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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
