Clinical Trial Imaging Market - Forecasts from 2023 to 2028

The global clinical trial imaging market is estimated to grow at a CAGR of 5.84% during the forecast period.

An imaging exam allows medical professionals to view what is happening inside the human body. These exams expose the body to various sources of energy, such as X-rays, sound waves, radioactive particles, or magnetic fields. The increasing investment in research projects to develop innovative medical solutions for long-lasting diseases such as cancer, chronic kidney disease, and others are major growth factors in the clinical trial imaging market. Moreover, the higher prevalence of this disease and demand for enhanced treatment solutions along with the emerging biotechnology companies due to rising healthcare expenditure are further contemplated to boost the clinical trial imaging market.

Increasing Biotechnological Companies

The increasing number of biotechnology companies with a focus on clinical trial imaging studies is expected to boost the clinical trial imaging market in the coming years. For instance, the Indian biotechnology industry crossed $80.12 billion in 2022 which is a 14% increase from 2021 as per the National Investment Promotion & Facilitation Agency, India. Moreover, around $1 billion was invested in the biotechnology R&D sector of India in 2022. The Australian biotechnology sector showed a 43% increase in 2022 from 2019 as per the AusBiotech Snapshot 2022. Moreover, the presence of leading biotechnology companies and emerging companies such as BioTelemetry, WCG Clinical, CRISPR Therapeutics, and 10x Genomics among others are further driving the clinical trial imaging market.

Increasing Cancer Cases

Imaging tests can be used to analyze cancers since they frequently exhibit a variety of structural, physiologic, and molecular changes as well as acquired biological abilities. Therefore, the rising cancer cases are contemplated to augment the clinical trial imaging market. For instance, one in six deaths, or around 10 million deaths, was due to cancer in 2020, making it the top cause of death globally as per the WHO. In low and lower-middle-income nations, cancer-causing infections including the human papillomavirus (HPV) and hepatitis are estimated to be the cause of 30% of cancer cases. The promise of novel targeted medicines with more focused action and reduced toxicity compared to standard chemotherapeutics is altering the management paradigm towards more tailored treatment and individualized care as the search for a cancer cure continues.

Growing Burden of Chronic Diseases

Chronic disease is a long-lasting condition that deteriorates a huge number of people on earth therefore, clinical trial imaging is crucial in earlier detection and treatment of disease as it ensures timely intervention. The rising cases of chronic diseases such as diabetes, kidney disease, cardiovascular diseases, and several others are expected to drive the clinical trial imaging market. For instance, More than one in seven adults in the United States, or around 37 million people, suffer from chronic kidney disease (CKD) as per the NIDDK. The primary cause of death in the world is cardiovascular disease (CVD). 32% of all fatalities worldwide in 2019 were predicted to have been caused by CVDs, killing 17.9 million individuals. Heart attack and stroke caused 85% of these fatalities according to the WHO.

Increasing Research Projects in the Field

The rising research projects including imaging clinical trials are another major growth driver in the clinical trial imaging market. For instance, the US National Library of Medicine reported that as of April 2022, there were 410,319 registered research spread throughout all 50 US states and 220 international locations, including 61,961 recruitment studies and 169,924 pharmacological or biological trials. Moreover, the Co-Clinical Imaging Research Resources Program (U24s) is run by the US Department of Health to focus on the optimization of quantitative imaging methods for precision medicine in preclinical and clinical settings. It supports ten co-clinical trial projects spanning a diverse range of therapeutic interventions, and imaging modalities.

North America is Expected to Grow Significantly

The North American region is projected to hold a significant share of the clinical trial imaging market during the forecasted period. Various factors attributed to such a share are increasing healthcare expenditure, the prevalence of chronic diseases, and the growing older population. For instance, the healthcare system in the US contributed 17% of GDP in 2021 which is way higher than other regions as per the Common Wealth Organization. Additionally, technological advancements and government-backed research in healthcare by experts are further expected to propel the market size. The presence of market leaders such as Medpace is further anticipated to boost the clinical trial imaging market.

Major Market Players

• IXICO is a UK-based medical imaging services provider to enhance the outcomes of CNS trials. Through its remote access Trial Tacker Technology, the company created and implemented a ground-breaking machine learning AI data analytics in September 2022 to increase the pharmaceutical clients' return on investment in drug research and lower risk during clinical trials.
• Navitas Life Sciences is an Indian drug development and clinical research company based out of Bengaluru. Master Protocol offered by the company increases the success rate and recognizes failure faster and at a lower cost in oncology clinical trials. It is also consistent with the US FDA's goal of helping and making safe drugs.
• Resonance Health is an Austalia-based medical technology company with a focus on the development and commercialization of non-invasive medical imaging analysis. It provides laboratory CRO services and imaging services for iron overload disorders, metabolic disorders, liver-related disorders, and brain diseases.

Key Market Developments

• In March 2023, a state-of-the-art cloud-based image viewer tool was introduced by Clario for CROs to use to view the images of their clinical trials. It enables CROs to read quality images in near real-time through an intuitive web-based imaging viewer.
• In January 2023, a hybrid gamma optical camera developed by Serac Imaging was introduced in clinical trial procedures in the US. It uses radiation to image radioisotopes which are administered to the patients. It also helps in bone, renal, and infection imaging, lymphatic imaging, and sentinel lymph localization.
• In November 2022, VIDA Diagnostics launched an updated artificial intelligence-enabled platform named VIDA Intelligence 2.0 to enhance clinical trial imaging efficiencies. It simplifies the participant's enrolment process for clinical trials through digital onboarding.

Segmentation

By Service

• Clinical Trial Design & Consultation Services
• Reading & Analytical Services
• Operational Imaging Services
• System & Technology Support Services
• Project & Data Management

By Application

• NASH
• CKD
• Diabetes
• Cardiovascular Diseases
• Musculoskeletal
• Oncology
• Gastroenterology
• Pediatrics
• Others

By End-Use

• Biotechnology & Pharmaceutical companies
• Medical Devices Manufacturers
• Academic & Government Research Institutes
• Contract Research Organizations (CROs)
• Others

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others