Summary

According to projections, the global clinical trial imaging market is expected to grow at a compound annual growth rate (CAGR) of 7.8%, from USD 1.42 billion in 2024 to USD 2.07 billion by 2029. Factors driving the market's growth include the biotechnology and pharmaceutical industries' expansion, the rise in R&D spending, and the number of Contract Research Organizations (CROs). However, the primary factors impeding the market's growth during the projection period are the high cost of clinical trials and the high implementation cost of imaging systems.
“By service & software, the service sector had the fastest growth rate in the clinical trial imaging market throughout the projected period.”
Based on type, services and software comprise the clinical trial imaging industry. In the clinical trial imaging market in 2023, the service sector had the fastest growth rate. The operational imaging services, reader analysis services, system & technical support services, and trial design consulting services are further subdivided under the services sector based on type. Growing R&D expenditures, an increase in clinical trials, and the need for novel illness treatments and diagnostics are the main factors contributing to this segment's growth.
“Medical device manufacturers segment accounted for the highest CAGR.”
The pharmaceutical and biotechnology firms, medical device manufacturers, contract research organizations, academic and government research institutes, and other end users are the segments of the clinical trial imaging market based on end user. The segment with the highest growth rate in 2023 was medical device manufacturers. This can be explained by the fact that the major growth drivers of the medical device manufacturers segment are the rising R&D expenditures and R&D activity by medical device manufacturers as well as the growing medical device market.
“Asia Pacific: The fastest-growing region clinical trial imaging market.”
The markets for clinical trial imaging across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa and GCC countries comprise the global market. Over the course of the projection period, the Asia Pacific area is expected to record the greatest CAGR. The large number of SMEs, the presence of a large treatment-naïve population for clinical trials, less-stringent regulations governing the use of animals in clinical research, the availability of local CROs with strong regulatory and linguistic understanding, the presence of highly qualified researchers, and the low cost of clinical trials are the major factors driving the R&D sector. These drivers driving the market's expansion are therefore due to the rise in R&D expenditures and the increasing trend of outsourcing pharmaceutical research to developing Asian countries.

The primary interviews conducted for this report can be categorized as follows:

• By Company Type: Tier 1 - 40%, Tier 2 - 30%, and Tier 3 - 30%
• By Designation: C-level - 27%, D-level - 18%, and Others - 55%
• By Region: North America - 51%, Europe - 21%, Asia Pacific - 18%, Latin America – 6%, and the Middle East & Africa – 4%
Prominent companies are ICON plc. (Ireland), BioTelemetry Inc. (US), Biomedical Systems Corporation (US), Medpace Holdings, Inc. (US), IXICO plc. (UK), Resonance Health Ltd. (Australia), Radiant Sage LLC. (US), BioClinica Inc. (US), Intrinsic Imaging LLC. (US), Cardiovascular Imaging Technologies LLC. (US), Medical Metrics Inc. (US), Prism Clinical Imaging, Inc. (US), Boston Imaging Core Lab LLC. (US), anagram 4 clinical trials (Spain), Lyscaut Medical Imaging Company (Belgium), Calyx Group (UK), Bioseptive Inc. (Canada), ProScan Imaging LLC. (US), Micron Inc. (Japan), Imaging Endpoints LI, LLC (US), Perspectum Ltd. (UK), Pharmtrace klinische Entwicklung GmbH (Germany), WorldCare Clinical, LLC (US), Median Technologies (France) and Invicro. LLC. (US).
Research Coverage:
This research report categorizes the clinical trial imaging market by service & software, modality, therapeutic area, end user and region. The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the clinical trial imaging market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; Contracts, partnerships, agreements, new product & service launches, mergers and acquisitions, and recent developments associated with the clinical trial imaging market. Competitive analysis of upcoming startups in the clinical trial imaging market ecosystem is covered in this report.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall clinical trial imaging market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market's pulse and provide them with information on the key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
• Analysis of key drivers, restraints, opportunities, and challenges influencing the growth of the clinical trial imaging market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the clinical trial imaging market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the clinical trial imaging market across varied regions.
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the clinical trial imaging market.
• Competitive Assessment: In-depth assessment of market ranking, growth strategies and service offerings of leading players like ICON plc. (Ireland), BioTelemetry Inc. (US), Biomedical Systems Corporation (US), and Medpace Holdings, Inc. (US), among others in the clinical clinical trial imaging market strategies.

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Table of Contents

1 INTRODUCTION 30
1.1 STUDY OBJECTIVES 30
1.2 MARKET DEFINITION 30
1.3 STUDY SCOPE 31
1.3.1 SEGMENTS CONSIDERED 31
1.3.2 INCLUSIONS AND EXCLUSIONS 32
1.3.3 YEARS CONSIDERED 32
1.3.4 CURRENCY CONSIDERED 32
1.4 STAKEHOLDERS 33
1.5 SUMMARY OF CHANGES 33
2 RESEARCH METHODOLOGY 34
2.1 RESEARCH DATA 34
2.2 RESEARCH APPROACH 34
2.2.1 SECONDARY DATA 35
2.2.1.1 Key data from secondary sources 35
2.2.1.2 Objectives of secondary research 35
2.2.2 PRIMARY DATA 36
2.2.2.1 Objectives of primary research 36
2.2.2.2 Key data from primary sources 37
2.2.2.3 Key industry insights 38
2.2.2.4 Breakdown of primaries 38
2.3 MARKET SIZE ESTIMATION 39
2.3.1 BOTTOM-UP APPROACH 39
2.3.1.1 Company revenue estimation approach 40
2.3.1.2 Company presentations and primary interviews 40
2.3.1.3 Growth forecasts 40
2.3.1.4 CAGR projections 41
2.3.2 TOP-DOWN APPROACH 41
2.4 DATA TRIANGULATION 42
2.5 STUDY ASSUMPTIONS 43
2.6 RESEARCH LIMITATIONS 43
2.7 RISK ASSESSMENT 44
3 EXECUTIVE SUMMARY 45

4 PREMIUM INSIGHTS 49
4.1 CLINICAL TRIAL IMAGING MARKET OVERVIEW 49
4.2 CLINICAL TRIAL IMAGING MARKET SHARE, BY SERVICE & SOFTWARE, 2024 VS. 2029 49
4.3 CLINICAL TRIAL IMAGING MARKET SHARE, BY MODALITY, 2024 VS. 2029 50
4.4 CLINICAL TRIAL IMAGING MARKET SHARE, BY THERAPEUTIC AREA, 2024 VS. 2029 50
4.5 CLINICAL TRIAL IMAGING MARKET SHARE, BY END USER, 2024 VS. 2029 51
4.6 CLINICAL TRIAL IMAGING MARKET: REGIONAL GROWTH OPPORTUNITIES 51
5 MARKET OVERVIEW 52
5.1 INTRODUCTION 52
5.2 MARKET DYNAMICS 52
5.2.1 DRIVERS 52
5.2.1.1 Increasing R&D spending in pharmaceutical and biotechnology companies 52
5.2.1.2 Rising number of clinical trials in medical research 53
5.2.1.3 Growth in pharmaceutical and biotechnology industries 54
5.2.1.4 Increasing number of contract research organizations 54
5.2.2 RESTRAINTS 54
5.2.2.1 High implementation cost of imaging systems 54
5.2.3 OPPORTUNITIES 55
5.2.3.1 Growth opportunities in emerging economies 55
5.2.3.2 Development of innovative imaging modalities, contrast agents, molecular probes, and radiopharmaceuticals 55
5.2.4 CHALLENGES 55
5.2.4.1 High cost of clinical trials 55
5.3 PRICING ANALYSIS 56
5.3.1 INDICATIVE PRICING ANALYSIS FOR CLINICAL TRIAL IMAGING SERVICES & SOFTWARE, 2021–2023 56
5.4 PATENT ANALYSIS 57
5.4.1 LIST OF MAJOR PATENTS, 2022–2023 57
5.5 TRADE ANALYSIS 58
5.5.1 TRADE ANALYSIS FOR X-RAY APPARATUS (HS CODE 9022) 58
5.5.1.1 Import data for X-ray apparatus 58
5.5.1.2 Export data for X-ray apparatus 59
5.5.2 TRADE ANALYSIS FOR CT APPARATUS (HS CODE 902212) 59
5.5.2.1 Import data for CT apparatus 59
5.5.2.2 Export data for CT apparatus 60
5.6 VALUE CHAIN ANALYSIS 60
5.7 SUPPLY CHAIN ANALYSIS 61
5.8 ECOSYSTEM ANALYSIS 62
5.8.1 ROLE IN ECOSYSTEM 62

5.9 PORTER’S FIVE FORCES ANALYSIS 63
5.9.1 THREAT OF NEW ENTRANTS 64
5.9.2 THREAT OF SUBSTITUTES 64
5.9.3 BARGAINING POWER OF BUYERS 64
5.9.4 BARGAINING POWER OF SUPPLIERS 64
5.9.5 INTENSITY OF COMPETITIVE RIVALRY 65
5.10 KEY STAKEHOLDERS AND BUYING CRITERIA 65
5.10.1 KEY STAKEHOLDERS IN BUYING PROCESS 65
5.10.2 KEY BUYING CRITERIA 66
5.11 REGULATORY ANALYSIS 67
5.11.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 67
5.12 KEY CONFERENCES AND EVENTS IN 2023–2024 71
5.13 TECHNOLOGY ANALYSIS 72
5.13.1 KEY TECHNOLOGIES 72
5.13.1.1 CT and MRI 72
5.13.2 COMPLEMENTARY TECHNOLOGIES 72
5.13.2.1 Ultrasound 72
5.14 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 73
5.15 CASE STUDY ANALYSIS 73
5.15.1 REVIEW OF CT FINDINGS AND HISTOPATHOLOGICAL CHARACTERISTICS OF PRIMARY LIVER CARCINOSARCOMA 73
5.16 IMPACT OF AI/GENERATIVE AI ON CLINICAL TRIAL IMAGING MARKET 74
6 CLINICAL TRIAL IMAGING MARKET, BY SERVICE & SOFTWARE 76
6.1 INTRODUCTION 77
6.2 SERVICES 77
6.2.1 OPERATIONAL IMAGING SERVICES 79
6.2.1.1 Rising number of CROs and growing pharmaceutical industry to drive market 79
6.2.2 READ ANALYSIS SERVICES 81
6.2.2.1 Increasing number of clinical trials and rising R&D spending to support market growth 81
6.2.3 SYSTEM AND TECHNICAL SUPPORT SERVICES 83
6.2.3.1 Need for continuous technical support to propel segment growth 83
6.2.4 TRIAL DESIGN AND CONSULTING SERVICES 85
6.2.4.1 High R&D spending and favorable government initiatives for clinical trials to fuel market growth 85
6.3 SOFTWARE 87
6.3.1 NEED FOR HIGHLY EFFICIENT AND COST-EFFECTIVE CLINICAL OPERATIONS SOFTWARE TO FAVOR MARKET GROWTH 87

7 CLINICAL TRIAL IMAGING MARKET, BY MODALITY 90
7.1 INTRODUCTION 91
7.2 COMPUTED TOMOGRAPHY 91
7.2.1 HIGHER CONTRAST IMAGE AND QUICKER TEST RESULTS TO AUGMENT SEGMENT GROWTH 91
7.3 MAGNETIC RESONANCE IMAGING 94
7.3.1 GREATER OBJECTIVITY, SENSITIVITY, AND REPRODUCIBILITY TO PROPEL MARKET GROWTH 94
7.4 ULTRASOUND 96
7.4.1 COST-EFFECTIVENESS AND EASE OF USE TO FUEL MARKET GROWTH 96
7.5 POSITRON EMISSION TOMOGRAPHY 99
7.5.1 ABILITY TO ASSESS PHARMACOKINETIC AND PHARMACODYNAMIC EVENTS IN HUMANS AND ANIMALS TO BOOST MARKET GROWTH 99
7.6 X-RAY 101
7.6.1 LOW SCANNING COST AND TECHNOLOGICAL ADVANCEMENTS TO FAVOR MARKET GROWTH 101
7.7 OTHER MODALITIES 103
8 CLINICAL TRIAL IMAGING MARKET, BY THERAPEUTIC AREA 106
8.1 INTRODUCTION 107
8.2 ONCOLOGY 107
8.2.1 GROWING INCIDENCE OF CANCER AND INCREASING R&D INVESTMENTS BY PHARMA COMPANIES TO AID MARKET GROWTH 107
8.3 INFECTIOUS DISEASES 110
8.3.1 RISING DRUG DISCOVERY ACTIVITY AND GROWING DEMAND FOR THERAPEUTICS TO SPUR MARKET GROWTH 110
8.4 NEUROLOGY 112
8.4.1 HIGH RESEARCH INVESTMENTS FOR NEUROLOGIC DRUGS TO PROPEL MARKET GROWTH 112
8.5 CARDIOVASCULAR SYSTEM DISORDERS 114
8.5.1 HIGH MORTALITY RATE AND COMPLEX CLINICAL TRIAL PROCEDURES TO AUGMENT MARKET GROWTH 114
8.6 ENDOCRINOLOGY 116
8.6.1 RISING PREVALENCE OF DIABETES AND INCREASING RESEARCH FUNDING FOR METABOLIC DISORDERS TO DRIVE MARKET 116
8.7 IMMUNOLOGICAL DISORDERS 119
8.7.1 WIDE PREVALENCE OF ALLERGIES, ASTHMA, AND AUTOIMMUNE DISEASES TO SUPPORT MARKET GROWTH 119
8.8 OTHER THERAPEUTIC AREAS 121

9 CLINICAL TRIAL IMAGING MARKET, BY END USER 124
9.1 INTRODUCTION 125
9.2 PHARMACEUTICAL & BIOTECHNOLOGY COMPANIES 125
9.2.1 HIGH R&D BUDGETS AND FAVORABLE GOVERNMENT INITIATIVES TO SUPPORT MARKET GROWTH 125
9.3 MEDICAL DEVICE MANUFACTURERS 129
9.3.1 HIGH SPENDING ON R&D AND CLINICAL TRIALS TO SUPPORT MARKET GROWTH 129
9.4 CONTRACT RESEARCH ORGANIZATIONS 131
9.4.1 INCREASING TREND OF OUTSOURCING AND GROWING PATIENT POPULATION IN EMERGING ECONOMIES TO AID MARKET GROWTH 131
9.5 ACADEMIC AND GOVERNMENT RESEARCH INSTITUTES 134
9.5.1 RISING RESEARCH FUNDING AND INCREASING GOVERNMENT SUPPORT FOR CLINICAL TRIALS TO BOOST MARKET GROWTH 134
9.6 OTHER END USERS 136
10 CLINICAL TRIAL IMAGING MARKET, BY REGION 139
10.1 INTRODUCTION 140
10.2 NORTH AMERICA 140
10.2.1 MACROECONOMIC OUTLOOK FOR NORTH AMERICA 143
10.2.2 US 144
10.2.2.1 US to dominate North American clinical trial imaging market during study period 144
10.2.3 CANADA 147
10.2.3.1 Increase in per capita healthcare spending to augment market growth 147
10.3 EUROPE 149
10.3.1 MACROECONOMIC OUTLOOK FOR EUROPE 152
10.3.2 GERMANY 153
10.3.2.1 Strong medical technology infrastructure and increased funding for biomedical research to augment market growth 153
10.3.3 UK 155
10.3.3.1 Increased R&D investments and high per capita healthcare expenditure to augment market growth 155
10.3.4 FRANCE 157
10.3.4.1 Developed generics market and favorable government healthcare policies to support market growth 157
10.3.5 ITALY 159
10.3.5.1 Increasing number of drug approvals and rising investments in clinical trials to drive market 159
10.3.6 SPAIN 161
10.3.6.1 Increased biologics production and improved healthcare infrastructure to aid market growth 161
10.3.7 REST OF EUROPE 164

10.4 ASIA PACIFIC 167
10.4.1 MACROECONOMIC OUTLOOK FOR ASIA PACIFIC 170
10.4.2 CHINA 171
10.4.2.1 Favorable government regulations and presence of large target patient population to boost market growth 171
10.4.3 JAPAN 173
10.4.3.1 Increasing geriatric population and rising healthcare expenditure to favor market growth 173
10.4.4 INDIA 176
10.4.4.1 Increased government focus on developing advanced healthcare infrastructure to augment market growth 176
10.4.5 REST OF ASIA PACIFIC 178
10.5 LATIN AMERICA 181
10.5.1 MACROECONOMIC OUTLOOK FOR LATIN AMERICA 183
10.5.2 BRAZIL 184
10.5.2.1 Increasing investments in biopharmaceutical research to propel market growth 184
10.5.3 MEXICO 186
10.5.3.1 Developed pharmaceutical and biotechnology industry and high demand for personalized medicines to aid market growth 186
10.5.4 REST OF LATIN AMERICA 188
10.6 MIDDLE EAST & AFRICA 191
10.6.1 INCREASED FUNDING AND COLLABORATIONS IN RESEARCH SECTOR TO DRIVE MARKET 191
10.6.2 MACROECONOMIC OUTLOOK FOR MIDDLE EAST & AFRICA 193
10.7 GCC COUNTRIES 194
10.7.1 INCREASING RESEARCH ACTIVITIES AND GROWING BIOTECHNOLOGY INDUSTRY TO SPUR MARKET GROWTH 194
10.7.2 MACROECONOMIC OUTLOOK FOR GCC COUNTRIES 197
11 COMPETITIVE LANDSCAPE 198
11.1 INTRODUCTION 198
11.2 KEY PLAYER STRATEGY/RIGHT TO WIN 198
11.2.1 OVERVIEW OF STRATEGIES ADOPTED BY PLAYERS IN CLINICAL TRIAL IMAGING MARKET 198
11.3 REVENUE ANALYSIS, 2021–2023 199
11.4 MARKET SHARE ANALYSIS, 2023 200
11.5 COMPANY EVALUATION MATRIX: KEY PLAYERS (2023) 202
11.5.1 STARS 202
11.5.2 EMERGING LEADERS 202
11.5.3 PERVASIVE PLAYERS 202
11.5.4 PARTICIPANTS 202

11.5.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023 203
11.5.5.1 Company footprint 203
11.5.5.2 Service & software footprint 204
11.5.5.3 Therapeutic area footprint 204
11.5.5.4 Region footprint 204
11.6 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023 205
11.6.1 PROGRESSIVE COMPANIES 205
11.6.2 RESPONSIVE COMPANIES 205
11.6.3 DYNAMIC COMPANIES 205
11.6.4 STARTING BLOCKS 205
11.6.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023 206
11.7 COMPANY VALUATION AND FINANCIAL METRICS 207
11.8 COMPETITIVE SCENARIO 208
11.8.1 SERVICE AND SOLUTION LAUNCHES AND REGULATORY APPROVALS 208
11.8.2 DEALS 209
12 COMPANY PROFILES 210
12.1 KEY PLAYERS 210
12.1.1 ICON PLC 210
12.1.1.1 Business overview 210
12.1.1.2 Services/Solutions offered 211
12.1.1.3 Recent developments 211
12.1.1.3.1 Solution launches 211
12.1.1.3.2 Deals 212
12.1.1.4 MnM view 212
12.1.1.4.1 Key strengths 212
12.1.1.4.2 Strategic choices 212
12.1.1.4.3 Weaknesses and competitive threats 213
12.1.2 MEDPACE 214
12.1.2.1 Business overview 214
12.1.2.2 Services/Solutions offered 215
12.1.2.3 MnM view 215
12.1.2.3.1 Key strengths 215
12.1.2.3.2 Strategic choices 215
12.1.2.3.3 Weaknesses and competitive threats 215

12.1.3 CLARIO 216
12.1.3.1 Business overview 216
12.1.3.2 Services/Solutions offered 216
12.1.3.3 Recent developments 217
12.1.3.3.1 Solution launches 217
12.1.3.3.2 Deals 217
12.1.3.4 MnM view 218
12.1.3.4.1 Key strengths 218
12.1.3.4.2 Strategic choices 218
12.1.3.4.3 Weaknesses and competitive threats 218
12.1.4 IXICO PLC 219
12.1.4.1 Business overview 219
12.1.4.2 Services/Solutions offered 220
12.1.4.3 Recent developments 221
12.1.4.3.1 Deals 221
12.1.4.3.2 Other developments 221
12.1.5 RESONANCE HEALTH LTD. 222
12.1.5.1 Business overview 222
12.1.5.2 Services/Solutions offered 223
12.1.5.3 Recent developments 224
12.1.5.3.1 Service launches and regulatory approvals 224
12.1.5.3.2 Deals 224
12.1.6 RADIANT SAGE 225
12.1.6.1 Business overview 225
12.1.6.2 Services/Solutions offered 225
12.1.7 WCG CLINICAL 226
12.1.7.1 Business overview 226
12.1.7.2 Services/Solutions offered 226
12.1.7.3 Recent developments 226
12.1.7.3.1 Deals 226
12.1.8 CARDIOVASCULAR IMAGING TECHNOLOGIES 227
12.1.8.1 Business overview 227
12.1.8.2 Services/Solutions offered 227
12.2 OTHER PLAYERS 228
12.2.1 MEDICAL METRICS, INC. 228
12.2.2 PRISM CLINICAL IMAGING 229
12.2.3 BOSTON IMAGING CORE LAB 230
12.2.4 ANAGRAM 4 CLINICAL TRIALS 231
12.2.5 VOIANT 231

12.2.6 CALYX 232
12.2.7 BIOSPECTIVE INC. 233
12.2.8 PROSCAN IMAGING 234
12.2.9 MICRON, INC. 235
12.2.10 IMAGING ENDPOINTS 236
12.2.11 PERSPECTUM 237
12.2.12 PHARMTRACE 237
12.2.13 NAVITAS LIFE SCIENCES 238
12.2.14 MEDIAN TECHNOLOGIES 238
12.2.15 INVICRO, LLC 239
12.2.16 IMAGE CORE LAB 239
12.2.17 IMAGE ANALYSIS GROUP (IAG) 240
13 APPENDIX 241
13.1 DISCUSSION GUIDE 241
13.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 245
13.3 CUSTOMIZATION OPTIONS 247
13.4 RELATED REPORTS 247
13.5 AUTHOR DETAILS 248