The global Clinical Trial Imaging market size is expected to be worth around US$ 2.4 billion by 2030, according to a new report by Vision Research Reports.
The global Clinical Trial Imaging market size was valued at US$ 907.6 million in 2020 and is anticipated to grow at a CAGR of 6.5% during forecast period 2021 to 2030.
The increasing R&D spending to develop new drugs and therapies to treat chronic diseases is propelling the market growth.
Clinical trial imaging makes use of imaging technology in for seeing the interior parts of the body. The images obtained from clinical trial imaging are used to examine drug activity. Clinical trial imaging provides rapid, detail, and precise screening. The use of clinical trial imaging has rapidly increased in all phases of the clinical trials. Medical imaging in clinical trials is used as a primary, quantitative, and surrogate biomarker.
The clinical trial design includes selecting patient population, stratification based on biomarkers, different methods for allocation treatments, choosing efficient and reliable endpoints and validation of surrogate endpoints, calculating sample size, trial simulations, adaptive trial set-up, statistical and interim analysis, and assisting clients to deal with regulatory authorities, such as EMA and FDA, to discuss study design or defend study results.
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 , 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.
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 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.
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.
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.
Parexel International Corporation
Navitas Life Sciences
Clinical Trial Design and Consultation Services
Reading and Analytical Services
Operational Imaging Services
Computed Tomography (CT) Scan
MRI ( Magnetic Resonance Imaging)
Optical Coherence Tomography (OCT)
System and Technology Support Services
Project and Data Management
Biotechnology and Pharmaceutical companies
Medical Devices Manufacturers
Academic and Government Research Institutes
Contract Research Organizations (CROs)
Middle East & Africa
The Clinical Trial Imaging market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Clinical Trial Imaging market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Clinical Trial Imaging market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Clinical Trial Imaging market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Clinical Trial Imaging market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Clinical Trial Imaging capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Clinical Trial Imaging by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Clinical Trial Imaging market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Clinical Trial Imaging market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Clinical Trial Imaging market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Clinical Trial Imaging industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Clinical Trial Imaging market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Clinical Trial Imaging market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Clinical Trial Imaging market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Clinical Trial Imaging market. These factors have benefited the growth of the global market for Clinical Trial Imaging. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Clinical Trial Imaging. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Clinical Trial Imaging are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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