Global Clinical Trial Imaging Market

Clinical Trial Imaging Market: Insights

Clinical trial imaging is now emerging as an alternative measure that reduces the overall cost of a drug trial and thereby boosts the duration of clinical trials. In the clinical production of new life sciences products, medical imaging plays a significant role. The pharmaceutical and biotech industries continue to expand, although there is a steady fluctuation in the medical imaging sector.This can be due to increasing investment in medical imaging companies along with the introduction of advanced imaging technologies to encourage clinical trials for medical devices.

The growing use of technology alongside improved computational power is promoting the use of clinical trial imaging. The protocol of the Quantitative Imaging Biomarkers Alliance (QIBA) includes standard protocols and imaging techniques with uniform techniques that can be applied in clinical trials to achieve reliable and statistical endpoints.The growth of the market is expected to be driven by the growing number of CROs, the increasing geriatric population with chronic illness, and the growing R&D investments. Moreover, the advent of the biopharmaceutical industry and small and portable devices are anticipated to offer opportunities during the forecasted timeline for the growth of the demand for clinical trial imaging.

Technology advancements are introducing significant changes to the assessment, compilation, and submission of image data from clinical trials. Technology-enabled imaging, particularly software for image analysis, offers clinical studies with numerous benefits, such as quality, adaptability, data accuracy, and compliance. Image analysis software, for example, is used to guide and manage a reader throughthe analysis of imaging points.

The introduction of digital imaging traces during the COVID-19 disease outbreak is expected to create new avenues for the adoption of these devices. The implementation of innovative computer models helps to better analyze CT and radiographic images, which are intended to facilitate patients in the early detection of COVID-19 disease.

Clinical Trial Imaging Market: By Product & Service

The services segment accounted for the largest revenue share as well as expected to grow at a significant CAGR in 2021. This is due to the growing outsourcing of biotechnology, medical devices, and pharmaceutical companies from clinical trials to CROs, which is expected to push market growth.

A significant market share of operational imaging services was also recorded in 2020. Operational imaging services involve imaging methods, including CT, ultrasound, MRI, PET, and SPECT,for numerous therapeutic applications, including oncology, cardiovascular diseases, musculoskeletal disorders,and neurology and medical equipment for clinical trials.

Clinical Trial Imaging Market: By Modality

The computed tomography segment is anticipated to boost market share over the forecast period.Computed tomography is a non-invasive surgical procedure that creates cross-sectional images of the body using X-Ray. The CT scan provides extensive information to schedule treatment and examines children and adults for abnormalities. Radiological imaging coupled with complex molecular assays serves as a valuable method in preclinical and clinical settings to assist in the go or no-go decision.

The segment of positron emission tomography (PET) is predicted to grow during the projected timeline at the highest CAGR. The development in this segment can be due to the growing use of PET to obtain function and metabolism information in clinical trials to screen different organs.

Clinical Trial Imaging Market: By End-User

It is expected that the CROs segment will account for the largest market share position in 2021. This is due to rising R&D activities combined with increasing drug development costs. Also, the segment is driven by the growing demand from pharmaceutical and biotechnology companies to outsource research and development activities to reduce costs. Hence, the government agencies, prefer to handover over projects to the CROs.

The pharmaceutical and biotechnology companies’ segment is expected to see substantial growth over the projected period. One of the significant factors are leading to this segment's growth is the need to develop new drugs and treatments to cure chronic illnesses. The increasing number of biopharmaceutical companies makes it necessary for manufacturers to offer end-users the best possible medication.

Moreover, medical device manufacturers are expected to see steady growth. The R&D spending by manufacturers of medical devices and the increasing demand for medical devices are factors contributing to the high growth of the end-user market.

Clinical Trial Imaging Market: By Region

The North American area remains a major market shareholder in the projected timeframe in terms of revenue.Itis driven by factors that have led to the market due to the increasing occurrence of cancer, the increasing number of skilled professionals, and the growing R&D facilities. Moreover, due to the increasing occurrenceof chronic illness and rapid adoption of technology, the U.S. marketfor clinical trial imaging will grow significantly. North America's growing outsourcing activities have contributed to the growing outsourcing of clinical trials.

Furthermore, in the Asia-Pacific region, a significant CAGR rate over the expected timeframe will be demonstrated.The growth can be attributed to the elevated prevalence of cancer coupled with strategic policies and investment in the healthcare sector.The rising need for advanced and traditional therapies and equipment. Moreover, the growing medical tourism, the increasing expenditure on R&D activities along withthegrowing urbanization, are some of the factors affecting the growth of the regional sector.

Clinical Trial Imaging Market: Share & Competitor Analysis

Worldcare Clinical, LLC, Ixico PLC, Bioclinica, Inc., Biotelemetry, Inc., Intrinsic Imaging LLC, Radiant Sage LLC, Parexel International Corporation, Cardiovascular Imaging Technologies, LLC, Biomedical Systems Corporation, Icon PLC, among others are the prime competitors that compete in the market.

Please note: This is not an exhaustive list of companies profiled in the report.

In February 2021, Philips successfully acquired Biotelemetry, Inc to strengthen its cardiac care portfolio and transform the delivery of care alongside the health continuum with integrated technologies. The company is recognized as the pioneer in health technology globally.

In December 2020, eResearchTechnology Inc. successfully acquiredBioclinica, Inc., a clinical imaging company for USD 445 million.