Clinical Trial Imaging Market by Modality (Magnetic Resonance Imaging, Computed Tomography, Ultrasound, Positron Emission Tomography, X-Ray, Echocardiography, Others); Products and Services (Services and Software); End User (Pharmaceutical Companies, Medical Device Companies, Academic and Government Research Institutes, and Others), and Geography: Global Market Size Estimates and Forecast (2022-2030)

The market crossed the US$ 1.09 billion mark in 2022 and is expected to hit US$ 1.94 billion by 2030, recording a CAGR of 7.5% during the forecast period.

The clinical trial imaging market has been significantly growing with the increasing pharmaceutical and medical device companies 

Rising R&D spending, a rapidly growing pharmaceutical industry, and an increase in the number of contract research organizations are some of the major factors driving the market's growth. There has been an increase in pharmaceutical companies due to the rising advancements in medical science and new drug development. The global prevalence and relapse of diseases such as cardiovascular disease (CVD), HIV infections, and dengue fever is expected to increase the demand for multiple drugs, propelling clinical trial imaging. Thus, the increase in pharmaceutical and medical device companies is fueling the demand to implement imaging technologies in clinical trials. Thus, the increasing pharmaceutical and medical device companies complemented the clinical trial imaging market's growth during the forecast period.

The services segment under the product and service segment is expected to pace with reduced reaction time and rapid outcomes. Further, another segment, such as pharmaceutical companies, is expected to gain traction during the forecasted year.

Within the report, the clinical trial imaging market is segmented into modality, product and services, end user, and geography. Based on modality, the global clinical trial imaging market is segmented into magnetic resonance imaging, computed tomography, ultrasound, positron emission tomography, X-ray, echocardiography, and others. Based on products and services, the market is segmented into services and software. Based on end user, the market is segmented into pharmaceutical companies, medical device companies, academic and government research, and others. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

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The rising healthcare expenditure is fueling the growth of drug research and development in the pharmaceutical industry. Further, according to a report (2020) by World Health Organization (WHO), global spending on health continually rose between 2000 and 2018 and reached US$ 8.3 trillion or 10% of global GDP. Thus, the rising expenditure on healthcare facilities propels drug discovery and development, fueling the clinical trials imaging market growth.

The flourishing pharmaceutical industry in developing countries is one of the major factors accelerating market growth.

Developing countries, such as India, China, and South Korea, offer significant growth opportunities to players operating in the clinical trial imaging market, mainly due to the growing R&D funding in these countries. Furthermore, countries in the Asia Pacific and the Middle East have various developing countries involved in various development for the growth of the pharmaceutical industry in the country owing to a strong trend of commercialization of life science research. Furthermore, Asian markets have many CROs that offer drug discovery services to pharmaceutical and biotechnology companies. Thus, with the significant increase in R&D funding and the flourishing pharma sector with CROs operating in emerging countries, the demand for clinical trial imaging is expected to boost the market growth.

Recent strategic developments in the clinical trial imaging market

The clinical trial imaging market has undergone several significant developments, and a few of these have been mentioned below:

• In November 2021, eResearchTechnology GmbH (ERT), the global clinical trial endpoint technology leader, announced the merger with Bioclinica, a technological and scientific leader in medical imaging. The combined company is renamed Clario.
• In October 2021, Parexel and Kyoto University Hospital announced a strategic alliance to provide more opportunities for clinical research and produce efficient and productive ways of supporting clinical studies. As part of Parexel's Alliance Site network — consisting of more than 500 sites and over 17,000 investigators across the globe accelerating access to and enrollment of patient populations for clinical trials — Kyoto University Hospital will share their therapeutic expertise and opportunities to contribute to specific areas of research.
• In July 2021, WCG announced the acquisition of Intrinsic Imaging, a leading global medical imaging core lab service provider. Intrinsic Imaging fortifies WCG's scientific and regulatory capabilities, complementing the Company's suite of solutions designed to ensure data integrity and reduce risk in clinical research.

The clinical trial imaging market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Clario, Dassault Systemes SE, Parexel International Corporation, ICON plc, IXICO plc, WIRB-Copernicus Group, Prism Clinical Imaging, BioTelemetry, Medical Metrics, and Resonance Health Ltd are among the prominent players operating in the clinical trial imaging market.

Target audience for the report:

• Medical Device Manufacturers
• Contract Research Organization
• Pharmaceutical Companies
• Consumable manufacturers and providers
• Government Agencies
• Government Research Institutes
• Imaging Software Companies

Scope of the report:

In this report, the market has been segmented on the basis of:

• Modality:
  • Magnetic Resonance Imaging
  • Computed Tomography
  • Ultrasound
  • Positron Emission Tomography
  • X-Ray
  • Echocardiography
  • Others

• Products and Services
  • Software
  • Services

• End User:
  • Pharmaceutical Companies
  • Medical Device Companies
  • Academic and Government Research Institutes
  • Others

• Region
  • North America
  • Europe
  • Asia Pacific (APAC)
  • South & Central America
  • Middle East & Africa

• Companies profiled
  • Clario
  • Dassault Systemes SE
  • Parexel International Corporation
  • ICON plc
  • IXICO plc
  • WIRB-Copernicus Group
  • Prism Clinical Imaging
  • BioTelemetry
  • Medical Metrics
  • Resonance Health Ltd