The global clinical trial imaging market size is expected to reach a valuation of USD 1,854.97 million by 2030 growing at a CAGR of 5.56% during the forecast period (2022–2030). A clinical trial imaging (CTI) study is a research study where participants voluntarily participate. Each study addresses a particular scientific topic about the effectiveness of imaging technologies in detecting, diagnosing, guiding, or monitoring illness treatment. There are several types of clinical trial imaging: In general, screening imaging clinical trials ask questions to assist researchers in figuring out what form of imaging test will effectively detect disease early, possibly before symptoms appear.
Diagnostic imaging clinical trials look into what form of imaging test will effectively detect disease when it is suspected and what type of imaging test can help monitor a known condition or monitor a therapy to see if it is effective. Image-guided interventional clinical trials look at the effectiveness of interventions guided by imaging.
Due to pharmaceutical organizations' failure to control research and development costs, contract research organizations (CROs) are aggressively growing. As a result, organizations outsource to CROs to save money. Also, regulators value Real-World Data (RWD), and pharmaceutical companies cooperate with CROs to assist with analytics and predictive modeling, causing CROs to purchase or collaborate with specialists to improve their RWD capabilities.
Pharmaceutical organizations' increasing emphasis on rare diseases, prominent molecule therapy, specialty treatment, personalized therapy & devices, and point-of-care assays will demand clinical trial testing and data submission to relevant regulatory agencies, resulting in CRO growth. Thus, the growing CROs will likely drive the clinical trial imaging market growth over the forecast period.
The development of new pharmaceuticals to address unmet medical needs is one of the major driving forces for research-based pharmaceutical companies. According to the European Federation of Pharmaceutical Industries and Associations, the pharmaceutical sector in Europe spent around USD 41,837 million on research and development in 2020. Furthermore, in 2020, European industrial R&D investment in the biotechnology and pharmaceutical sectors accounted for 18.40% of global business R&D investments.
As a result, the clinical trial imaging market is likely to benefit from increased research and development investments by pharmaceutical and biotechnology organizations and governments and an increased focus on life science projects to develop new therapeutic and diagnostic products. Thus, increasing research and development investments across the globe in the healthcare and medical sector are expected to drive the global market over the forecast period.
There is a strong emphasis on lowering rising healthcare costs in the medical and healthcare sector, and most stakeholders are working on various initiatives to achieve this goal. In such a situation, it is challenging for imaging service providers to set aside considerable funds to purchase high-cost equipment such as modern radiology and other imaging systems. Purchasing, operating, and maintaining imaging equipment are all included in the cost of adopting an imaging system.
These high upfront prices and ongoing maintenance costs have an adverse impact on market growth. Imaging service companies must recruit skilled professionals, such as experienced radiologists, to make the best use of such equipment. The implementation cost of imaging systems is relatively high due to these issues, which is a significant factor impeding the growth of the market of clinical trial imaging.
Emerging economies such as South Korea, Brazil, India, and Mexico provide considerable potential prospects for companies in the market of clinical trial imaging, owing to increasing research and development expenditures. The commercialization of life science research is also a prominent trend in these emerging markets. These economies are likely to offer substantial growth potential in the clinical trial imaging market share due to significant improvements in life sciences research.
In addition, numerous CROs in Asian countries, particularly India and China, provides drug discovery services to pharmaceutical and biotechnology corporations. The need for clinical trial imaging in emerging nations is likely to rise over the forecast period, owing to strong research and development investment growth and CROs operating in these countries.
The advent of the COVID-19 pandemic significantly altered how medical treatment is delivered worldwide. The pandemic had a substantial impact on the clinical trial imaging market growth, with undesirable changes in regulations and recommendations, the closure of manufacturing facilities owing to lockdowns, supply chain disruptions, and clinical trial recruitment concerns all having an adverse effect.
Furthermore, due to lockdowns, the supply of clinical trial imaging equipment to end customers has been restricted due to constrained operations in most sectors, insufficient investment in research and academic institutes, and limitations in providing essential/post-sales services. Also, this is a service-intensive sector, and due to constraints imposed to curb the spread of COVID-19, delivering services has become challenging. As a result of the pandemic forcing the temporary closure of various research centers worldwide, several ongoing trials were put on hold.
The post-pandemic phase will be significant for the global clinical trial imaging market. The market will face a slight slowdown in growth as the number of COVID-19 patients decreases. Other reasons, such as the rising number of trials for diseases such as HIV and Tuberculosis, will continue to drive clinical trial imaging market growth over the forecast period. Overall, the global market of clinical trial imaging will recover quickly, showing positive signs of growth post-pandemic
The global clinical trial imaging market share has been classified based on the services, end-use, application, and regions.
The clinical trial imaging market has been segmented into clinical trial design and consultation, reading and analytical, operational imaging, system and technology support, project, and data management, based on services. The operational imaging service segment is expected to dominate the global market, and it is projected to reach USD 409.87 million by 2030, registering a CAGR of 5.65% during the forecast period. This can be ascribed to imaging CROs' primary services, including phase I to IV clinical studies and Class I, II, and III medical device trials.
The clinical trial imaging market has been segmented into biotechnology and pharmaceutical companies, medical device manufacturers, academic and government research institutes, contract research organizations (CROs), and others. The biotechnology and pharmaceutical companies are expected to dominate the global market, and the segment is projected to reach USD 376.02 million by 2030, registering a CAGR of 6.35% during the forecast period.
Many patients require improved medical treatment, a major driving force behind drug development. As a result, advances in science and technology are driving the growth of pharmaceutical and biotechnology companies globally. These companies are conducting clinical trials to develop novel medications and cures.
The clinical trial imaging market has been segmented into nonalcoholic steatohepatitis (NASH), chronic kidney disease (CKD), diabetes, cardiovascular disease, and others based on application. The NASH segment is expected to dominate the global market and is projected to reach USD 1,325.67 million by 2030, registering a CAGR of 5.52% during the forecast period. The burgeoning severity of NASH due to the disease's increasing prevalence is likely to fuel segment growth.
According to the NASH Education Program, the global prevalence of the disease ranged from 1.50% to 6.45% in 2015. Between 2015 and 2030, the majority of the same is anticipated to rise by 63%, increasing the need for treatment. As a result, firms are concentrating on improving clinical trial studies to assess the effectiveness of NASH medicines in meeting demand.
The global clinical trial imaging market share has been segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East, and Africa.
With a market value of USD 683.06 million by 2030, registering a CAGR of 5.57%, North America is expected to be the largest market for clinical trial imaging. Large outsourcing organizations and a surge in R&D in the region can be linked to this. The market in North America is expected to be driven by many reasons, including an aging population and an increase in chronic diseases.
Clinical trials are conducted in the most number in North America. Also, the majority of outsourcing activities originate in North America. Another aspect contributing to clinical trial outsourcing to other research groups is cost.
Also, the United States is expected to hold the largest share of the North American market. Aging demographic trends, new technologies, changing patient care practices, and developing epidemiological patterns are likely to contribute to its domination. Likewise, government entities in the United States will likely fund a significant share of clinical studies for cancer treatments.
With an expected market value of USD 487.29 million by 2030, registering a CAGR of 5.67%, Europe is expected to be the second-largest market for clinical trial imaging. The market of clinical trial imaging in Europe is driven by factors such as a rapidly growing senior population and an increase in the prevalence of chronic diseases such as Parkinson's, Huntington's, and Alzheimer's, driving clinical trial adoption in this region. Furthermore, research laboratories are seeking ways to cut costs, driving the use of imaging in clinical trials.
The United Kingdom is expected to contribute majorly to the overall European market growth. Diseases such as cancer, cardiovascular disease, dementia, and others are becoming more common. Cancer claimed the lives of 31% of males and 26% of women, respectively, in the UK. Alzheimer's disease and other dementias are the leading causes of death. As a result, the factors above and an ever-increasing senior population are driving the clinical trial imaging market growth forward.
A suggestion in a 2017 industry-led strategy to strengthen the UK life sciences sector is to increase the number of clinical trials undertaken in the UK by 50% over the forecast period. According to the strategy, the UK is better positioned than other EU countries to undertake unique clinical trials because of its strengths in creating technologies such as cell and gene-based therapies and genomic medicines and growing the use of digital systems within the NHS. Thus, all mentioned factors are likely to drive the European market growth over the forecast period.