Number of pages: 100 | Report Format: PDF | Published date: July 09, 2021
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
According to the deep-dive market assessment study by Growth Plus Reports, the global clinical trial imaging market was valued at US$ 1.17 billion in 2022 and is expected to register a revenue CAGR of 7.2% to reach US$ 2.18 billion by 2031.
Clinical Trial Imaging Market Fundamentals
Clinical trial imaging refers to using various imaging techniques and technologies within clinical trials. It involves the application of medical imaging modalities to capture images of patients or study participants to evaluate the safety, efficacy, and impact of a particular intervention, such as a new drug, medical device, or treatment. Imaging is critical in clinical trials by providing objective and quantitative measurements of disease progression, treatment response, and overall patient outcomes. It allows researchers and clinicians to visualize and assess the effects of the intervention on anatomical structures, physiological functions, and molecular processes within the body.
Clinical Trial Imaging Market Dynamics
The pharmaceutical and biotechnology industries continuously conduct clinical trials to test the safety and efficacy of new drugs and therapies. Currently, 50% of all clinical trials require imagining, thus, this is fueling the demand for imaging services to assess treatment responses and disease progression. The constant advancements in imaging technologies have significantly improved imaging modalities' quality, resolution, and accuracy. AI and machine learning technologies are being integrated into clinical trial imaging processes to enhance efficiency and accuracy. AI algorithms can assist in image analysis, interpretation, and quantification, reducing the time and effort required for manual assessments. This clinical trial imaging industry trend leads to improved image processing efficiency and increased data analysis consistency. According to FDA, in 2020, 75% of clinical participants were white, 11% were Hispanic, 8% were Black, and 6% were Asian. As one in five drugs respond differently across racial and ethnic groups, there is a rise in the demand for personalized medicine, further fueling imaging techniques. Imaging is crucial in identifying biomarkers , stratifying patients, and monitoring treatment responses in personalized medicine approaches. Imaging techniques can provide a rapid and non-invasive evaluation of treatment responses, reducing the need for invasive procedures and minimizing patient discomfort. This leads to cost savings and faster results, making imaging an attractive option for clinical trials.
The clinical trial imaging market outlook is positive as a rise in collaboration between imaging service providers, pharmaceutical companies, government, and non-government organizations has contributed to the growth of the clinical trial imaging market. These partnerships facilitate the integration of imaging services into clinical trial protocols and enable efficient data management and analysis. For instance, beginning in 2019, the NCI Cancer Imaging Program Informatics Lab supports an additional TCIA image data collection center focused on clinical trial data. Many TCIA clinical trial data sets originated from the NCI National Clinical Trials Network (NCTN), a collection of organizations and clinicians coordinating and supporting cancer clinical trials at more than 3,000 sites across the United States and Canada.
However, Clinical trial imaging involves significant costs associated with equipment, image acquisition, storage, analysis, and personnel. The high upfront and ongoing expenses related to imaging infrastructure and services restrict the growth of clinical trial imaging. Clinical trial imaging must comply with stringent regulatory requirements, including adherence to Good Clinical Practice (GCP) guidelines and regulatory standards set by agencies which are also cramping the growth of the clinical trial imaging market.
Clinical Trial Imaging Market Ecosystem
The global clinical trial imaging market is analyzed from four perspectives: software & services, modality, end user, and region.
Clinical Trial Imaging Market by Software & Services
Based on the software & services, the global clinical trial imaging market is segmented into services and software.
The services segment accounted for the largest revenue share of the clinical trial imaging market. The services segment is further sub-segmented into operational imaging, system & technical support, read analysis, and trial design consulting services. Service providers in the clinical trial imaging market have extensive expertise and specialized knowledge in managing and conducting imaging services for clinical trials. They employ a team of experienced professionals, including radiologists, imaging scientists, and technicians, who understand various imaging modalities, image analysis techniques, and regulatory requirements. Clinical trial imaging services require significant infrastructure and resources, including state-of-the-art imaging equipment, advanced software for image analysis, and secure data management systems. Service providers invest heavily in acquiring and maintaining such infrastructure, relieving pharmaceutical companies and research organizations from the burden of setting up their own imaging facilities. Service providers offer scalability and flexibility in adapting to the specific needs of clinical trials. They can accommodate the varying imaging requirements of different trials, including patient recruitment, imaging protocols, data management, and analysis. Engaging with service providers in the clinical trial imaging market is often cost-effective compared to establishing and maintaining in-house imaging capabilities.
The software segment accounted for a considerable clinical trial imaging market share in 2022. Software solutions play a crucial role in analyzing and interpreting imaging data in clinical trials. They provide tools and algorithms for quantitative measurements, image processing, and visualization. Software solutions are instrumental in managing and integrating imaging data in clinical trials. They facilitate storing, organizing, and retrieving large volumes of imaging data from multiple sources, ensuring efficient data management throughout the trial. Software solutions enable collaboration and data sharing among various stakeholders involved in clinical trials, including imaging core labs, investigators, and sponsors.
Clinical Trial Imaging Market by Modality
Based on the modalities, the global clinical trial imaging market is segmented into computed tomography, ultrasound , magnetic resonance imaging, x-ray, positron emission tomography (PET), echocardiography, and others.
The computed tomography segment accounted for the prominent revenue share of the clinical trial imaging market. CT imaging is widely applicable across various therapeutic areas and disease indications. It provides detailed cross-sectional images of the body, enabling the visualization of internal structures and abnormalities. CT scans are commonly used in clinical trials for tumor assessment, disease staging, treatment response evaluation, and safety monitoring. CT scanners offer excellent spatial resolution, allowing for detailed imaging of anatomical structures. This high-resolution imaging capability enables accurate detection and characterization of lesions, precise measurements, and the evaluation of treatment responses. CT imaging has been widely used in clinical practice for several decades and has a well-established track record. The familiarity of radiologists, imaging scientists, and clinical trial investigators with CT imaging contributes to its dominance in the clinical trial imaging market. CT imaging provides opportunities for quantitative analysis, such as volumetric measurements, density calculations, and texture analysis. These quantitative metrics can evaluate treatment response, monitor disease progression, and assess treatment-related adverse events. The ability to derive objective and quantitative data from CT images adds value to clinical trials by providing robust and quantifiable endpoints.
The positron emission tomography (PET) segment accounted for a significant clinical trial imaging market revenue share. The molecular imaging capability of PET is particularly valuable in clinical trials where assessing treatment response, identifying disease biomarkers, and evaluating the mechanism of action of therapeutic agents are crucial. PET imaging has high sensitivity and specificity, enabling the detection and characterization of small lesions and subtle changes in biological processes. It can provide early disease detection, allowing for timely intervention and treatment evaluation. PET imaging utilizes various radiotracers targeting specific molecular processes and pathways. These radiotracers can be designed to bind to particular receptors, transporters, or molecules involved in disease processes. The availability of diverse radiotracers allows researchers to study various biological targets, investigate disease mechanisms, and develop personalized treatment approaches in clinical trials.
Clinical Trial Imaging Market by End User
Based on the end users, the global clinical trial imaging market is segmented into pharmaceutical & biotechnology companies, medical device manufacturers, academic & government research institutes, contract research organizations (CROs), and others.
The contract research organizations (CROs) segment dominates the clinical trial imaging market, with the highest revenue share of approximately 44.6% in 2022. It is estimated that nearly 3 out of every 4 clinical trials are conducted at CROs, increasing the demand for CROs. CROs in the clinical trial imaging market provide comprehensive service offerings that cover all aspects of imaging in clinical trials. They offer a wide range of services, including study design, imaging protocol development, image acquisition, analysis and interpretation, data management, and regulatory compliance. CROs have extensive expertise and experience in managing and conducting imaging services for clinical trials. This expertise ensures accurate and reliable interpretation of imaging data, which is crucial for the success of clinical trials. CROs have robust infrastructure and resources dedicated to clinical trial imaging. They invest heavily in acquiring and maintaining state-of-the-art imaging equipment, advanced software for image analysis, and secure data management systems. CROs have the necessary infrastructure to handle large volumes of imaging data, ensuring efficient and secure storage, analysis, and sharing of data throughout the trial.
Clinical Trial Imaging Market by Region
The global clinical trial imaging market has been geographically segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The North America region has the largest clinical trial imaging market size in revenue generation, accounting for around 38.2% market share. North America has a robust R&D infrastructure, including academic institutions, research organizations, and pharmaceutical companies. The availability of advanced imaging facilities, skilled professionals, and a supportive regulatory environment contribute to the growth of the North American clinical trial imaging market. North America has a well-established and favorable regulatory environment for clinical trials. Regulatory agencies such as the U.S. Food and Drug Administration (FDA) and Health Canada have clear guidelines and standards for imaging in clinical trials. The regulatory support, streamlined approval processes, and well-defined imaging endpoints encourage pharmaceutical companies and research organizations to conduct clinical trials in North America.
Clinical Trial Imaging Market Competitive Landscape
The prominent players operating in the global clinical trial imagingmarket are:
Clinical Trial Imaging Market Strategic Developments
Clinical trial imaging refers to using various imaging techniques and technologies within the context of clinical trials. It involves the application of medical imaging modalities to capture images of patients or study participants to evaluate the safety, efficacy, and impact of a particular intervention, such as a new drug, medical device, or treatment.
The global clinical trial imaging market is projected to reach US$ 1,961.2 million by 2031.
The prominent global clinical trial imaging market players are Icon Plc, IXICO Plc, Navitas Life Sciences, Radiant Sage LLC, and Medpace Holdings, Inc.
The global clinical trial imaging market growth is estimated to grow at a revenue CAGR of 7.2% during the forecast period from 2023 to 2031.
The estimated size of the global clinical trial imaging market in 2031 is US$ 2.18 billion.
*Insights on financial performance are subject to the availability of information in the public domain