Clinical Trial Imaging Market size is forecast to reach $ 1.95 billion by 2025, growing at a CAGR of 7.21% during the forecast period 2020-2025. Clinical trials are an important part of the drug development process. The clinical imaging is majorly used to obtain human physiology or anatomy information’s which are undeniable as well as interpretable. An increasing number of pharmaceutical & biotechnological industries and increasing use of imaging techniques that are being highly used in oncological clinical trials are the major factors driving the growth of the market. Increasing use of clinical trial imaging system in the medical devices is set to further enhance the overall market demand for Clinical Trial Imaging Market during the forecast period 2020-2025.
Key Takeaways
- North America dominated the Clinical Trial Imaging Market in 2019 owing to the rising number of CROs and an increasing number of pharmaceutical companies. The Clinical Trial Imaging Market scope for different regions will be provided in the final report.
- Increasing urbanization and new technological advancements are likely to aid in the market growth of the Clinical Trial Imaging Market.
- Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Clinical Trial Imaging Market report.
- Stringent government regulations regarding product development, its impact, and the high cost of the imaging systems is poised to create hurdles for the Clinical Trial Imaging Market.
Services- Segment Analysis
The Operational Imaging Services segment held the largest share in the Clinical Trial Imaging Market in 2019 and is estimated to grow at a CAGR of 6.89% during the forecast period 2020-2025. The use of operational imaging services enables the effects of new compounds to be determined at earlier stages of the clinical research process and provide important evidence to support go/no-go decision making compared with traditional endpoints such as clinical benefit or survival times. Operational imaging services enable improved decision making, increased efficiency, and can reduce trial costs. Operational imaging services also establishes a database of normal anatomy and physiology to make it possible to identify abnormalities. Although imaging of removed organs and tissues can be performed for medical reasons, such procedures are usually considered part of the pathology. The operational imaging services are set to be the highest growing segment and are estimated to register the highest CAGR during the forecast period 2020-2025 owing to the ease of use, data availability, and comprehensive solutions.
Modality - Segment Analysis
The computed tomography held the largest share in the Clinical Trial Imaging Market in 2019.Computed tomography, is a medical imaging procedure that uses computer-processed combinations of many x-ray measurements taken from different angles to produce cross-sectional images of specific areas of a scanned object, allowing the user to see inside the object without cutting. Computed tomography produces data that can be manipulated to demonstrate various bodily structures based on their ability to absorb the X-ray beam. CT scans can diagnose possibly life-threatening conditions such as hemorrhage, blood clots, or cancer. Early diagnosis of these conditions could potentially be life-saving. However, CT scans use x-rays, and all x-rays produce ionizing radiation. Ionizing radiation has the potential to cause biological effects in living tissue. This is a risk that increases with the number of exposures added up over the life of an individual. However, the risk of developing cancer from radiation exposure is generally small. Computed tomography is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2020-2025.
Geography - Segment Analysis
North America dominated the Clinical Trial Imaging Market in 2019 with a share of more than 44.19%, followed by the Asia Pacific owing to the rising number of CROs. An increasing number of pharmaceutical and biotechnology companies are increasing the growth of the Clinical Trial Imaging Market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2020-2025 owing to the growing industrialization, urbanization, and high per capita income.
Drivers – Clinical Trial Imaging Market
- Increasing number of pharmaceutical & biotechnological industries and increasing use of imaging techniques
An increasing number of pharmaceutical & biotechnological industries and increasing use of imaging techniques is increasing the growth of the Clinical Trial Imaging Market. Medical imaging is the technique of producing visual representations of areas inside the human body to diagnose medical problems and monitor treatment. It has had a huge impact on public health. The main types of imaging used in modern medicine are radiography, magnetic resonance imaging (MRI), nuclear medicine, and ultrasound. Imaging techniques that utilize low-energy resonant phenomena (electronic, vibrational, or nuclear) to probe the structure and dynamics of molecules, molecular complexes, or higher-order chemical systems differ from approaches using higher-energy radiation (X-rays, electrons, etc.) in that they are largely non-destructive and can be performed under in vivo or situ conditions, even with soft matter. However, these techniques lack the inherent spatial resolution of the higher-energy approaches. Thus, increasing the growth of the Clinical Trial Imaging Market during the forecast period 2020-2025.
- Rising number of CROs and increasing number of pharmaceutical companies.
The rising number of CROs and an increasing number of pharmaceutical companies are increasing the growth of the Clinical Trial Imaging Market. Medical imaging plays an instrumental role in the clinical development of new life science products. Increasing investment in medical imaging companies and the adoption of novel imaging technologies to support clinical trials for the pharma, biotech, and medical device industries continues to increase. With the increasing costs and timelines for drug development, pharmaceutical companies are exploring innovative technologies that can bring new drugs to market sooner for unmet needs. Using imaging as a primary, surrogate, and quantitative biomarker can accelerate clinical trials. Thus, increasing the growth of the Clinical Trial Imaging Market during the forecast period 2020-2025.
Challenges – Clinical Trial Imaging Market
- Stringent government regulations regarding the product development, its impact, and the high cost of the imaging systems
Some of the factors that can impede the growth of the Clinical Trial Imaging Market are stringent government regulations regarding the product development, its impact, high cost of installation of these systems and the high cost of the imaging systems
Clinical Trial Imaging Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Clinical Trial Imaging Market. In 2019, the Clinical Trial Imaging Market share is consolidated by the top ten players present in the market. Clinical Trial Imaging, the top 10 companies are Bioclinica Inc., Paraxel International Corporation, Biomedical Systems Corporation, Biotechnology Inc., Cardiovascular Imaging Technologies LLC, Ixico PLC, Radiant Sage LLC, and Worldcare Clinical LLC among others.
Acquisitions/Product Launches
- In May 2019, Navitas Life Cycle announces acquisition of KAI Research which strengthens its expertise in pain, diabetes, infectious diseases and mental health and intends to create an enterprise to deliver and initiate trial outcomes.
- In August 2019, IXICO PLC announced that they have entered in a contract with two new biopharmaceutical clients for the provision of data analytics services which helps in supporting clinical trials in Europe and North America.
- In July 2019, Paraxel International Corporation extends the launch of Health Advances Asia Limited to improve the commencement of drug development and commercialization.
