27 April 2023
Visiongain has published a new report entitled Clinical Trial Imaging Market Report 2023-2033: Forecasts by Software and Services (Software, Services), by Modality (Computed Tomography, Magnetic Resonance Imaging, Ultrasound, Positron Emission Tomography, X-ray, Echocardiography), by Therapeutic Area (Oncology, Infectious Diseases, Neurology, CVS, Endocrinology, Immunological Disorder), by End-users (Pharmaceutical Companies, Biotechnology Companies, Medical Device Manufacturer, Contract Research Organisations, Academic and Government Research Institutes) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The clinical trial imaging market was valued at US$1,370.7 million in 2022 and is projected to grow at a CAGR of 7.5% during the forecast period 2023-2033.
Rising Number of Clinical Trials Coupled with Growing R&D Investments
Clinical trial imaging plays a critical role in the clinical trials by providing researchers with a way to visualize and measure the effects of experimental drugs and therapies on the body. Medical imaging techniques such as MRI, CT scans, and PET scans can provide detailed images of organs, tissues, and cells, which can be used to identify and monitor disease progression, as well as assess the efficacy and safety of new treatments. The use of imaging in clinical trials has several advantages over traditional methods of clinical assessment, such as physical exams and laboratory tests. Imaging can provide objective and quantitative measurements of disease progression and treatment response, which can help to reduce variability and improve the accuracy of trial results. Hence, with rise in number of clinical trials has consequently boosted the demand for imaging services.
How has COVID-19 had a significant positive impact on the clinical trial imaging market?
The clinical trial imaging market has been significantly affected by the COVID-19 pandemic. The outbreak of the virus has caused many clinical trials to be postponed or cancelled, including those involving imaging. The pandemic has resulted in travel restrictions, reduced access to healthcare facilities, and concerns about the safety of study participants and staff, which have all impacted the ability to conduct clinical trial imaging.
Clinical trial imaging requires specialized equipment and personnel, including radiologists, imaging technicians, and data analysts who are trained in the handling of medical imaging technology and possess expertise in data analysis and interpretation. Due to the pandemic, the specialized equipment and personnel required for clinical trial imaging were redeployed to address the pandemic, resulting in a shortage of resources for imaging trials.
In response to the pandemic, many clinical trial imaging providers have started offering virtual imaging services, which include remote monitoring of imaging data and virtual site visits. This has enabled some trials to continue despite restrictions on in-person activities. The pandemic has also led to a surge in demand for imaging studies related to COVID-19, such as those studying lung function and disease progression. This has created opportunities for imaging providers with expertise in COVID-19 imaging.
How will this Report Benefit you?
Visiongain’s 272-page report provides 115 tables and 162 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global clinical trial packaging and labelling market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for clinical trial imaging. Get financial analysis of the overall market and different segments including services type, distribution channel, indications, and route of administration, company size and capture higher market share. We believe that there are strong opportunities in this fast-growing clinical trial packaging and labelling market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Increasing adoption of artificial intelligence (AI) and machine learning (ML) technologies
The market for clinical trial imaging has seen a sizable opportunity as a result of the deployment of artificial intelligence (AI) and machine learning (ML) technologies. The clinical trial imaging process, from patient selection and data collection to analysis and interpretation, has the potential to undergo a revolution owing to technological advances in the field of Artificial Intelligence and Machine Learning. These developments will aid the clinical trial imaging process to be more effective, precise and less time for interpretation of the images thereby reducing the workload on radiologists. Moreover, AI and ML are also capable of detecting various pathological differentiation which can be missed skilled pathologists too due his subjective interpretation thus providing accurate diagnosis. These technological advances through new product innovations are anticipated to dramatically boost the market growth during the forecast period. For instance, in March 2023, Clario unveiled its new cloud based Image Viewer tool. This tool provides real time access, high resolution quality images and is data privacy compliant to the sponsors and the CROs.
Where are the Market Opportunities?
Outsourcing of Imaging Services
The outsourcing of imaging services is creating a significant opportunity in the clinical trial imaging market. Outsourcing has become a prevalent strategy for pharmaceutical and biotechnology companies seeking to streamline their drug development processes and reduce costs. Outsourcing imaging services can help these companies to access specialized expertise, advanced imaging technologies, and a global network of imaging sites. Specialized imaging CROs assist the biopharmaceutical clinical trials by offering imaging services which are pivotal for the progress of the clinical trial. These medical imaging CROs provide specialized subject matter experts for imaging protocols, image acquisition and its analysis through provision of well-qualified radiologists. These highly specialized firms provide high quality images to get the most accurate information and assist their clients in data analysis and data management. They also support in image archiving services through use of shared tools and platforms to effectively facilitate workflows.
The major players operating in the clinical trial packaging and labelling market are ICON plc, BioTelemetry, a Philips Company, Clario, Novitas Life Sciences, Resonance Health Ltd, Parexel International Corporation, Medrio, Inc., Signant Health, eClinical Solutions LLC, Medical Metrics, Inc., Calyx, Radiant Sage LLC, Medpace, IXICO plc among others. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch to stay competitive in this market.
• MedPass International, a European CRO specializing in medical devices, reimbursement, and regulatory consultancy, was acquired by ICON plc in February 2020. According to sources, this acquisition has allowed ICON to increase the scope of its diagnostic research and medical device services across Europe.
• Novartis AG, a key player in the market under study, increased its investment from US$14,197 million in the previous year to US$ 14,886 million in FY 2021, as per their annual reports. These substantial investments are expected to fuel the growth of the market.
• In April 2021, Parexel collaborated with Veeva. Parexel's extensive experience as a leading clinical research organization (CRO) with Veeva's expertise as a technology innovator in clinical trials will help in improving study efficiency and bringing new therapies to patients faster. Parexel has chosen to standardise on Veeva's portfolio of clinical operations products, including Vault eTMF, Vault CTMS, and Vault Study Startup, in order to streamline operations. Parexel also provides Veeva Vault CDMS to its customers for clinical data management.
Notes for Editors
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