Global Clinical Trial Imaging Market by Service (Technology Support Services, Data Management, System, Project) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global clinical trial imaging market was worth USD 907.6 millions in 2020. It is expected to grow at a 6.1% compound annual growth rate (CAGR), between 2021 and 2028. The market will be driven by the growing biotechnology and pharmaceutical industries as well as increased research and development investments to develop new drugs for diseases. The clinical development of new life science products is a key role played by medical imaging. The medical imaging industry is still in flux, but the pharmaceutical and biotechnology industries are growing. This is due to increased investment in medical imaging companies and mergers and acquisitions. The market growth may be limited by the high costs of equipment and their installation, as well as the huge cost of clinical trials.

Technology advancements have made it possible to collect, evaluate, and submit clinical trial imaging data in a significant way. Image analysis software and technology-enabled imaging offer many benefits for clinical studies. These include consistency, data accuracy and adaptability as well as compliance. Image analysis software, for example, is used to manage and direct a reader through the analysis of imaging time points.

Virtual imaging trails were introduced during the COVID-19 pandemic, which is expected to open up new opportunities for their adoption. Advanced computational models allow for a better evaluation of CT and radiography images. This will aid in early diagnosis of COVID-19 victims.

Imaging in clinical trials will increase due to the increased use of imaging technology and the improved power of computing. The Quantitative Image Biomarkers Alliance protocol (QIBA), has developed standardized methods and imaging protocols that can be used to achieve precise and statistical endpoints in clinical trial.

Impact of COVID19: 22.7% growth in 2019 due to an increase in clinical trials for COVID-19

Numerous technology patents have been filed to improve image assessment and capture. The imaging core lab players are also providing patented technologies that will help pharmaceutical companies reduce development times. Assessa by IXICO is a reading tool that aids in better decision-making in clinical trials for memory diseases such as Alzheimer's and Parkinson's.

Service Insights

With a 29.1% market share in 2020, project and data management services dominated. Data management and workflow integration are essential for clinical trials using imaging. These services include operational expertise, trial workflow development, tracking project and converting scans to digital images. A cloud-based server was approved by the U.S. government. It protects all medical imaging records (annotated and base), secures reports from natural disasters, and allows for faster and easier retrieval.

In 2020, a large market share was also held by operational imaging services. The market share for operational imaging services includes imaging modalities like and MRI. CT, ultrasound, OCT and PET are used to diagnose and treat various therapeutic conditions, including neurology, oncology and gastroenterology.

Clinical trials often use imaging techniques to support decision-making. The Food and Drug Administration Modernization Act of 1997 (FDAMA) opened the doors to imaging modalities for product development in medical devices and pharmaceutical clinical trials. Data generated by imaging modalities can be included in regulatory submissions.

Application Insights

In 2020, the others segment held the largest share at 80.1%. This segment covers neurology, oncology, and musculoskeletal. These market players include ICON, Navitas Life Sciences and Paraxel International.

Nonalcoholic Steatohepatitis is expected to grow at a fastest CAGR (8%) during the forecast period. This is due to NASH's increasing prevalence. According to the NASH Education Program, worldwide prevalence was between 1.5% and 6.45% in 2015. The prevalence of the condition is expected to rise by 63.0% between 2015- 2030, which will drive the demand for treatment. Companies are now focusing on increasing clinical trials to evaluate the effectiveness of NASH treatments to meet demand.

In 2020, a large market share was held by cardiovascular diseases. Heart disease is the leading cause of death in America. According to the CDC approximately 647,000 Americans are affected by cardiovascular disease. Many clinical trials in cardiology are conducted to reduce the risk. The high cost of developing drugs or devices in cardiology has a negative impact on the growth of clinical trial in this area. ICON, a market player in this field, uses a data-driven approach to develop strategies that reduce the time and cost of trials.

End-use Insights

In 2020, the largest market share was held by Contract Research Organizations (CROs), which accounted for 46.4%. This market share is due to rising R&D costs and the steeply increasing cost of drug development. The segment is also driven by the growing demand from pharmaceutical and biotech companies for outsourcing research and development activities to lower expenses. Contract research outsourcing collaborations provide cutting-edge services. Government organizations prefer to handover projects to CROs.

Over the forecast period, significant growth is expected in the biotechnology and pharmaceuticals segment. This segment's growth is due to the necessity to develop new treatments and drugs to treat chronic diseases. As competition is increasing, it is becoming more important for manufacturers to offer the best medicine/drug to end-users. Biotechnology and pharmaceutical companies are making many innovative drug discoveries, which will drive market growth. Clinical trial imaging will also be needed to increase in demand.

Regional Insights

With a 40% share of the global market in 2020, North America was dominant. This is due to the high quality of outsourcing companies and the increase in R&D within the region. The market will be driven by a variety of factors, including the growing geriatric population and chronic diseases. North America has the highest number and quality of clinical trials. Outsourcing activities are dominated by North America. Another factor that influences the outsourcing of clinical trials is cost.

Factors such as the rapid growth of the European geriatric population, as well as increasing prevalence of chronic diseases like Huntington's, Parkinson's and Alzheimer's are driving the adoption clinical trials in Europe. The research labs are also trying to cut operational costs. This is driving the use of imaging in clinical trial. Each year, approximately 4,000 clinical trials for medicines are approved in the European Union. While the majority of these trials take place in Western Europe, there is a decrease in the number of trials in this region.

Asia Pacific will experience the fastest growth during the forecast period. This is due to the rapid population growth and the increased R&D activity in the region. There is also a great need for advanced therapies and devices in Asia Pacific.

Market Share Insights & Key Companies

Market players are focused on growth strategies like mergers and acquisitions, as well as the signing the contract. ICON plc purchased MedPass International in February 2020. MedPass International is a European medical device CRO, reimbursement and regulatory consultancy. This acquisition will allow ICON to expand its European medical device and diagnostic research services.

Bioclinica launched SMART technology in June 2018 with Interactive Response Technology (IRT) and Medical Imaging (EDC). This suite allows users to submit, manage and investigate medical image data that is compliant with global privacy regulations and universal data privacy. The following are some of the most prominent players in global clinical trial imaging.

• Parexel International Corporation

• Intrinsic Imaging

• Bioclinica Inc.

• Icon PLC

• Radiant Sage

• Navitas Life Sciences

• Resonance Health

• IXICO PLC

• Medpace

Up Market Research published a new report titled “Clinical Trial Imaging Market research report which is segmented by Service (Technology Support Services, Data Management, System, Project), By Players/Companies Radiant Sage, Medpace, Resonance Health, Parexel International Corporation, Icon PLC, Navitas Life Sciences, IXICO PLC, Bioclinica Inc, Intrinsic Imaging”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Clinical Trial Imaging Market Report Segments:

The market is segmented by Service (Technology Support Services, Data Management, System, Project).

Clinical Trial Imaging Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Clinical Trial Imaging Market

Overview of the regional outlook of the Clinical Trial Imaging Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Clinical Trial Imaging Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Clinical Trial Imaging Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Technology Support Services

                2. Data Management

                3. System

                4. Project

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Clinical Trial Imaging Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Clinical Trial Imaging Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.