Clinical Trial Imaging Market by Products & Services (Services and Software), Modality (Computed Tomography, Ultrasound, Magnetic Resonance Imaging, X-Ray, Positron Emission Tomography, and Echocardiography), End Users (Pharmaceutical & Biotechnology Companies, Medical Device Manufacturers, Academic & Government Research Institutes, and Contract Research Organizations (CROs))–Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global clinical trial imaging market was pegged at ~US$ 991.2 million in 2020. The market is expected to witness a CAGR of ~6.4% from 2021 to 2031.
Factors contributing to the growth of clinical trial imaging market include the increasing range of clinical trial imaging solutions and incorporation of AI technology that enables researchers for better decision making. Moreover, the rising government spending on R&D activities and increasing number of clinical trials are some of the other factors playing a crucial role in driving the clinical trial imaging market. However, high cost of imaging systems, high cost of clinical trials, and dearth of skilled professionals are some of the factors likely to hinder the market growth to a certain extent.
In order to maintain their foothold in the market, companies are entering into partnerships, mergers, collaborations or acquiring other companies in the market. For instance, in December 2020, ERT, a provider of clinical trial end-point data solutions, and Bioclinica merged to offer advanced clinical trial endpoint technologies. Through this merger, both companies will be able to enhance their commercial offerings and technology capabilities.
Imaging has helped in transforming clinical trial outcomes and these solutions and platform ensures easy access to data all in one place. Imaging technologies enable researchers in finding imaging biomarkers that can be used for developing new therapies or drugs. Several companies in the market provide imaging solutions and services to pharma, biotech and CMOs. This helps the company improve clinical trial cost-effectiveness and efficiency.
Prominent players in the market are developing various clinical trial imaging solutions and technologies. Advancements in the imaging solutions include improved processing capabilities, acceleration of image QC and interpretation, minimizing the risk and accelerate development in clinical trials. For instance, in January 2021, Bioclinica, a provider of clinical life science and technology expertise launched AI image redaction technology to support redaction of sensitive patient information from videos, photos, and PDFs in clinical trials. Launch of such solutions and services is anticipated to fuel the clinical trials imaging market growth.
Factors such as high implementation cost of imaging systems and the additional cost required for maintenance in the long run are hindering the market growth to a certain extent. The implementation process often demands expensive hardware and supporting software that in turn, adds to the overall cost of the device or system. Moreover, dearth of skilled professionals is also restraining the clinical trials imaging market growth.
Regionally, Asia-Pacific is anticipated to grow at a higher CAGR during the forecast period. Major factors contributing to the growth of the clinical trial imaging market in this region include growing applications of clinical trial imaging and increasing research activities in the field of drug development. Low cost for conducting clinical trials and increasing need for advanced devices and therapies in this region are also attributing to growth of clinical trial imaging market during the forecast period.
Some of the prominent players operating in the global clinical trial imaging market include Bioclinica, Parexel International Corporation, BioTelemetry, Inc., ERT Clinical, Cardiovascular Imaging Technologies, Intrinsic Imaging., ICON plc, Navitas Life Sciences, IXICO plc, and Radiant Sage LLC, among others.