Medical imaging plays a prominent role in clinical trials as it can help in providing answers to the critical challenges that occur in drug development process. It takes about 15 years for a drug to move from a laboratory set-up to FDA approval. The chances of a compound getting regulatory approval are minimal as out of 6 to 11,000 compounds that are evaluated in the pre-clinical stage, only 5 are able to make it to the clinical trials and only one of them gets regulatory approval. Medical imaging can help play a crucial role in the product development process as it can reduce the late-stage attrition by gathering more information in the pre-clinical trials of safety, efficacy, and mechanism of action.

Medical imaging applications for pharmaceutical clinical trials include identifying disease predisposition, diagnosing and evaluating lesions and their severity, determining the responder patients, and monitoring therapy effects and their follow-ups. Nuclear imaging techniques such as positron emission tomography (PET) are used to observe drug pharmacokinetics and distribution along with studying the specific molecular endpoints. For drug efficacy studies, use of imaging surrogate endpoints and imaging biomarkers can provide quick results with good statistical power as they help in facilitating small group sizes. In addition, imaging has a huge potential in drug safety assessment during clinical trials in the absence of suitable biomarker. With its widespread applications, medical imaging is witnessing a rapid growth in its use for clinical trials. In fact, medical imaging is used as an endpoint for about half of all clinical trials.

Factors that are driving the growth of the global clinical trial imaging market are increase in the biotechnology and pharmaceutical industries, rise in the number of contract manufacturing/contract research organizations, and an overall increase in research and development spending. Furthermore, the increasing prevalence of chronic diseases, portability and miniaturization of equipment, and rise in geriatric population are fueling the growth of the market. On the other hand, high cost of installation of these systems and enormous cost of clinical trials are projected to impede the growth of the market. However, the rise in demand for multimodal imaging systems and the growth potential offered by the emerging markets are projected to further boost the growth of the market during the forecast period.

The global clinical trial imaging market is segmented into product, end-user, modality, and geography. In terms of product, the market is classified into software and services. The services segment is expected to have a significant share of the market owing to high costs associated with the imaging equipment. The biotechnology and pharmaceutical companies have been forced to outsource imaging clinical trials to service providers owing to the high cost. In terms of modality, the market is divided into PET, MRI, ultrasound, CT, X-Ray, and ECHO. The CT segment is projected to dominate the market. Based on end-user, the market is segmented into biotechnology companies, pharmaceutical companies, contract research organizations, medical device manufacturers, government research and academic institutes, skincare companies, and others. Pharmaceutical companies are projected to account for a prime share of the market.

In terms of geography, the global clinical trial imaging market is distributed over North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the market in terms of size owing to presence of large number of biotechnology and pharmaceutical companies, large R&D spending, and rise in number of contract research organizations (CROs). North America is followed by Europe. The market in Asia Pacific is expected to register a fast growth due to rapid advancements in the health care infrastructure and rise in prevalence of chronic diseases.

The major prominent players operating in the clinical trial imaging market are Cardiovascular Imaging Technologies LLC, Intrinsic Imaging, LLC, PAREXEL International Corporation, BioClinica, Inc, ICON plc, Biomedical Systems, IXICO PLC, WorldCare Clinical, LLC, and VirtualScopics Inc.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Clinical Trial Imaging Market