Clinical Trial Imaging Market Analysis and Forecast to 2031: By Product & Service (Services, Software), Modality (Computed Tomography, Magnetic Resonance Imaging, Ultrasound, Positron Emission Tomography, X-ray, Endocardiography), Therapeutic Area (Oncology, Infectious Diseases, Neurology, CVS, Endocrinology, Immunological Disorder), End User (Pharmaceutical Companies, Biotechnology Companies, Medical Device Manufacturer, Contract Research Organizations, Academic & Government Research Institutes), and Region
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.
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.
Global Clinical Trial Imaging Market Scope and Report StructureMarket 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.
Global Clinical Trial Imaging Market Segmentation
The report analyses the global clinical trial imaging market based on product & service, modality, therapeutic area, end user, and region.
Global Clinical Trial Imaging Market by Product & Service
Based on product & services, it is segmented into service and software. The service segment accounted for the largest share of the clinical trial imaging market in 2021, mainly owing to the increase in R&D spending and growth in the pharmaceutical and biotechnology industries.
Global Clinical Trial Imaging Market by Modality
Based on modality, it is segmented into computed tomography, magnetic resonance imaging, ultrasound, positron emission tomography, X-ray, and echocardiography. The computed tomography segment accounted for the largest share. Factors such as the rising number of CROs, increasing R&D spending, and growth in pharmaceutical & biotechnology industries drive this market.
Global Clinical Trial Imaging Market by Therapeutic Area
Based on the therapeutic area, it is segmented into oncology, infectious disease, neurology, CVS, endocrinology, and immunological disorder. The oncology segment is likely to dominate the market during the forecast period. Factors such as rising R&D spending and growth in pharmaceutical & biotechnology industries are driving the market growth.
Global Clinical Trial Imaging Market by End User
Based on the end user, it is segmented into pharmaceutical companies, biotechnology companies, medical device manufacturers, contract research organizations, and academic & government research institutes. The pharmaceutical companies segment accounted for the largest share in the market. The growth in the pharmaceutical & biotechnology companies coupled with an increasing number of CROs and an increase in R&D spending is boosting the growth of the segment.
Geographical Analysis of Clinical Trial Imaging Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America accounted for the largest share of the market. The increase in R&D spending coupled with an increase in the number of CROs and growth in the pharmaceutical and biotechnology industries.
Major Players in Global Clinical Trial Imaging MarketCOVID-19 Impact
The emergence of the COVID-19 pandemic has changed the delivery of medical care across the globe. The COVID-19 pandemic has significantly affected the clinical trial imaging market; unfavorable changes in regulations and guidelines, the closing of manufacturing facilities owing to lockdowns, disruptions in supply chains, and recruitment challenges for clinical trials have severely affected the market growth. Adding to that, limited operations in most industries, inadequate funding for research and academic institutes, and challenges in providing essential/post-sales services due to lockdowns have reduced the supply of clinical trial imaging products to emend-users. Moreover, this is a service-intensive market; providing services became difficult owing to restrictions implemented to control the spread of COVID-19. As the pandemic resulted in the temporary closure of several institutes across the world, many ongoing trials were paused owing to the closure of research institutes.
Despite the challenging situation, industries are slowly recovering from the impact, and supply and distribution channels have also resumed. While the number of trials for diseases like HIV and tuberculosis fell, attention was diverted toward COVID-19 diagnostics and therapeutics, which raised the need for clinical trial imaging.
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