Clinical Trial Imaging Market to exceed US$ 2,480.32 million by 2028

by Sameer Joshi or 23-May-2023
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Report : Clinical Trial Imaging Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Modality [Tomography, Magnetic Resonance Imaging (MRI), Ultrasound, Positron Emission Tomography (PET), X-Ray, Echocardiography, and Others], Offering (Operational Imaging Services, Imaging Software, Read Analysis Services, Trial Design and Consulting Services, and Others), and End User [Contract Research Organizations (CROs), Pharmaceutical and Biotechnology Companies, Academic and Research Institutes, and Others]

Operational Imaging Services Segment to Account for Larger Share in Clinical Trial Imaging Market During 2022–2028

According to our new research study on "Clinical Trial Imaging Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Modality, Offering, and End User," the clinical trial imaging market size is expected to grow from US$ 1,610.70 million in 2022 to US$ 2,480.32 million by 2028; it is estimated to register a CAGR of 7.6% from 2022 to 2028. The report highlights the key factors driving the clinical trial imaging market growth and prominent players with their developments in the market.

Based on offering, the clinical trial imaging market is segmented into operational imaging services, imaging software, read analysis services, trial design and consulting services, and others. The operational imaging services segment held the largest share of the market in 2022 during the forecast period. Operational imaging service providers require imaging modalities such as MRI, CT, ultrasound, PET, and SPECT for applications in clinical studies related to neurology, oncology, cardiovascular diseases, gastroenterology, musculoskeletal disorders, and medical devices.

The COVID-19 pandemic favored the growth of the clinical trial imaging market. Virtual clinical trial imaging played a crucial role amid the pandemic, wherein people had to stay home for a considerable period to avoid contracting infection. Virtual imaging techniques have been developed with multifaceted applications and are not limited to only clinical trials conducted on COVID-19 patients. As clinical investigations cannot be performed easily in-vivo, these studies require real-time patient analysis data with proper assessment and optimization of imaging methods through virtual imaging trials. In virtual imaging trials (also known as virtual clinical trials or in-silico trials), the imaging experiment is emulated using computational models of patients combined with validated imaging stimulators.

The rising number of clinical trial activities for new drug development and innovative product launches is likely to trigger the growth of the clinical trial imaging market in Europe during the forecast period. Germany holds the largest share of the clinical trial imaging market in this region. Cancer, cardiovascular diseases, nervous system disorders, and infectious diseases are the most frequently studied conditions in clinical trials in Germany. Clinical research studies in this country benefit from a well-established infrastructure for transport, communication, energy, and public services, along with the availability of a large patient pool and high for quality healthcare. Coordinating centers for clinical trials were established as part of a new funding program under the Federal Ministry of Education and Research to strengthen academic clinical research. Therefore, Germany's clinical trial approval processes are standardized, reliable, transparent, and approved for relatively short study start-up timelines. Top CROs in Germany provide clinical trial imaging software for imaging studies. "ERICA" by Pharmtrace, a Berlin-based CRO, provides a flexible platform for clinical trial image management, combining regulatory compliance for the collection, centralization, and QC of clinical trial medical images. ERICA was developed and validated by Pharmtrace for real-life clinical trials to document and make clinical imaging GCP compliant.

eResearch Technology Inc, Calyx Inc, ICON PLC, VIDA Diagnostics Inc, WCG Clinical Inc, BioTelemetry Inc, Medical Metrics Inc, Medpace Holdings Inc, Radiant Sage LLC, and IXICO plc are among the key companies operating in the clinical trial imaging market.    

Companies operating in the clinical trial imaging market adopt various organic and inorganic strategies. Organic strategies mainly include product launches and product approvals. Acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the clinical trial imaging market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall clinical trial imaging market growth. Further, acquisition and partnership strategies help them strengthen their customer base and expand their product portfolios.

A few of the significant developments by key market players are listed below.

In March 2023, Clario announced a partnership with ArtiQ, a technology startup, to increase certainty in respiratory clinical trials that require spirometry data. The new partnership enables access to AI-based reviews of spirometry data collected on the Clario platform for clinical trials.

  • In March 2023, LEO Pharma, a global leader in medical dermatology, and ICON plc announced a strategic partnership that will enable LEO Pharma to scale clinical trial execution that is patient-centric and cost effective, and which will support the company’s overall ambition of building one of the most effective and efficient clinical portfolio execution organisations in the industry.
  • In July 2022, Calyx partnered with Qynapse, an AI-based neuroimaging medical technology company. The partnership enables Calyx to procure and deliver Qynapse’s precise and objective AI-powered neuroimaging analysis solutions, QyScore and QyPredict, to its global pharmaceutical and biotech customers as they develop new medical treatments.

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