Clinical Trial Imaging Market Set to Witness an Uptick during 2021 to 2028

Posted by Mrudula Karmarkar on March 17th, 2022

The global clinical trial imaging market size is expected to reach USD 1.4 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.1% from 2021 to 2028. The increasing R&D spending to develop new drugs and therapies to treat chronic diseases is propelling the market growth.

Clinical trial imaging makes use of imaging technology in clinical trials for seeing the interior parts of the body. The images obtained from clinical trial imaging are used to examine drug activity. Clinical trial imaging provides rapid, detail, and precise screening. The use of clinical trial imaging has rapidly increased in all phases of the clinical trials. Medical imaging in clinical trials is used as a primary, quantitative, and surrogate biomarker.

The clinical trial design includes selecting patient population, stratification based on biomarkers, different methods for allocation treatments, choosing efficient and reliable endpoints and validation of surrogate endpoints, calculating sample size, trial simulations, adaptive trial set-up, statistical and interim analysis, and assisting clients to deal with regulatory authorities, such as EMA and FDA, to discuss study design or defend study results.

Market players provide analytical testing services, pharmacokinetic, reading, and pharmacodynamics services for enhanced clinical development. IXICO offers advanced technologies for catalyzing clinical trials in neuroscience. Imaging biomarkers by the company help in measuring the safety and effectiveness of therapies used for neuroimaging. Imaging biomarkers are effective in radiological reads. This provides a radiological reading of MRI scans for central neuro to enhance the assessment of ongoing monitoring of drug safety and subject eligibility.

Mounting biotechnology and pharmaceutical industries, combined with increased research and development investments for developing new drugs to treat diseases, are expected to fuel the market growth. Medical imaging plays an active role in the clinical development of novel life science products. Although the medical imaging industry is in a constant state of fluctuation, the biotechnology and pharmaceutical industries continue to increase. This can be attributed to the enhanced investment in medical imaging companies, mergers and acquisitions, and the adoption of innovative imaging technologies to support clinical trials for the medical device. However, the high cost of machinery and their installation and the enormous cost of clinical trials may limit the market growth during the forecast period.

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Clinical Trial Imaging Market Report Highlights

• Based on service, project and data management services held the largest share in 2020 due to the growing requirement of data management and workflow for clinical trial imaging
• Operational imaging services held a significant share in 2020. They include imaging modalities such as MRI, CT scan, X-ray, ultrasound, OCT, PET, and SPECT. CT scan modality is gaining popularity due to its non-invasive nature and its ability to provide detailed information about the disease for enhanced treatment
• The others application segment held the largest share in 2020. This segment includes oncology, neurology, and musculoskeletal. Market players such as ICON, Bioclinica, Navitas Life Sciences, and Paraxel International are developing their clinical trial imaging services for these applications
• By end-use, CROs held the largest share in 2020 due to increasing investments in the field of research and development and snowballing outsourcing activities by the pharmaceutical and biotechnology companies to cut down the cost and time and patent expiration
• North America dominated the market in 2020 due to the increasing geriatric population, rising chronic diseases, and growing demand for treatment options

List of Key Players of Clinical Trial Imaging Market

• Parexel International Corporation
• Intrinsic Imaging
• Bioclinica Inc.
• Icon PLC
• Radiant Sage
• Navitas Life Sciences
• Resonance Health
• IXICO PLC
• Medpace