Clinical Trial Imaging Market Size, Share & Trends Analysis Report By Service (Project and Data Management, System and Technology Support Services), By Application, By End Use, By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global clinical trial imaging market size was valued at USD 907.6 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.1% from 2021 to 2028. Mounting biotechnology and pharmaceutical industries, combined with increased research and development investments for developing new drugs to treat diseases, are expected to fuel the market growth. Medical imaging plays an active role in the clinical development of novel life science products. Although the medical imaging industry is in a constant state of fluctuation, the biotechnology and pharmaceutical industries continue to increase. This can be attributed to the enhanced investment in medical imaging companies, mergers and acquisitions, and the adoption of innovative imaging technologies to support clinical trials for the medical device. However, the high cost of machinery and their installation and the enormous cost of clinical trials may limit the market growth during the forecast period.

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 via analysis of imaging time points.

The introduction of virtual imaging trails during the COVID-19 pandemic is expected to open new avenues for the adoption of these devices. The development of advanced computational models helps in better assessment of CT and radiography images, which are expected to help in the early diagnosis of COVID-19 patients.

The 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.

For improving image assessment and capturing, numerous technology patents have been filed. Moreover, patented technologies are being provided by the imaging core lab players that are expected to aid the pharmaceutical companies in minimizing development timelines. For instance, a reading tool named Assessa, by IXICO aids in improved decision making in clinical trials for diseases associated with memories, such as schizophrenia, Parkinson’s, and Alzheimer’s disease, and neurological disorders like dementia and cognitive impairment.

Service Insights

Project and data management services dominated the market with a 29.1% share in 2020. Clinical trials that employ imaging typically require data management and workflow integration across several parties. These services include operational expertise and trial workflow development, tracking project, converting scans into digital images, regulatory control & quality assurance, real-time trial status report, setup and management of MRI centers, data management, and reporting and issue resolution. The U.S. government approved a cloud-based server that protects all the medical imaging records, such as annotated and base images, secures reports from any natural disaster, and facilitates faster and easy retrieval.

Operational imaging services also held a significant market share in 2020. Operational imaging services include imaging modalities such as MRI, CT, ultrasound, OCT, PET, and SPECT for various therapeutic applications, such as neurology, oncology, cardiovascular diseases, gastroenterology, and musculoskeletal disorders, and medical devices to carry out the clinical trials.

Imaging techniques are widely used in clinical trials to provide evidence for decision making. The Food and Drug Administration Modernization Act (FDAMA) of 1997 opened doors for imaging modalities to be used as a product development tool in medical devices or pharmaceutical clinical trials by permitting data generated through imaging modalities to be included in regulatory submissions.

Application Insights

The others application segment held the largest share of 80.1% in 2020. The segment includes oncology, neurology, and musculoskeletal. Market players such as ICON, Bioclinica, Navitas Life Sciences, and Paraxel International are developing their clinical trial imaging services for these applications.

Nonalcoholic Steatohepatitis (NASH) is expected to expand at the fastest CAGR of 8.3% during the forecast period. The growing burden of NASH due to the increasing prevalence of the disease is expected to drive the segment. As per the NASH Education Program, in 2015, the worldwide prevalence of the condition was 1.5% to 6.45%. Prevalence for the same is expected to increase by 63.0% between 2015 and 2030, thus 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.

Cardiovascular diseases held a significant market share in 2020. Cardiovascular diseases are one of the leading causes of death in the U.S. According to the CDC, around 647,000 Americans die from cardiovascular diseases. Therefore, to lower the risk, various clinical trials are being conducted in the field of cardiology. However, the cost of developing drugs and devices in the field of cardiology is high, which impacts the growth of clinical trials in this field. Market players such as ICON follow a data-driven approach for developing strategies that can cut the cost and time for trials.

End-use Insights

The Contract Research Organizations (CROs) segment accounted for the largest share of 46.4% in 2020. This significant market share can be attributed to the snowballing cost of drug development, along with increased R&D activities. Moreover, mounting demand by the biotechnology and pharmaceutical companies for the outsourcing of research and development activities to reduce expenses is driving the segment. Additionally, the contract research outsourcing collaborations offer cutting edge services. Therefore, government organizations prefer the handover of projects to the CROs.

The biotechnology and pharmaceutical companies segment is expected to witness significant growth over the forecast period. One of the key factors contributing to the 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 the manufacturers to provide the best possible medicine/drug to the end-users as competition is striking the companies. As a large number of innovative drug discoveries are being done by biotechnology and pharmaceutical companies, the need for clinical trial imaging will also increase, thus fueling market growth.

Regional Insights

North America dominated the global market with a 40.7% share in 2020. This can be attributed to the presence of leading outsourcing companies and an increase in R&D in the region. Various factors such as the increasing geriatric population, along with growing chronic diseases, are anticipated to drive the market in North America. North America performs the highest number of clinical trials. In addition, most outsourcing activities are from North America. Cost is another factor contributing to the outsourcing of clinical trials to other research organizations.

The European market is driven by factors such as the rapidly growing geriatric population and increasing prevalence of chronic diseases, such as Parkinson’s, Huntington’s, and Alzheimer's, which are driving the adoption of clinical trials in this region. In addition, the research laboratories are looking to reduce operational costs, which is leading to the adoption of imaging in clinical trials. Around 4,000 clinical trials of medicines are approved annually in the European Union (EU). The majority of these trials are conducted in Western European countries, but the number of clinical trials of medicines in this region is observed to be decreasing.

The market in Asia Pacific is anticipated to witness the fastest growth over the forecast period. This can be attributed to the rapid growth of the population and increased R&D activities in this region. In addition, there is a high need for traditional and advanced devices and therapies in Asia Pacific.

Key Companies & Market Share Insights

Market players focus on growth strategies such as mergers & acquisitions as well as the signing of the contract. In February 2020, ICON plc acquired MedPass International, a European medical devices CRO, reimbursement, and regulatory consultancy. This acquisition will help in expanding the medical device and diagnostic research services of ICON in Europe.

In June 2018, Bioclinica introduced SMART technology suite available with Medical Imaging, Interactive Response Technology (IRT), and Electronic Data Capture (EDC) to submit, manage, investigate, report, and transfer medical image data compliant with universal data privacy and global requirements. Some prominent players in the global clinical trial imaging market include:

• Parexel International Corporation

• Intrinsic Imaging

• Bioclinica Inc.

• Icon PLC

• Radiant Sage

• Navitas Life Sciences

• Resonance Health

• IXICO PLC

• Medpace

Clinical Trial Imaging Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global clinical trial imaging market report on the basis of service, application, end-use, and region:

• Service Outlook (Revenue, USD Million, 2016 - 2028)          

  • 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, 2016 - 2028) 

  • NASH

  • CKD

  • Diabetes

  • Cardiovascular Diseases

  • Others

• End-use Outlook (Revenue, USD Million, 2016 - 2028)

  • Biotechnology and Pharmaceutical companies

  • Medical Devices Manufacturers

  • Academic and Government Research Institutes

  • Contract Research Organizations (CROs)

  • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • India

    • China

    • Japan

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE