Global Clinical Trial Imaging Market By Service (Clinical Trial Design and Consultation Services, Operational Imaging Services, Reading and Analytical Services, System and Technology Support Services, and Project and Data Management), By Modality (Ultrasound, X-Ray, and Other Modalities), By Application, By End-Users, By Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023 – 2032

Report Overview

In 2022, the Global Clinical Trial Imaging Market was valued at USD 1,067.3 Million. Between 2023 and 2032, this market is estimated to register the highest CAGR of 7.8%. It is predicted to reach USD 2,219.8 Million by 2032.

Clinical trial imaging is a research study that is conducted by various organizations, with many people taking part in these trials for different benefits. Clinical trial imaging aims to answer some specific questions related to diseases and the treatment of the diseases. Clinical trial involves diagnosing, monitoring, detecting, and guiding the treatment of various diseases.

*Actual Numbers Might Vary In The Final Report

Clinical trial imaging includes the use of many imaging technologies like ultrasound, X-Ray, MRI, CT-Scan, ECG, and many such technologies. These medical devices allow the trial-conducting organizations to perform trials under non-invasiveness and early detection of outcomes.

Through all the clinical trial operations, clinical trial imaging helps companies and organizations to develop novel life science products. Therefore, the number of clinical trial imaging has increased constantly. With the emergence of new diseases like the COVID-19 pandemic, the need for clinical trial imaging has increased significantly. Many companies are providing clinical trial imaging for the development of drug treatments for emerging diseases. All these factors are significantly lifting the market of clinical trial imaging.

Key Takeaways

• North America holds the major revenue share of 39.6% in the global clinical trial imaging market.
• The Asia Pacific region is expected to grow rapidly in the clinical trial imaging market, driven by factors like rising patient population, lower study costs, and regulatory compliance.
• Contract Research Organizations (CROs) are the dominant end-users, covering a major revenue share of 45.8%, followed by biotechnology & pharmaceutical companies.
• High radiation risk associated with medical imaging devices and their expensive nature are restraining factors for the market’s growth.
• Project and data management services dominate the service segment, accounting for 28.6% of the global clinical trial imaging market.
• The introduction of new protocols, such as QIBA, is enhancing the quality of imaging in clinical trials.
• Increasing healthcare expenditure in many countries is creating lucrative opportunities for clinical trial imaging.
• Top key players in the market include Keosys, Navitas Life Sciences, Radiant Sage LLC, Resonance Health, Medpace, Biomedical Systems Corp, WCG Clinical, BioTelemetry, IXICO plc, and Icon PLC.

Driving Factor

Increasing Investments in Research and Development of Drugs from Pharma and Imaging Companies Are Driving the Growth of the Market.

Many key companies in clinical trial imaging and pharmaceuticals are heavily investing in the research and development of novel life science products. Continuously upgrading technologies in imaging has constantly changed medical imaging. Organizations are adopting various advanced technologies in clinical trial imaging to improve the accuracy of trials and increase the efficiency of the trials. Therefore, this move from the companies to invest in R&D has boosted the growth of the global clinical trial imaging market.

Moreover, the rising number of contract research organizations (CRO) is supporting the growth of the global clinical trial imaging market. Contract research organizations support clinical trials and other research activities by providing various outsourced pharmaceutical research services that can ease the work during clinical trial operations for both medical devices and drugs. This is attracting many companies to conduct clinical trials with the support of contract research organizations. This is further propelling the growth of the global clinical trial imaging market.

Restraining Factor

High Radiation Risk and Expensive Medical Imaging Devices are Hampering the Growth of the Global Clinical Trial Imaging Market.

During the conduct of clinical trial imaging, medical devices like magnetic resonance imaging, computed tomography scan, and X-ray are used to monitor and examine the individual. These medical devices use high-frequency radiation for their functioning. These radiations are absorbed by the body of the individual in clinical trial and all other individuals in the exposure of radiation.

This can be harmful to individuals leading to the disintegration of molecular structures in the individual’s body. It can develop various diseases and abnormalities like loss of hair, cancer, skin burns, and many such abnormalities. The risk of developing cancer by exposure to radiation is very high, and it can cause several other fatal diseases. Due to this, many individuals try to avoid clinical trial imaging. This is further hampering the growth of the global clinical trial imaging market.

Also, the medical devices used in clinical trial imaging are quite expensive, and they need a high initial investment for the proper conduct of clinical trials. This is restricting many organizations from adopting advanced medical devices in their operations.

By Service Analysis

The Project and Data Management Dominate the Service Segment By Holding Major Revenue Share in the Market.

Based on Service, the global clinical trial imaging market is classified into clinical trial design and consultation services, reading and analytical services, system and technology support services, operational imaging services, and project and data management. From these services, the project and data management service leads the segment by covering the major revenue share of 28.6% in global clinical trial imaging market.

This growth of project and data management services is due to the generation of huge amounts of data during the conduct of clinical trial imaging. Organizations need proper project and data management for properly managing the data. It includes various operations like data management, management of MRI centers, regulatory & quality control, imaging records, and many such operations. These key factors are driving the growth of project and data management services in global clinical trial imaging market.

By Modality Analysis

The Computed Tomography Leads the Modality Segment by Holding Major Revenue Share in Account

The global clinical trial imaging market is classified into ultrasound, magnetic resonance imaging, computed tomography, positron emission tomography, echocardiography, X-ray, and other modalities on the basis of modality.

Among this modality, computed tomography accounted for the largest share in this market. This growth of computed tomography is due to the ability of computed tomography to provide comprehensive information for the diagnosis and treatment of abnormalities in children and adults. Computed tomography offers non-invasive body scanning to individuals. All these key factors are propelling the growth of computed tomography in the modality segment of the global clinical trial imaging market.

By Application Analysis

NASH Dominates the Application Segment of the Global Clinical Trial Imaging Market.

Based on application, the global clinical trial imaging market is classified into NASH, cardiovascular diseases, chronic kidney disease, diabetes, infectious diseases, and other applications. Out of these applications, NASH (Nonalcoholic Steatohepatitis) is anticipated to grow at the fastest CAGR of 8.2% over the forecast period.

This growth of NASH in the application segment is owing to the rising prevalence of NASH diseases. Many key companies are working on the research and development of proper treatment for NASH. Therefore, key companies are investing in the conduct of clinical trial imaging for NASH. This is fueling the growth of NASH in the application segment of the global clinical trial imaging market.

By End-User Analysis

Contract Research Organizations (CROs) Dominate the Global Clinical Trial Imaging Market with Major Share in Account.

Global clinical trial imaging is classified into biotechnology & pharmaceutical companies, contract research organizations (CROs), medical device manufacturers, academic & government research institutes, and other end-users on the basis of end-users. From these end-users, the contract research organizations (CROs) dominate the segment by covering the major revenue share of 45.8% in global clinical trial imaging market.

This massive growth of contract research organizations is due to the high cost of drug development and research that is above the expenditure budget of many companies. Companies are collaborating with contract research organizations to conduct clinical trial imaging for their respective drug product. This is significantly boosting the growth of contract research organizations in the end-user segment of global clinical trial imaging market.

Also, biotechnology & pharmaceutical companies are anticipated to grow significantly during the forecast period. Increasing drug discovery activities in the biotechnology & pharmaceutical companies are driving their growth in the market.

Key Market Segments

Service

• Clinical Trial Design and Consultation Services
• Reading and Analytical Services
• Operational Imaging Services
• System and Technology Support Services
• Project and Data Management

Modality

• Ultrasound
• Magnetic Resonance Imaging
• Computed Tomography
• Positron Emission Tomography
• Echocardiography
• X-Ray
• Other Modalities

Application

• NASH
• Chronic Kidney Disease
• Cardiovascular Diseases
• Diabetes
• Infectious Diseases
• Other Applications

End-User

• Biotechnology and Pharmaceutical companies
• Contract Research Organizations (CROs)
• Medical Devices Manufacturers
• Academic and Government Research Institutes
• Other End-Users

Growth Opportunity

Increasing Healthcare Expenditure in Many Countries Across the World is Expected to Create Many Lucrative Opportunities in the Market.

Many counties have increased their healthcare expenditure in the last few years. With the prevalence of diseases like the COVID-19 pandemic has forced governments to focus on the improvement and development of the healthcare industry.

Governments are taking various initiatives to develop better healthcare facilities in the respective countries. This is expected to create many new opportunities for companies to conduct clinical trial imaging. Moreover, key players in the global clinical trial imaging market are focusing on the research and development of various advanced medical devices to be used in the clinical trial design for optimizing the workload and improving the accuracy of trial. These key factors are expected to create lucrative opportunities in the market over the forecast period.

Latest Trends

The introduction of new protocols for Better Results is Boosting the Growth of the Global Clinical Trial Imaging Market.

Increasing usage of imaging technology integrated with enhanced power computing is boosting the growth of the global clinical trial imaging market. QIBA (Quantitative Imaging Biomarkers Alliance) protocol has announced standard methods and imaging procedures for implementation in clinical trials for better results. This has improved the quality of imaging in the clinical trials. It has also increased the demand for clinical trial imaging in the market.

Regional Analysis

North America Holds the Major Revenue Share of 39.6% in the Global Clinical Trial Imaging Market.

The global clinical trial imaging market is dominated by the North America region by covering the major revenue share of 39.6%. This exponential growth of the North America region is attributed to the prevalence of chronic diseases and the increased number of aged population.

The governments of countries in the North America region, like the United States and Canada, have increased their healthcare expenditure in the last few years. This is playing a significant role in the domination of the North America region in global clinical trial imaging market. Also, the increasing research and development activities in the pharmaceutical companies across the region has boosted the growth of the North America region in the clinical trial imaging market.

After North America, Asia Pacific region is expected to grow rapidly in the global clinical trial imaging market over the forecast period. Rising patient population, lower study cost, and simple regulatory compliance are driving the growth of clinical trial imaging market in the Asia Pacific region.

Key Regions

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Player Analysis

The global clinical trial imaging market is classified into many small and medium enterprises conducting clinical trial imaging. Major players in the market are focusing on the research and development activities in the company to expand their business across various regions.

Key companies are adopting various strategies like mergers, acquisitions, collaboration, and partnerships to expand their business share and strengthen their position in the market.

Top Key Players

• Keosys
• Navitas Life Sciences
• Radiant Sage LLC
• Resonance Health
• Medpace
• Biomedical Systems Corp
• WCG Clinical
• BioTelemetry
• IXICO plc
• Icon PLC
• Other Key Players

Recent Developments

• In November 2022, VIDA launched their AI (Artificial Intelligence) based platform for clinical trial imaging operations. It was named ‘VIDA Intelligence Portal 2.0’. According to company, this platform aims to improve the onsite clinical trial imaging services.
• In February 2021, ICON PLC acquired PRA Health Science to improve its clinical research business and global healthcare intelligence.

Report Scope