The global clinical trial imaging market was valued at USD 1.2 billion in 2021 and it is anticipated to grow at 5.9% CAGR during the forecast period to reach up to USD 2.1 billion by 2031.
Global Clinical Trial Imaging Market report from Global Insight Services is the single authoritative source of intelligence on Clinical Trial Imaging Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Clinical Trial Imaging comprises the use of imaging modalities, analysis services, and software to effectively determine the efficacy of novel medications prior to 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 comprise 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 estimated to drive the market during the projection period. However, the stringent government regulations in the sector are projected to restrict growth opportunities for the Clinical Trial Imaging Industry.
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Market Trends and Drivers
The key factor such as an increase in R&D spending is an increase in R&D spending. Pharmaceutical and biotechnology companies invest heavily in research to develop breakthrough molecules. Growth in the R&D expenditure by pharmaceutical & biotechnology companies and governments combined with the increasing focus on life science projects to develop new therapeutic & diagnostic products is estimated to boost the clinical trial imaging market. Likewise, developing countries such as India, South Korea, Brazil, and Mexico offer significant growth opportunities to players operating in the clinical trial imaging market, mainly owing to the growing R&D funding in these countries. These developing markets also have a strong trend of commercialization of life science research. With significant developments in life sciences research, these economies are anticipated to offer high growth opportunities in the clinical trial imaging market. Moreover, Asian markets, especially China and India, have many CROs that offer drug discovery services to pharmaceutical and biotechnology companies. With the significant increase in R&D funding and CROs operating in emerging countries, the demand for clinical trial imaging is anticipated to boost in these countries in the upcoming years.
Market Restraints and Challenges
The major factor hindering the market growth is the high cost of the clinical trial. Any research related to the advancements in healthcare comprise clinical trials. Clinical trials are an essential part of documenting the effectiveness of innovations, whether for the therapy/drug, medical device, diagnosis, or academic research. While laboratory experiments attempt to stimulate the conditions of the human body, validating the efficacy and safety of drugs in the population of interest remains a necessary step. However, conducting a clinical trial to document the effect of a drug/therapy and monitor its side-effects is a very expensive process.
Major Players in Global Clinical Trial Imaging Market
The key players in the global clinical trial imaging market are ICON plc. (Ireland), BioTelemetry Inc. (US), Biomedical Systems Corporation (US), Medpace Holdings, Inc. (US), IXICO plc. (UK), Resonance Health Ltd. (Australia), Radiant Sage LLC. (US), BioClinica Inc. (US), Intrinsic Imaging LLC. (US), Cardiovascular Imaging Technologies LLC. (US), Medical Metrics Inc. (US), Prism Clinical Imaging, Inc. (US), Boston Imaging Core Lab LLC. (US), anagram 4 clinical trials (Spain), Lyscaut Medical Imaging Company (Belgium), Calyx Group (UK), Bioseptive Inc. (Canada), ProScan Imaging LLC. (US), Micron Inc. (Japan), Imaging Endpoints LI, LLC (US), Perspectum Ltd. (UK), Pharmtrace Klinische Entwicklung GmbH (Germany), WorldCare Clinical, LLC (US).
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