Clinical Trial Imaging Market Size, Share & Trends Analysis Report By Service (Clinical Trial Design & Consultation Services, Reading & Analytical Services), By End-use, By Application, By Region, And Segment Forecasts, 2024 - 2030

Clinical Trial Imaging Market Size & Trends

The global clinical trial imaging market size was estimated at USD 1.14 billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 7.60% from 2024 to 2030. The rise in research & development (R&D) activities and technological advancements made in the sectors of biotechnology and pharmacy have fueled drug development aimed at treating various diseases. Medical imaging plays a pivotal role in advancing the development of innovative life science products. Despite the ever-changing nature of the medical imaging industry, the biotechnology and pharmaceutical industries are showing sustained growth. This is primarily due to the increased investment in medical imaging companies, as well as the occurrence of mergers and acquisitions that involve the incorporation of cutting-edge imaging technologies to facilitate clinical trials for medical devices.

Advancements in technology are bringing substantial improvements to the collection, evaluation, and submission of clinical trial imaging data. Technology-enabled imaging, especially image analysis software, provides various benefits to clinical studies, such as consistency, data accuracy, adaptability, and compliance. For instance, image analysis software is used to direct and manage a reader by analyzing imaging time points. In addition, increased use of imaging technology, along with the enhanced power of computing, is expected to drive the usage of imaging in clinical trials. The Quantitative Imaging Biomarkers Alliance (QIBA) protocol has come up with standardized methods and imaging procedures with uniform procedures to be implemented for attaining statistical and precise endpoints in clinical trials.

The COVID-19 pandemic has adversely impacted the healthcare system in most countries, leading to a disruption in medical studies, research activities, and reduced sponsorship for research involving clinical trials. The pandemic hampered the clinical trial timeline as numerous ongoing studies were delayed and planned studies were canceled. Unfavorable changes in regulations and guidelines, supply chain disruption, recruitment challenges for clinical trials, fear of viral spread, and shutting down of most manufacturers during lockdown have adversely impacted the market. However, introducing virtual imaging trials during the COVID-19 pandemic is expected to open new avenues for adopting these devices. The development of advanced computational models helps better assess CT and radiography images, which are expected to help in the early diagnosis of COVID-19 patients. The market has witnessed a bounce back by 2022 Q2 due to increased R&D activities and improvement in supply and distribution channels.

Many patents have been filed in the realm of enhancing image evaluation and capturing. In addition, imaging core lab providers offer patented technologies that are anticipated to assist pharmaceutical companies in reducing their development timelines. As an example, IXICO provides a diagnostic tool called Assessa, which enhances decision-making in clinical trials for conditions related to memory, including schizophrenia, Parkinson's, and Alzheimer's disease, as well as neurological disorders such as dementia and cognitive impairment.

However, the high cost of machinery and their installation, and the enormous cost of clinical trials may limit the market growth during the forecast periods. Advancements in technology are bringing substantial improvements to the collection, evaluation, and submission of clinical trial imaging data. Technology-enabled imaging, especially image analysis software, provides various benefits to clinical studies such as consistency, data accuracy, adaptability as well as compliance. For instance, image analysis software is used to direct and manage a reader via analysis of imaging time points.

End-use Insights

Based on end-use, the contract research organizations (CROs) segment accounted for the largest revenue share of 45.95% in 2023. This significant market share can be attributed to the snowballing cost of drug development along with increased research & development activities. In addition, mounting demand by the biotechnology and pharmaceutical companies for the outsourcing of research and development activities to reduce expenses is driving market growth. Also, contract research outsourcing collaborations offer cutting-edge services. Therefore, government organizations prefer the handover of projects to the CROs.

The biotechnology and pharmaceutical segment is expected to emerge as a significantly growing segment with a CAGR of 7.97% over the forecast period. The factor attributing to the fast growth of this segment is the need to develop new drugs and therapies to cure chronic diseases. The rise in the number of biotechnology and pharmaceutical companies is making it necessary for manufacturers to provide the best possible medicine/drug to the end-user as competition is striking the companies. Many innovative drug discoveries are being made by biotechnology and pharmaceutical companies, and the need for clinical trial imaging is expected to increase, ultimately fueling market growth.

Market Dynamics Insights

The rise in the number of biotechnology and pharmaceutical companies is necessitating manufacturers to provide the best possible medicines and/or drugs. Pharmaceutical and biotechnology companies majorly depend on preclinical imaging to evaluate the safety and efficacy of drug candidates before moving into clinical trials. Imaging techniques permit researchers to noninvasively monitor drug distribution, pharmacokinetics, target engagement, and treatment response in animal models. This data aids researchers in making informed decisions about the potential of a drug candidate, selecting appropriate dosing regimens, and optimizing therapeutic strategies. The increasing number of potential therapeutics in the pipeline has increased the demand for preclinical imaging technologies and services. As these industries expand, there is an increasing demand for advanced research tools and technologies, including preclinical imaging. Pharmaceutical and biotechnology companies in developing regions recognize the value of clinical trial imaging in drug discovery, safety assessment, and efficacy, leading to a higher adoption rate.

Moreover, an increase in the number of drug discoveries by pharmaceutical companies is promoting developments in medical imaging and increasing their adoption worldwide, which in turn is fueling the demand for the implementation of imaging in clinical trial studies.

Regional Insights

North America held the largest revenue share of 40.73% in 2023. This dominance is primarily due to several factors, including the presence of major outsourcing companies and a notable uptick in research and development activities within the region. Furthermore, the market in North America is driven by factors such as the rising elderly population and the increasing prevalence of chronic diseases. North America leads in terms of the sheer number of clinical trials conducted, and it is also the primary source of outsourcing activities in this field. The cost factor plays a significant role in the decision to outsource clinical trials to external research organizations.

The Europe clinical trial imaging industry is experiencing growth propelled by several key factors. These include the rapidly expanding elderly population and the rising prevalence of chronic conditions like Parkinson's, Huntington's, and Alzheimer's. These factors are prompting an increased adoption of clinical trials in the region. In addition, research laboratories are actively seeking ways to reduce operational expenses, which has led to the integration of imaging techniques in clinical trials.

It's noteworthy that approximately 4,000 medicine-related clinical trials receive approval within the European Union (EU) each year. While most of these trials take place in Western European countries, there is a noticeable decline in the number of such trials in the region.

Asia Pacific is anticipated to exhibit the fastest CAGR of 7.93% during the forecast period. This can be attributed to the rapid growth of the population, increased research and development (R&D) activity in this region, and the growing need for improved therapies.

Service Insights

Based on service, the project and data management segment held the largest revenue share of 28.73% in 2023. Clinical trials that utilize imaging often require comprehensive data management and seamless coordination among multiple stakeholders. These services encompass various aspects, including operational expertise, the development of trial workflows, project tracking, the conversion of scans into digital images, regulatory oversight, quality assurance, real-time reporting on trial progress, establishment and oversight of MRI centers, data management, and handling reporting and issue resolution. Furthermore, the U.S. government has approved a cloud-based server to safeguard all medical imaging records, including annotated and base images, while ensuring protection against natural disasters. This system allows for faster and easier retrieval of these critical medical records.

The operational imaging services also represent a significant market share and are projected to grow at a (CAGR) of 7.32% from 2024 to 2030. These operational imaging services encompass a range of imaging modalities, including MRI, CT, ultrasound, OCT, PET, and SPECT, which are applied in various therapeutic areas such as neurology, oncology, cardiovascular diseases, gastroenterology, musculoskeletal disorders, and medical device research for conducting clinical trials. Imaging techniques are crucial in clinical trials by providing essential evidence for informed decision-making. The Food and Drug Administration Modernization Act (FDAMA) of 1997 paved the way for using imaging modalities as valuable tools in developing medical devices and pharmaceuticals during clinical trials. This legislation permits data generated through imaging modalities to be included in regulatory submissions, further enhancing their role in the evaluation and approval process.

Application Insights

Based on application, the oncology segment held the largest market share of 28.98% in 2023. Factors such as high prevalence of cancer cases and the constant need for new and innovative therapies to treat various types of cancer are expected to fuel the market growth. Oncology trials often involve complex imaging requirements due to the need to assess tumor size, response to treatment, and disease progression. Various imaging modalities, such as CT scans, MRI, PET scans, and others, are used to evaluate the effectiveness of cancer treatments. This complexity results in a larger share of the market being dedicated to oncology. Advances in imaging technologies, such as PET-CT, molecular imaging, and functional MRI, have significantly improved the ability to visualize and assess tumors and their response to treatment. These advances have made imaging an integral part of oncology trials. The global cancer burden continues to increase, leading to a growing number of oncology clinical trials. This trend is expected to drive the dominance of the oncology segment in the market.

The non-alcoholic steatohepatitis (NASH) segment is expected to grow at the fastest CAGR of 9.75% during the forecast period. The growing burden of NASH due to increasing prevalence of the disease is expected to drive segment growth. Studies suggest that the global prevalence of NASH is 25.24%, with highest in the Middle East and South America and lowest in Africa. Prevalence for the same is expected to increase to 63.0% by 2030, driving the need for its treatment. Therefore, to meet the demand, companies are focusing on enhancing clinical trial studies to assess the effectiveness of therapies used for NASH. Market players, such as ICON, follow a data-driven approach to developing strategies that can cut the cost and time for trials.

Key Players & Market Share Insights

Many market players are expanding their global footprint by establishing partnerships, collaborations, and acquisitions to access new markets and regions. Collaborations with research institutions and healthcare providers, such as the Mayo Clinic and academic medical centers, are becoming more common to access expertise and test their technologies in real-world clinical settings. For instance, In September 2023, GE HealthCare announced that it had established a strategic collaboration with Mayo Clinic to advance innovation in the fields of medical imaging and theragnostic. This partnership aims to drive the development of new technologies and solutions that can enhance medical diagnostics and patient care. In addition, in March 2023, Clario launched a cloud-based image viewer specifically for clinical trials. This innovation aims to streamline medical image analysis and improve its accessibility within the clinical research context.

Clinical Trial Imaging Market Report Scope

Global Clinical Trial Imaging Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global clinical trial imaging market report based on service, application, end-use, and region:

• Service Outlook (Revenue, USD Million, 2018 - 2030)       

  • Clinical Trial Design and Consultation Services

  • Reading and Analytical Services

  • Operational Imaging Services

    • Computed Tomography (CT) Scan

    • MRI (Magnetic Resonance Imaging)

    • X-Ray

    • Ultrasound

    • Optical Coherence Tomography (OCT)

    • Others

  • System and Technology Support Services

  • Project and Data Management

• Application Outlook (Revenue, USD Million, 2018 - 2030)               

  • NASH

  • CKD

  • Diabetes

  • Cardiovascular Diseases

  • Ophthalmology

  • Musculoskeletal

  • Oncology

  • Gastroenterology

  • Pediatrics

  • Others

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Biotechnology and Pharmaceutical Companies

  • Medical Devices Manufacturers

  • Academic and Government Research Institutes

  • Contract Research Organizations (CROs)

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • India

    • China

    • Japan

    • Australia

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait