“Global Clinical Trial Imaging Market is anticipated to grow on account of growing need of clinical trial imaging in providing highly relevant data to clinical research and support the primary end point of some clinical trials”, says Visiongain report
05 September 2019
Visiongain has launched a new pharma report Clinical Trial Imaging Market Report: By Modality (Computed Tomography, Echocardiography, Magnetic Resonance Imaging, Positron Emission Tomography, Ultrasound, X-Ray, Other Modalities), End Users (Academic and Government Research Institutes, Biotechnology Companies, Contract Research Organizations, Medical Device Manufacturers, Pharmaceutical Companies, Other End Users) and by Region.
Global clinical trial imaging market is anticipated to grow on account of growing need of clinical trial imaging in providing highly relevant data to clinical research and support the primary end point of some clinical trials. The global market is anticipated to grow at a lucrative CAGR of 6.6% and anticipated to reach USD 1,547.63 Million by 2029.
Technological advances bring important changes to the clinical trial imaging information collection, assessment, and submission. Including information accuracy, consistency, adaptability, and compliance, technology-enabled imaging–specifically, picture analysis software–gives countless advantages to clinical trials. For instance, picture analysis software can be introduced to direct and guide a viewer through the assessment of each picture time point. This minimizes deviations from the protocol and guarantees the unique bias of each reader does not creep into the analysis process. Software-guided reading becomes an important part of the design of the trial and the development of the independent review manual of the trial to help ensure that all images are read consistently and uniformly, minimizing intra/inter-reader variability and the potential for image-related queries.
The increase in the amount of drug findings increases the development of clinical trials, the advances in medical imaging techniques and the increasing acceptance of the same throughout the globe are fueling the demand for clinical trials to implement imaging techniques. The increase in the amount of pharmaceutical and biotechnology businesses makes it imperative that manufacturers supply the finest possible drug or medicine to the end-user, as competition strikes businesses. This factor contributes to the increase of clinical trials as pharmaceutical and biotechnology businesses are carrying out a big amount of new drug findings. For the transmission of clinical imaging information in clinical trials, digital imaging and communications in medicine (DICOM) format and image archiving and communication systems are required.
North America holds majority of market share followed by Europe and will continue to dominate in the future as a result of rising prevalence of chronic diseases combined with increasing geriatric population, higher R&D expenditure, rising number of CROs, and increasing number of pharmaceutical and biotechnology companies to boost the growth of clinical trial imaging market. Asia Pacific is anticipated to grow with the highest CAGR over the forecast period owing to surging demand for specialized and quality healthcare facilities to improve patient’s life among other prominent factors.
Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations and launching new products in order to strengthen their position in the global clinical trial imaging market. Companies are also expanding their R&D, distribution, and management facilities in order to expand their business and to hold a competitive edge in the market.
For instance, recently in January 2019, a merger contract was signed between BioTelemetry, Inc., and Geneva Healthcare. BioTelemetry, Inc., the leading remote and wireless medical technology company. Geneva Healthcare which is a California based company has created a cloud-based platform to monitor all patients of the physicians. By purchasing the company, BioTelemetry, Inc. will be able to use the precious asset for the clinical trial imaging market and reach higher heights.
The comprehensive market report features companies such as Biomedical Systems Corporation, Bioclinica, Inc., Intrinsic Imaging LLC, Biotelemetry, Inc., Icon PLC, Ixico PLC, Navitas life sciences, Medpace, Parexel International Corporation, Cardiovascular Imaging Technologies, LLC, Radiant Sage LLC, VirtualScopics Inc., Resonance Health, and Worldcare Clinical, LLC among other prominent players.
Also the research study offers market estimation and forecast for the period ranging 2019–2029 for global markets such as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific and MEA along with regional sub-markets as U.S., Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Nordic, Benelux, Russia, Poland, India, Japan, China, Australia, ASEAN, GCC, South Africa and North Africa.
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