biotechnology, and pharmaceutical companies is driving the growth of the clinical trial imaging market. Medical imaging has a crucial part in the development of novel drugs to tackle major health conditions in departments of oncology, cardiology, neurology, and so on. The rise in R&D expenditure by major medical imaging manufacturers is leading to the development of novel imaging technologies which in turn will enhance clinical trials of pharmaceutical and biotechnology companies. For instance, imaging device manufacturer General Electric Healthcare spent around $1 billion or 5% of overall revenue in R&D in 2020. Meanwhile, the pharmaceutical company Pfizer spent $9.4 billion in 2020 for research alone. This will enable these organizations to invest more in clinical trial imaging systems, thereby driving demand.

Clinical Trial Imaging Market Challenges

The High Cost of Imaging Systems is Anticipated to Hamper Market Growth

The high cost of some of the equipment necessary for clinical trial imaging is a major challenge to demand generation. Its effect is more prominent in developing regions owing to their lower levels of public and private healthcare investment. Small-scale research centers and CROs may not have the financial capacity to purchase state-of-the-art equipment such as MRI scanners and PET scanners necessary for the trials. The cost of an MRI scanner can reach up to $3 million while CT scanners can cost up to $2.5 million per unit.

Covid-19 Pandemic is Projected to Limit Growth Opportunities

The Covid-19 pandemic has resulted in more than 4.5 million deaths and 220 million infections worldwide. Moreover, most major global economies were estimated to have lost around 3% of their GDP in 2020. This will have a significant impact on the clinical trial imaging market as the reduction in GDP reduces public investment levels in developing novel drugs and imaging technology. Moreover, the major global government organizations, pharmaceutical companies, and biotechnology companies have diverted their investments towards the development and distribution of Covid-19 vaccines. This has slowed down the progress of clinical trials for novel drugs for treating cardiovascular illnesses and cancers. With the emergence of new variants, the pandemic is projected to be the foremost challenge during the forecast period.

Clinical Trial Imaging Market Industry Outlook:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Clinical Trial Imaging Market. The top 10 companies of the industry include:

  1. Bioclinica Inc
  2. Paraxel International Corporation
  3. Biomedical Systems Corporation
  4. Biotechnology Inc.
  5. Cardiovascular Imaging Technologies LLC
  7. Radiant Sage LLC
  8. Worldcare Clinical LLC
  9. Intrinsic Imaging
  10. ICON PLC.

Partnerships/Product Launches:

  • In May 2021, IXICO Plc announced that they have been selected by a current biopharmaceutical client to provide neuroimaging services for a Phase III clinical trial. By bringing together IXICO's therapeutic expertise, AI analytics, and robust operational infrastructure, the company will enable the client to accelerate R&D decision making, de-risk clinical research, and maximize the value of their CNS drug development pipelines.
  • In February 2021, ICON Plc announced the acquisition of PRA Health Sciences to enhance its global healthcare intelligence and clinical research business. This acquisition was a cash and stock transaction valued at around $12 billion. It will help combine PRA's mobile and connected health platforms and real-world data and information solutions with ICON's Accellacare site network, home health services, and wearables expertise.

Relevant Links:

CT Scanners Market – Forecast (2021 - 2026)

Report Code: HCR 0169

Clinical Trial Management System Market – Forecast (2021 - 2026)

Report Code: HCR 0493

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1. Clinical Trial Imaging Market - Overview
    1.1 Definitions and Scope
2. Clinical Trial Imaging Market - Executive Summary
    2.1 Market Revenue and Key Trends by Company
    2.2 Key trends by Service Type
    2.5 Key trends by End User
    2.6 Key trends by Geography
3. Clinical Trial Imaging Market – Comparative Analysis
    3.1 Company Benchmarking – Key Companies
    3.2 Financial Analysis – Key Companies
    3.3 Market Value Split by Key Companies
    3.4 Patent Analysis
    3.5 Pricing Analysis – Average Selling Price
4. Clinical Trial Imaging Market - Startup Companies Scenario Premium
    4.1 Key Startup Company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Venture Capital and Funding Scenario
5. Clinical Trial Imaging Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case Studies of Successful Ventures
6. Clinical Trial Imaging Market - Forces
    6.1 Market Drivers
    6.2 Market Constraints/Challenges
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Clinical Trial Imaging Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Market Life Cycle
8. Clinical Trial Imaging Market – By Service Type (Market Size –$Million/$Billion)
    8.1 Operational Imaging Services
    8.2 Reading and Analysis Services
    8.3 System and Technical Support Services
    8.4 Trial Design & Consulting Services
    8.5 Software Services
9. Clinical Trial Imaging Market – By Modality (Market Size –$Million/$Billion)
    9.1 Computed Tomography (CT)
    9.2 MRI (Magnetic Resonance Imaging)
    9.3 X-Ray
    9.4 Ultrasound
    9.5 Positron Emission Tomography (PET)
    9.6 Optical Coherence Tomography (OCT)
    9.7 Echocardiography
    9.8 Others
10. Clinical Trial Imaging Market – By Therapeutic Area (Market Size –$Million/$Billion)
    10.1 Oncology
    10.2 Infectious Diseases
    10.3 Neurology
    10.4 Cardiovascular Diseases
    10.5 Endocrinology
    10.6 Immunology
    10.7 Others
11. Clinical Trial Imaging Market - By End User (Market Size –$Million/$Billion)
    11.1 Biotechnology and Pharmaceutical companies
    11.2 Medical Devices Manufacturers
    11.3 Academic Institutes
    11.4 Government Research Institutes
    11.5 Contract Research Organizations (CROs)
    11.6 Others
12. Clinical Trial Imaging Market - By Geography (Market Size –$Million/$Billion)
    12.1 North America
        12.1.1 U.S.
        12.1.2 Mexico
        12.1.3 Canada
    12.2 Europe
        12.2.1 U.K.
        12.2.2 France
        12.2.3 Germany
        12.2.4 Italy
        12.2.5 Spain
        12.2.6 Russia
        12.2.7 Rest of Europe
    12.3 Asia Pacific
        12.3.1 China
        12.3.2 India
        12.3.3 Japan
        12.3.4 South Korea
        12.3.5 Australia & New Zealand
        12.3.6 Rest of Asia Pacific
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Rest of South America
    12.5 Rest of the World
        12.5.1 Middle East
        12.5.2 Africa
13. Clinical Trial Imaging Market - Entropy
14. Clinical Trial Imaging Market – Industry/Segment Competition Landscape Premium
    14.1 Market Share Analysis
        14.1.1 Global Market Share – Key Companies
        14.1.2 Market Share by Region – Key companies
        14.1.3 Market Share by Countries – Key Companies
        14.1.4 Competition Matrix
        14.1.5 Best Practices for Companies
15. Clinical Trial Imaging Market – Key Company List by Country Premium Premium
16. Clinical Trial Imaging Market Company Analysis
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10
"*Financials for private companies would be provided on a best-efforts basis”.