Market Size of Clinical Trial Imaging Industry
| Study Period | 2021 - 2029 |
| Market Size (2024) | USD 1.25 Billion |
| Market Size (2029) | USD 1.63 Billion |
| CAGR (2024 - 2029) | 5.38 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Clinical Trial Imaging Market Analysis
The Clinical Trial Imaging Market size is estimated at USD 1.25 billion in 2024, and is expected to reach USD 1.63 billion by 2029, growing at a CAGR of 5.38% during the forecast period (2024-2029).
Clinical trials are used in the development and testing of vaccines and other therapeutics; they have been essential in containing the COVID-19 pandemic. For instance, using low-field magnetic resonance imaging, the University of Erlangen-Nürnberg Medical School started a clinical study in August 2021 to assess the prevalence of pulmonary skeletal changes in children and adolescents with verified past SARS-CoV-2 infection (LF-MRI).
Increasing research and development by the key market players during the pandemic is expected to increase market growth during the forecast period. For instance, in August 2021, the government of Canada announced an agreement with leading COVID-19 vaccine developer Moderna, Inc. to build an mRNA vaccine facility in Canada. The goals of the recently unveiled biomanufacturing and life science strategy were in line with Moderna's aspirations to build an mRNA vaccine manufacturing facility in Canada. This is anticipated to drive the clinical trial imaging market growth in Canada, driving the overall growth of the market.
The clinical trial imaging market is expected to grow also due to the rise in the number of contract research organizations, an increase in R&D spending, and growth in pharmaceutical and biotechnological companies. In recent years, various pharmaceutical companies and government organizations have increased their spending on research and development (R&D), which is anticipated to drive the market growth over the forecast period. For example, in FY 2021 Novartis AG, one of the leading participants in the studied market, invested USD 14,886 million, up from USD 14,197 million in the previous year, according to annual reports. Such large investments will provide an impetus to market growth.
Additionally, the market is expected to grow as a result of increased investment in research and development in the biopharmaceutical industry. For instance, the annual research and development expenditure of the biopharmaceutical industry has been 7.3 times greater than that of the aerospace and defense industries, 6.5 times greater than that of the chemicals industry, and 1.5 times greater than that of the software and computer services industry, as per our analysis. Further, as per the IFPMA, in 2022, over 202 billion is estimated to have been spent around the world in biopharmaceutical research and development. The enormous investments in the market are considered a result of the rising acceptance of biopharmaceuticals over the years.
Similarly, increasing contract research organizations are expected to increase the market growth. For instance, in September 2021, Insights Research Organization and Solutions (IROS) - a Contract Research Organization (CRO) in the UAE was launched, specializing in healthcare research and solutions to cover all therapeutic areas.
However, high implementation barriers and costs of imaging systems are expected to hinder market growth.
Clinical Trial Imaging Industry Segmentation
Clinical trial imaging is an important part of the research and development process in the pharmaceutical and biotechnology industries. The usage of medical imaging is now recognized in clinical trials to make trials more effective and accurate. The Clinical Trial Imaging Market is segmented by Product and Service (Trial Design Consulting Services, Read Analysis Services, Operational Imaging Services, and Imaging Software), Modality (Magnetic Resonance Imaging, Computed Tomography, Ultrasound, Positron Emission Tomography, X-Ray, Echocardiography, and Other Modalities), End User (Pharmaceutical Companies, Medical Device Manufacturers, and Academic and Government Research Institutes), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
| By Product and Service | |
| Trial Design Consulting Services | |
| Read Analysis Services | |
| Operational Imaging Services | |
| Imaging Software |
| By Modality | |
| Magnetic Resonance Imaging | |
| Computed Tomography | |
| Ultrasound | |
| Positron Emission Tomography | |
| X-Ray | |
| Echocardiography | |
| Other Modalities |
| By End-User | |
| Pharmaceutical & Biotechnology Companies | |
| Medical Device Manufacturers | |
| Academic and Government Research Institutes |
| Geography | ||||||||
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Clinical Trial Imaging Market Size Summary
The Clinical Trial Imaging Market is poised for significant growth over the forecast period, driven by the increasing demand for advanced imaging technologies in clinical trials. This market expansion is largely attributed to the rising number of clinical studies and the growing involvement of contract research organizations, pharmaceutical, and biotechnological companies. The COVID-19 pandemic has further accelerated this growth, as seen in initiatives like the University of Erlangen-Nürnberg Medical School's study on pulmonary skeletal changes in children post-SARS-CoV-2 infection. The market is also benefiting from substantial investments in research and development, particularly in the biopharmaceutical sector, which has seen a marked increase in funding compared to other industries. This trend is expected to continue, with major players like Novartis AG and Pfizer Inc. significantly boosting their R&D expenditures, thereby driving the demand for clinical trial imaging services.
North America is anticipated to lead the market, supported by robust government funding and a strong focus on healthcare research. The region's growth is further bolstered by strategic initiatives and partnerships, such as the Canadian government's investment in cancer research, which underscores the importance of clinical trials in advancing medical science. The market's competitive landscape is characterized by the presence of key players like Koninklijke Philips N.V, Ixico PLC, and Icon PLC, who are actively engaging in mergers, acquisitions, and new product launches to enhance their market position. Technological advancements, such as Bruker's launch of high-field magnetic resonance imaging systems, and Fujifilm India's introduction of advanced imaging equipment, are also contributing to the market's expansion. Despite challenges like high implementation costs, the overall outlook for the Clinical Trial Imaging Market remains positive, with continued growth expected in the coming years.
Clinical Trial Imaging Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increase in R&D Spending by the Pharmaceutical and Biotechnological Companies
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1.2.2 Increasing Number of Contract Research Organization & Investment by Them
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1.3 Market Restraints
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1.3.1 High Implementation Barriers and Costs of Imaging Systems
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Product and Service
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2.1.1 Trial Design Consulting Services
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2.1.2 Read Analysis Services
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2.1.3 Operational Imaging Services
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2.1.4 Imaging Software
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2.2 By Modality
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2.2.1 Magnetic Resonance Imaging
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2.2.2 Computed Tomography
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2.2.3 Ultrasound
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2.2.4 Positron Emission Tomography
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2.2.5 X-Ray
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2.2.6 Echocardiography
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2.2.7 Other Modalities
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2.3 By End-User
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2.3.1 Pharmaceutical & Biotechnology Companies
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2.3.2 Medical Device Manufacturers
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2.3.3 Academic and Government Research Institutes
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle East and Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle East and Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Clinical Trial Imaging Market Size FAQs
How big is the Clinical Trial Imaging Market?
The Clinical Trial Imaging Market size is expected to reach USD 1.25 billion in 2024 and grow at a CAGR of 5.38% to reach USD 1.63 billion by 2029.
What is the current Clinical Trial Imaging Market size?
In 2024, the Clinical Trial Imaging Market size is expected to reach USD 1.25 billion.
