The Clinical Trial Imaging Market, valued at USD 1.2 billion in 2023, is anticipated to reach a valuation of USD 2.14 billion by 2031. This translates to a compound annual growth rate (CAGR) of 7.5% throughout the forecast period from 2024 to 2031.
The clinical trial imaging market is poised for significant growth in the coming years, fueled by a confluence of factors. Rising investments in research and development (R&D) by pharmaceutical and biotechnology companies, coupled with advancements in imaging technology, are expected to be the key drivers of this market.
List of Clinical Trial Imaging Companies Profiled in Report:
- Biomedical Systems Corp
- Bio Telemetry
- Cardiovascular Imaging Technologies
- IXICO plc
- Intrinsic Imaging
- Med pace
- Navetas Life Sciences
- Pro scan Imaging
- Resonance Health
- Radiant Sage LLC
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Biotech and Pharma Sectors Drive Clinical Trial Imaging Market Growth
Buoyed by booming biotech and pharma R&D for novel drugs, the clinical trial imaging market is thriving. Medical imaging is crucial for accelerating drug development. Despite constant evolution in medical imaging, the pharma and biotech sectors show stable growth due to increased investment in medical imaging companies’ fuels advancements in imaging technology, and mergers and acquisitions integrate advanced imaging tech, streamlining medical device clinical trials.
Patents and Innovation in Image Analysis
There has been a significant rise in patents related to improving image capture and evaluation. Imaging core lab providers are also developing and offering patented technologies that can help pharmaceutical companies shorten their drug development timelines.
For instance, “IXICO has developed Assessa, a diagnostic tool that leverages advanced technology to improve decision-making in clinical trials for memory and neurological disorders”.
North America Is Anticipated To Dominate The Clinical Trial Imaging Market Throughout The Forecast Period
Increasing funding from the US government for supporting healthcare is a key driver of market growth in the region.
For instance, a 2021 assessment from the Congressional Budget Office found that the National Institutes of Health (NIH) received more than USD 700 billion in public funding over the past three decades. This sustained funding is expected to provide the essential infrastructure for expanding clinical trials and consequently, the demand for clinical trial imaging in the region.
Major pharmaceutical companies in North America are significant contributors to R&D expenditure.
For instance, according to Pfizer‘s annual report for 2021, the company invested USD 13,829 million on R&D in FY 2021, up significantly from USD 9,393 million in the previous year. It is anticipated that such high investments will translate to a wider range of products in the company’s portfolio being eligible for clinical studies, thereby fueling market expansion in the region. The focus on R&D by key players is expected to accelerate market growth. As of October 2022, “clinicaltrials.gov” reported that 42,240 oncology clinical studies had been registered in the US. This signifies a strong likelihood of increased spending on R&D by both public and private organizations in the region throughout the forecast period.
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R&D Boom and Growing CROs Fuel Clinical Trial Imaging Market Growth
Increased spending on research and development (R&D) by pharmaceutical companies and government organizations is a major growth catalyst.
For instance, “In the financial year 2021, the leading pharmaceutical company, Novartis, increased its investment to a staggering USD 14.89 billion, up from USD 14.19 billion in the previous year”. This trend is expected to continue, fueled by the rising adoption of biopharmaceuticals. Biopharma R&D spending is significantly higher than other sectors, exceeding that of aerospace and defense by a factor of 7.3. Globally, biopharmaceutical R&D spending surpassed USD 202 billion in 2022, highlighting the industry’s commitment to innovation.
The expanding number of CROs is another growth engine. These organizations conduct clinical trials on behalf of pharmaceutical and biotech companies, and their reliance on imaging technologies fuels market expansion.
For example, the 2021 launch of IROS, a UAE-based CRO specializing in healthcare research, exemplifies this trend.
Consolidation within the industry through mergers and acquisitions (M&A) is another growth factor. M&A activity allows companies to broaden their product and service portfolios.
For instance, “Rigaku Corporation’s acquisition of MILabs B.V. in 2021 expanded their life sciences modality offerings by incorporating PET, SPECT, optical imaging, and CT technologies”.
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The Clinical Trial Imaging Market Can Be Segmented By Product And Service Type, Modality Type, Therapeutic Area Type, And End User
By Product and Service Type:
This segment holds supreme position, driven by the surge in R&D spending by pharmaceutical and biotech giants. These companies heavily rely on imaging services and software to analyze and manage clinical trial data.
By Modality Type:
The market is further segmented by imaging modalities, with CT (computed tomography) at the dominant position. This dominance can be attributed to the rising number of CROs, increasing R&D investments, and the overall growth of the pharmaceutical and biotechnology industries. CT scans provide detailed anatomical information, making them invaluable for clinical trials.
By Therapeutic Area Type:
Clinical trial imaging caters to various therapeutic areas. Oncology currently holds the largest share, reflecting the significant R&D investments and growth within the pharmaceutical and biotechnology sectors. Other therapeutic areas include infectious diseases, neurology, cardiovascular diseases, and more.
By End User:
The market serves a diverse range of end users, including pharmaceutical and biotech companies, medical device manufacturers, CROs, university and government research institutions, and others. Pharmaceutical companies currently hold the largest share, fueled by the overall industry expansion, increasing CRO involvement, and rising R&D spending.
Russia-Ukraine War and Economic Downturns
The ongoing war in Ukraine has cast a shadow on the clinical trial imaging market. Disruptions in the global supply chain threaten delays in the development and deployment of imaging equipment. Clinical trials in the region have been suspended or relocated, hindering research progress. Furthermore, resources are being redirected to address immediate medical needs, potentially leading to a temporary decrease in funding for advancements in clinical trial imaging technologies. Economic downturns can also pose a threat. Reduced R&D spending in the pharmaceutical and biotechnology sectors could slow down innovation in clinical trial imaging technologies. Investors may become more cautious, impacting funding for clinical trials and related imaging. Healthcare providers may prioritize cost-effective solutions, potentially favoring more affordable imaging techniques.
Key Takeaways for the Clinical Trial Imaging Market Report
- Gain insights into the historical market size (2023) and projected market size by 2031, along with a detailed understanding of the market’s Compound Annual Growth Rate (CAGR) throughout the forecast period.
- Identify the key factors propelling market growth, such as rising R&D investments and technological advancements.
- Gain a understanding of the market’s composition across various segments, allowing you to identify lucrative areas for investment and strategic decision-making.
- Explore the potential influence of factors like the Russia-Ukraine War and economic slowdowns on the clinical trial imaging market, enabling you to adapt your strategies accordingly.
- Uncover the growth prospects of the market across key regions like North America, Europe, Asia Pacific, and the Rest of the World.
- Gain insights into the competitive landscape, including prominent players and their market share.
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