Clinical Trial Imaging Market To Show Astonishing CAGR, Due To Increased Research And Development
Clinical Trial Imaging Industry Overview
The global clinical trial imaging market is expected to reach USD 1.97 billion by 2030, exhibiting a CAGR of 8.7%, according to a new report by Grand View Research, Inc. Increasing research and development spending to discover new drugs and therapies to treat chronic diseases is propelling the industry growth. Images obtained from the internal examination of the body are used to determine drug activity. Clinical trial imaging provides rapid, detailed, and accurate screening. The need for clinical trial imaging is rapidly increasing in all phases of trials. Medical imaging in clinical trials is used as a primary, quantitative, and surrogate biomarker.
Clinical Trial Imaging Market Segmentation
Grand View Research has segmented the global clinical trial imaging market on the basis of service, application, end-use, and region:
Based on the Service Insights, the market is segmented into clinical trial design and consultation services, reading and analytical services, operational imaging services, system and technology support services and project and data management
Project and Data Management Services dominated the market with 29.0% of the market share in 2021. Clinical trials that employ imaging typically require data management and workflow integration across several parties.
The U.S. government approved a cloud-based server that protects all the medical imaging records, such as annotated & base images, and secures reports from any natural disaster, and facilitates faster & easy retrieval.
Operational imaging services also held a significant share in the market. Operational imaging services include imaging modalities such as Magnetic Resonance Imaging, CT, ultrasound, OCT, PET, and SPECT for various therapeutic applications, such as neurology, oncology, cardiovascular diseases, gastroenterology, & musculoskeletal disorders, and medical devices to carry out the clinical trials.
Imaging techniques are widely used in clinical trials to provide evidence for decision-making. The Food and Drug Administration Modernization Act (FDAMA) of 1997 allowed for imaging modalities to be used as a product development tool in medical devices or pharmaceutical clinical trials, by permitting data generated through imaging modalities to be included in regulatory submissions.
Based on the Application Insights, the market is segmented into NASH, CKD, diabetes, cardiovascular diseases and others
Nonalcoholic Steatohepatitis (NASH) is expected to grow at the fastest CAGR of 8.4% during the forecasted period. The growing burden of NASH due to the increasing prevalence of the disease is expected to drive segment growth.
Cardiovascular diseases held a significant share in the market. Cardiovascular diseases are one of the leading causes of death in the U.S. According to the CDC, around 647,000 Americans die yearly from cardiovascular diseases.
To lower the risk, various clinical trials are being conducted in the field of cardiology. However, the cost of developing drugs and devices in the field of cardiology is high, which impacts the growth of clinical trials in this field.
Based on the End-use Insights, the market is segmented into biotechnology and pharmaceutical companies, medical devices manufacturers, academic and government research institutes, CROs and others
The Contract Research Organizations (CROs) segment accounted for the largest share of 46.2% in 2021. This significant market share can be attributed to the snowballing cost of drug development along with the increased Research & Development activities.
Additionally, mounting demand by the biotechnology and pharmaceutical companies for the outsourcing of research and development activities to reduce expenses is driving the market growth. Moreover, contract research outsourcing collaborations offer cutting-edge services.
The biotechnology and pharmaceutical segment is expected to emerge as a significantly growing segment over the forecasted period.
The factor attributing to the fast growth of this segment is the need to develop new drugs and therapies to cure chronic diseases. The rise in the number of biotechnology and pharmaceutical companies is making it necessary for the manufacturers to provide the best possible medicine/drug to the end-user as competition is striking the companies.
A large number of innovative drug discoveries are being done by biotechnology and pharmaceutical companies and the need for clinical trial imaging is expected to increase, ultimately fueling the market growth.
Clinical Trial Imaging Regional Outlook
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Some of the key players in this market are Parexel International Corporation, Intrinsic Imaging, Bioclinica, and ICON plc. These market players are focusing on growth strategies such as mergers & acquisitions as well as signing contracts.
Some of the prominent players in the global clinical trial imaging market include:
IXICO plc
Navitas Life Sciences
Resonance Health
ProScan Imaging
Radiant Sage LLC
Medpace
Biomedical Systems Corp
Cardiovascular Imaging Technologies
Intrinsic Imaging
BioTelemetry
Market Industry Development
February 2020: ICON plc acquired MedPass International, a European medical devices CRO, reimbursement, and regulatory consultancy.
June 2018: Bioclinica introduced the SMART technology suite available with Medical Imaging, Interactive Response Technology (IRT), and Electronic Data Capture (EDC) to submit, manage, investigate, report & transfer medical image data compliant with universal data privacy and global requirements.
Order a free sample PDF of the Clinical Trial Imaging Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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