Clinical Trial Imaging Market Research: Key Findings and Implications
The global clinical trial imaging market, valued at USD 1.14 billion in 2023, is expected to expand at a compound annual growth rate (CAGR) of 7.60% from 2024 to 2030. This growth is driven by the expanding biotechnology and pharmaceutical sectors, alongside rising research and development investments aimed at creating new drugs to treat various conditions. Medical imaging has become essential in advancing life sciences, contributing significantly to the development of innovative products.
Despite rapid changes in the medical imaging sector, the biotechnology and pharmaceutical industries continue to grow, fueled by substantial investments in imaging companies and mergers and acquisitions that integrate advanced imaging technologies for clinical trials in medical devices. Technological advancements are transforming the way clinical trial imaging data is collected, evaluated, and submitted. Imaging technology, particularly image analysis software, enhances clinical studies by ensuring consistency, accuracy, flexibility, and compliance. For instance, image analysis software supports clinical trial readers by analyzing imaging time points. In addition, the growing power of computing and increased use of imaging technology are expected to promote the use of imaging in clinical trials. The Quantitative Imaging Biomarkers Alliance (QIBA) has established standardized imaging protocols to ensure statistical precision in clinical trials.
Gather more insights about the market drivers, restrains and growth of the Global Clinical Trial Imaging Market
The COVID-19 pandemic significantly affected the healthcare sector, disrupting medical studies, research activities, and clinical trial funding. The pandemic delayed many ongoing trials, and some planned studies were canceled due to unfavorable regulatory changes, supply chain disruptions, recruitment challenges, fear of virus transmission, and manufacturing shutdowns. However, the introduction of virtual imaging trials during the pandemic is expected to drive future adoption of imaging devices. Advanced computational models developed during the pandemic enhanced CT and radiography image assessments, aiding in the early diagnosis of COVID-19 patients. By the second quarter of 2022, the market had rebounded as R&D activities resumed and supply chains improved.
In the area of image evaluation and capture, numerous patents have been filed, and core imaging lab providers are offering patented technologies that help pharmaceutical companies reduce development timelines. For instance, IXICO’s diagnostic tool, Assessa, supports decision-making in clinical trials for memory-related conditions, such as schizophrenia, Parkinson’s, and Alzheimer’s disease, as well as neurological disorders like dementia and cognitive impairment.
However, the high cost of machinery, installation, and clinical trials may restrict market growth during the forecast period. Despite these challenges, technology advancements continue to improve clinical trial imaging, particularly through image analysis software that benefits studies by increasing consistency, data accuracy, adaptability, and compliance. Image analysis software, for instance, guides readers by analyzing imaging time points.
End-Use Insights
The contract research organizations (CROs) segment dominated the market in 2023, accounting for 45.95% of total revenue. This dominance is attributed to the escalating costs of drug development and rising R&D activities. Increasing demand from biotechnology and pharmaceutical companies to outsource R&D efforts to reduce costs is driving CRO market growth. Moreover, CROs provide specialized services, which has led government organizations to favor outsourcing projects to these organizations.
The biotechnology and pharmaceutical segment is projected to have the fastest CAGR of 7.97% through the forecast period. This growth is fueled by the need to develop new drugs and therapies for chronic diseases. As more biotechnology and pharmaceutical companies emerge, the competition to provide effective drugs intensifies. Many new drug discoveries by these companies are increasing the demand for clinical trial imaging, further accelerating market growth.
Order a free sample PDF of the Clinical Trial Imaging Market Intelligence Study, published by Grand View Research.
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