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 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.
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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.
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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:
Bioclinica Inc
Paraxel International Corporation
Biomedical Systems Corporation
Biotechnology Inc.
Cardiovascular Imaging Technologies LLC
IXICO PLC
Radiant Sage LLC
Worldcare Clinical LLC
Intrinsic Imaging
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.
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.
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Clinical Trials Spending Projections Market
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