New York, United States, July 19, 2022 (GLOBE NEWSWIRE) -- The global clinical trial imaging market is expected to grow due to increasing research and development investments and many contract research organizations (CROs). One of the fundamental driving forces for research-based pharmaceutical businesses is the creation of new medications to address unmet medical needs. The European Federation of Pharmaceutical Industries and Associations estimates that the pharmaceutical industry in Europe will spend roughly USD 41,837 million on research and development in 2020. Also, in 2020, European biotechnology and pharmaceutical R&D spending held 18.40% of global corporate R&D investments.
As a result, higher research and development investments by pharmaceutical and biotechnology companies, governments and a greater focus on life science projects to produce novel therapeutic and diagnostic products are anticipated to augment the clinical trial imaging market growth.
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Growing Number of Contract Research Organizations (CROs) to Drive the Clinical Trial Imaging Market
Due to pharmaceutical organizations' failure to control research and development costs, contract research organizations (CROs) are aggressively growing. As a result, organizations outsource to CROs to save money. Also, regulators value Real-World Data (RWD), and pharmaceutical companies cooperate with CROs to assist with analytics and predictive modeling, causing CROs to purchase or collaborate with specialists to improve their RWD capabilities.
Pharmaceutical organizations' increasing emphasis on rare diseases, prominent molecule therapy, specialty treatment, personalized therapy & devices, and point-of-care assays will demand clinical trial testing and data submission to relevant regulatory agencies, resulting in CRO growth. Thus, the growing CROs will likely drive the clinical trial imaging market over the forecast period.
Report Scope
| Report Metric | Details |
| Market Size | USD 1.85 Billion by 2030 |
| CAGR | 5.56% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Service, End-Use, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Bioclinica, Icon plc, Ixico plc, Navitas Life Sciences, Resonance Health, Proscan Imaging, Intrinsic Imaging LLC, Radiant Sage LLC, Parexel International Corporation, Medpace |
| Key Market Opportunities | Emerging Economies to Create Growth Opportunities |
| Key Market Drivers | Growing Number of Contract Research Organizations Increasing R&D Investments |
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Impact of COVID-19
The outbreak of the COVID-19 pandemic changed the way medical care is offered worldwide. The pandemic significantly influenced the clinical trial imaging market, with substantial changes in rules and recommendations and the closure of production facilities due to lockdowns, supply chain disruptions, and concerns about clinical trial enrolment.
In addition, due to lockdowns, the supply of clinical trial imaging equipment to end consumers has been limited, owing to constricted operations in most sectors, insufficient investment in research and academic institutes, and difficulties in delivering essential/post-sales services. Furthermore, this is a service-intensive industry, and offering services has become difficult due to restrictions placed to prevent the spread of COVID-19. Several current trials have been put on hold due to the pandemic necessitating the temporary closure of numerous research institutes worldwide.
The post-pandemic period will be crucial for the global clinical trial imaging market. As the number of COVID-19 patients declines, the market will experience a minor halt in growth. Other factors, such as an increase in the number of trials for diseases including HIV and tuberculosis, will continue to fuel CTIs market growth over the forecast period. Overall, the global clinical trial imaging market will swiftly recover and show signs of recovery following the pandemic.
Regional Analysis
North America and Europe are the two most important markets for clinical trial imaging. With an expected market value of USD 683.06 million by 2030, North America is expected to be the largest market for clinical trial imaging. The United States offers an appealing market opportunity for key market players among all the regional countries.
The United States is likely to have the most significant market share in North America. Its dominance is supported by aging population trends, new technology, changing patient care practices, and evolving epidemiological patterns. Similarly, government entities in the United States are anticipated to fund a significant portion of cancer treatment clinical trials, likely to drive the market growth over the forecast period.
Key Insights
- The global clinical trial imaging market was valued at USD 1,854.97 million and is anticipated to register a CAGR of 5.56% by 2030.
- By service, the operational imaging service segment will likely reach USD 409.87 million by 2030.
- By end-use, the biotechnology and pharmaceutical companies segment will likely reach USD 376.02 million by 2030.
- By application, the NASH segment will likely reach USD 1.325.67 million by 2030.
- Geographically, the global clinical trial imaging market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America and Europe were the two significant regional markets in 2021.
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List of Key Players
- Bioclinica
- Icon plc
- Ixico plc
- Navitas Life Sciences
- Resonance Health
- Proscan Imaging
- Intrinsic Imaging LLC
- Radiant Sage LLC
- Parexel International Corporation
- Medpace
Global Clinical Trial Imaging Market: Segmentation
By Service
- Clinical Trial Design and Consultation
- Reading and Analytical
- Operational Imaging
- System and Technology Support
- Project and Data Management
By End-Use
- Biotechnology and Pharmaceutical Companies
- Medical Devices Manufacturers
- Academic and Government Research Institutes
- Contract Research Organizations (CROs)
- Others
By Application
- Nonalcoholic Steatohepatitis (NASH)
- Chronic Kidney Disease (CKD)
- Diabetes
- Cardiovascular Diseases
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation & Scope
4.2 Value Chain Analysis: Clinical Trial Imaging Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Environment & Regulatory Landscape
4.6 Forecast Factors & Relevance of Impact
4.7 Macro-Economic & Geopolitical Scenario
4.8 Parent Market Overview
4.9 Technology Landscape
4.10 Market Share Analysis
4.11 Potential Venture Analysis
4.12 Regional Price Trends
4.13 Raw Material Trends
4.14 Cost Structure Analysis
4.14.1 Labor Cost
4.14.2 Consumables
4.14.3 Maintenance Cost
4.15 Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021
4.15.4.1 North America
4.15.4.2 Europe
4.15.4.3 Asia-Pacific
4.15.4.4 Central and South America and the Caribbean
4.15.4.5 The Middle East and Africa
5 Service Overview
5.1 Introduction
5.1.1 Market Size & Forecast (Value & Volume)
5.2 Clinical Trial Design and Consultation
5.2.1 Market Size & Forecast (Value & Volume)
5.3 Reading and Analytical
5.3.1 Market Size & Forecast (Value & Volume)
5.4 Operational Imaging
5.4.1 Market Size & Forecast (Value & Volume)
5.5 System and Technology Support
5.5.1 Market Size & Forecast (Value & Volume)
5.6 Project and Data Management
5.6.1 Market Size & Forecast (Value & Volume)
6 End User Overview
6.1 Introduction
6.1.1 Market Size & Forecast (Value & Volume)
6.2 Biotechnology and Pharmaceutical Companies
6.2.1 Market Size & Forecast (Value & Volume)
6.3 Medical Devices Manufacturers
6.3.1 Market Size & Forecast (Value & Volume)
6.4 Academic and Government Research Institutes
6.4.1 Market Size & Forecast (Value & Volume)
6.5 Contract Research Organizations (CROs)
6.5.1 Market Size & Forecast (Value & Volume)
6.6 Others
6.6.1 Market Size & Forecast (Value & Volume)
7 Applications Overview
7.1 Introduction
7.1.1 Market Size & Forecast (Value & Volume)
7.2 Nonalcoholic Steatohepatitis (NASH)
7.2.1 Market Size & Forecast (Value & Volume)
7.3 Chronic Kidney Disease (CKD)
7.3.1 Market Size & Forecast (Value & Volume)
7.4 Diabetes
7.4.1 Market Size & Forecast (Value & Volume)
7.5 Cardiovascular Diseases
7.5.1 Market Size & Forecast (Value & Volume)
7.6 Others
7.6.1 Market Size & Forecast (Value & Volume)
8 Regional Overview
8.1 Introduction
8.1.1 Market Size & Forecast (Value & Volume)
8.2 North America
8.2.1 Economic Overview
8.2.2 Market Scenario
8.2.3 U.S.
8.2.4 Canada
8.2.5 Mexico
8.3 Central and South America and the Caribbean
8.3.1 Economic Overview
8.3.2 Market Scenario
8.3.3 Brazil
8.3.4 Argentina
8.3.5 Colombia
8.3.6 Rest of Central and South America and the Caribbean
8.4 Europe
8.4.1 Economic Overview
8.4.2 Market Scenario
8.4.3 Germany
8.4.4 France
8.4.5 The U.K.
8.4.6 Italy
8.4.7 The Rest Of Europe
8.5 Asia-Pacific (APAC)
8.5.1 Economic Overview
8.5.2 Market Scenario
8.5.3 China
8.5.4 Japan
8.5.5 India
8.5.6 Australia
8.5.7 South Korea
8.5.8 Rest Of APAC
8.6 Middle East
8.6.1 Economic Overview
8.6.2 Market Scenario
8.6.3 South Arabia
8.6.4 The UAE
8.6.5 Qatar
8.6.6 Oman
8.6.7 Turkey
8.6.8 The Rest Of Middle East
8.7 Africa
8.7.1 Economic Overview
8.7.2 Market Scenario
8.7.3 Nigeria
8.7.4 South Africa
8.7.5 The Rest Of Africa
9 Competitive Landscape — Manufacturers & Suppliers
9.1 Competition Dashboard
9.2 Industry Structure
9.3 Bioclinica, Icon plc
9.3.1 Business Overview
9.3.2 Financial Performance
9.3.3 Recent Developments
9.3.4 Portfolio
9.4 Ixico plc
9.5 Navitas Life Sciences
9.6 Resonance Health
9.7 Proscan Imaging
9.8 Intrinsic Imaging LLC
9.9 Radiant Sage LLC
9.10 Parexel International Corporation
9.11 Medpace
10 Conclusion & Recommendation
11 Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/clinical-trial-imaging-market/toc
Market News
- In June 2020, TriNetX and Parexel International Corporation announced a strategic alliance. This collaboration will aid in the secure connection of healthcare data to produce relevant insights and accelerate clinical trial execution.
- In February 2020, MedPass International, a European medical device CRO, reimbursement, and regulatory consultant, was acquired by ICON plc. ICON's medical device and diagnostic research services will be expanded in Europe due to this acquisition.
News Media
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