The clinical trial imaging services market accounted for $1,310 million in 2019, and is expected to reach $1,807.65 million by 2027, registering a CAGR of 5.6% from 2020 to 2027.
Clinical trial imaging services are defined as the set of services offered by the contract research organizations (CROs), which are used to conduct imaging in clinical trials. Furthermore, CROs provide these services to the pharmaceutical, biotechnology, medical device companies, and others. These companies use the services to outsource imaging related functions of a clinical trial. Furthermore, some of the services offered in the market include project and data management services, quality control, image analysis, and others. For instance, through analytical services, the CROs manage the acquisition and transfer of images, review of images, and others. Thus, a team of radiological experts is employed to provide the image analysis. Similarly, services such as project management include a team of experts, which have the experience of handling the workflow of a clinical trial. Furthermore, these services are offered for different types of therapeutic expertise such as oncology, neurology, endocrinology, and others.
Rise in the need to outsource imaging clinical trials across the globe is the major factor that contributes toward the growth of the clinical trial imaging services market. In addition, surge in clinical trials due to surge in prevalence of chronic conditions, which require novel treatment option and rise in adoption of imaging in clinical trials leading to more outsourcing of these imaging related services also boost the clinical trial imaging services market growth. Furthermore, factors such as advancements in the field of medical imaging technology also fuel the growth of the market. However, challenges related to integration of imaging in clinical trials restrict the growth of the clinical trial imaging services market. Conversely, increase in awareness toward the use of imaging in clinical trials and presence of imaging modality in development offer a lucrative opportunity for the clinical trial imaging services market growth.
Covid-19 Impact On Global Clinical Trial Imaging Services Market
COVID-19 pandemic has also affected the market adversely. For instance, after COVID-19 was declared as a pandemic by WHO, countries worldwide adopted nationwide lockdowns to observe social distancing as a measure to contain the spread. This lead to disruption, limitation, challenges and changes in each sector of every industry. Similarly, the pandemic has had a mixed effect on the market. For instance, the lockdowns led to sudden disruptions or cancellations or rescheduling of majority of the clinical trials. Hence, this lead to drop in demand for clinical trial services such as imaging. In addition, other factors such as unavailability of clinical trial conducting staff at CROs due to the lockdown also impacted the market in a negative manner. However, the COVID-19 outbreak lead to rise in research related to development of therapeutics for COVID-19. Thus, this lead to surge in number of clinical trials conducted for the COVID-19 related research where imaging services are used to arrive at useful clinical decisions. The overall effect of COVID-19 on the clinical trial imaging market was slightly negative.
Clinical Trial Imaging Services Market Segmentation
The clinical trial imaging services market is segmented on the basis of service type, end user, therapeutic area, and region to provide a detailed assessment of the market. By service type, the market is divided into clinical trial design and consultation services, reading and analytical services, operational imaging services, project and data management services, and others. By end user, the market is classified into pharmaceutical and biotechnology companies, medical device manufacturers, and academic & government research institutes. By therapeutic area, it is divided into oncology, neurology, endocrinology, cardiology, gastroenterology, and others. By region, the clinical trial imaging services market size is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa and rest of LAMEA).
By service type, the market is segmented into clinical trial design and consultation services, reading and analytical services, operational imaging services, project and data management services, and others. The project and data management segment held the dominant share in 2019. Furthermore, it is also expected to exhibit the highest growth rate during the forecast period. The growth of this segment is attributable to the high cost associated with performing these tasks in house, which leads to the need to outsource them.
By Service Type
Project and Data Management Services segment is projected as one of the most lucrative segment.
By therapeutic area, oncology segment acquired the major clinical trial imaging services market share in the year 2019 and is expected to maintain the lead over the forecast period. The growth of this segment is due to rise in prevalence of cancer, which leads to surge in need for novel and advanced treatment options. This in turn leads to rise in clinical trials, which lead to surge in need for outsourcing services used in trials. Furthermore, the neurology segment is expected to exhibit the fastest growth rate during the forecast period owing to rise in use of imaging in neurology clinical trials.
By Therapeutic Area
Oncology segment held a dominant position in 2019 and will continue to maintain the lead over the forecast period.
Region wise, North America was the leading revenue contributor to the global clinical trial imaging services market in 2019 and is expected to dominate the market during the forecast period. This is attributed to owing to surge in use of imaging as an endpoint in clinical trials which leads to sponsors outsourcing these services to save cost related to its incorporation. Furthermore, the other major factor, which is the presence of major players such as Parexel International, ERT Clinical, Biospective, Inc. Intrinsic Imaging LLC leads to easy availability of clinical trial imaging service, which in turn boosts the growth of the market in the region. Asia-Pacific is expected to exhibit fastest growth rate owing to surge in awareness related to use of imaging in clinical trials. The other factors that boost the growth of the market include rise in number of clinical trials conducted in the region, which in turn leads to surge in need to outsource clinical trial services.
Asia-Pacific region would exhibit the highest CAGR of 7.4% during 2020-2027.
The global clinical trial imaging services market is highly competitive and the prominent players in the market have adopted various strategies to garner maximum clinical trial imaging services market share. These include collaboration, product launch, partnership, and acquisition. Major players operating in the market include BioClinica, Inc., Biospective Inc., Calyx, ERT Clinical, Icon Plc, IXICO plc, Intrinsic Imaging LLC, Imaging Endpoints, Micron Inc, Median Technologies, Medpace Inc., Pharmtrace, and ProScan Imaging.
Key Benefits For Stakeholders
- This report entails a detailed quantitative analysis along with the current global clinical trial imaging services market trends from 2019 to 2027 to identify the prevailing opportunities along with the strategic assessment.
- The clinical trial imaging services market forecast is studied from 2020 to 2027.
- The clinical trial imaging services market size and estimations are based on a comprehensive analysis of key developments in the industry.
- A qualitative analysis based on innovative products facilitates strategic business planning.
- The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the market.
Clinical Trial Imaging Services Market Report Highlights
By Service Type
By End User
By Therapeutic Area
Key Market Players
IXICO PLC, PROSCAN IMAGING, IMAGING ENDPOINTS, ERT CLINICAL, BIOSPECTIVE INC., PHARMTRACE, MEDIAN TECHNOLOGIES, MEDPACE, INC., BIOCLINICA INC., MICRON, INC., ICON PLC., CALYX, INTRINSIC IMAGING, LLC
The factors which fuel the growth of the global clinical trial imaging services market include surge in prevalence of various chronic conditions, which require novel treatment types leading to surge in number of clinical trials in turn leading to rise in outsourcing.
Furthermore, the emergence of imaging as a surrogate endpoint has led to surge in adoption of imaging in clinical trials. However, the imaging in clinical trials is an expensive affair that requires additional resources and expertise. Hence, adoption of imaging in clinical trial boosts the growth of the market.
The other major factors that contribute toward the growth of the market include benefits associated with imaging services offered by CROs. Moreover, on the basis of region the North America clinical trial imaging services market acquired the majority of share owing to surge in the need to outsource imaging to shorten the length of clinical trials and save additional cost related to imaging in clinical trials boosts the growth of the market.
Furthermore, the easy availability of clinical trial imaging services is another major factor that boosts the growth of the market in North America. Similarly, Asia-Pacific is expected to exhibit fastest growth rate during the forecast period owing to factors such as surge in awareness associated with the use of imaging in clinical trials