Product Code: RP-ID-10060122 |
Published Date: 21 Oct 2022 |
Region: Global |
Category: Healthcare & Pharmaceuticals |
Report ID: 10060122
Market Overview:
Global Clinical Trial Imaging Market Outlook 2030
In 2021, the global clinical trial imaging market is expected to cross USD 1 billion, and it is anticipated to expand at a compound annual growth rate (CAGR) of ~8% from 2022 to 2030. The pharmaceutical industry and emerging biotech companies, coupled with increased investment in the research and development of new drugs for the treatment of diseases, are expected to drive market growth. Medical imaging plays an active role in the clinical development of new life science products. Although the medical imaging industry is in a state of constant change, the biotechnology and pharmaceutical industries continue to grow. This can be attributed to increased investment in medical imaging companies, mergers and acquisitions, and the use of innovative imaging technologies to support clinical trials of medical devices. However, the high cost of the machine and its installation and the huge cost of clinical trials may limit market growth during the forecast period. Technological progress is bringing substantial improvements to the collection, evaluation and presentation of clinical trial image data. Technically supported images, especially image analysis software, provide multiple benefits for clinical research, such as consistency, data accuracy, adaptability, and compliance. For example, image analysis software is used to guide and manage the reader by analyzing the time point of the image. The introduction of virtual imaging trajectories during the COVID-19 pandemic is expected to open up new avenues for the adoption of these devices.
The development of advanced computing models helps to better evaluate CT and X-ray images, which are expected to help early diagnosis of COVID-19 patients. The application of images in clinical trials. The Quantitative Imaging Biomarker Alliance (QIBA) protocol creates standardized methods and imaging procedures, and uses uniform procedures to achieve accurate and statistical endpoints in clinical trials. In order to improve image capture and evaluation, a number of technical patents have been applied for. In addition, the proprietary technology provided by participants in the imaging laboratory is expected to help pharmaceutical companies minimize development time. For example, a reading tool called Assessa from IXICO helps to improve memory-related diseases (such as schizophrenia, Parkinsons and Alzheimers disease) and neurological diseases (such as dementia and cognitive impairment) Clinical trial decisions.
SERVICE INSIGHTS:
Data and project management services will dominate the market with a 29.1% share in 2020. Clinical trials using imaging usually require data management and workflow integration between multiple parties. These services include operating experience and test workflow development, project tracking, scan-to-digital image conversion, regulatory control and quality assurance, real-time test status reporting, MRI center configuration and management, data management and reporting, and troubleshooting. The US government approved a cloud-based server that protects all medical imaging records, such as annotated and basic images, protects reports from any natural disasters, and facilitates faster and easier recovery of operational imaging services , They also hold an important market share in 2020. Imaging services include imaging modes for various therapeutic applications (such as neurology, oncology, cardiovascular disease, gastroenterology, and musculoskeletal diseases), such as MRI, CT, ultrasound, OCT, PET, and SPECT, as well as Medical equipment for conducting clinical trials. Imaging technology is widely used in clinical trials to provide evidence for decision-making. The Food and Drug Administration Modernization Act (FDAMA) of 1997 allowed data generated by imaging modes to be included in regulatory submissions, opening the door for imaging modes to be used as product development tools in medical device or drug clinical trials.
APPLICATION INFORMATION:
Other application areas will have the largest share in 2020, accounting for 80.1%. This field includes oncology, neurology and musculoskeletal. Market participants such as ICON, Bioclinica, Navitas Life Sciences and Paraxel International are developing clinical trial imaging services for these applications. Non-alcoholic steatohepatitis (NASH) is expected to grow at the fastest compound annual growth rate of 8.3% during the forecast period. Due to the increase in disease prevalence, the burden of NASH continues to increase, which is expected to promote the development of this market segment. According to the NASH Education Program, in 2015, the global prevalence of the disease was 1.5% to 6.45%. It is estimated that between 2015 and 2030, its prevalence will increase by 63.0%, thereby driving the demand for its treatment. Therefore, in order to meet the demand, the company is focusing on improving clinical trial research to evaluate the effectiveness of therapies used for NASH. Cardiovascular diseases will occupy an important market share in 2020. Cardiovascular disease is one of the leading causes of death in CDC in the United States. Approximately 647,000 Americans have died of cardiovascular disease. Therefore, in order to reduce the risk, a number of clinical trials are being conducted in the field of cardiology. However, the high development cost of drugs and devices in the field of cardiology has affected the development of clinical trials in this field. Market participants like ICON follow a data-driven approach to develop strategies that can reduce testing costs and time.
END USE- INFORMATION:
The Contract Research Organization (CRO) sector will account for the largest share in 2020, at 46.4%. This important market share can be attributed to the rising cost of drug development and the increase in research and development activities. In addition, the growing demand of biotech and pharmaceutical companies to outsource R&D activities to reduce expenses has driven the development of this market segment. In addition, contract research outsourcing cooperation provides the most advanced services. Therefore, government organizations are more willing to transfer projects to CROs. The biotech and pharmaceutical company sector is expected to experience significant growth during the forecast period. One of the key factors driving the growth of this market segment is the need to develop new drugs and therapies to cure chronic diseases. The increase in the number of biotech and pharmaceutical companies makes it necessary for manufacturers to provide the best drugs/medicines to end users because competition is hitting companies. As pharmaceutical and biotechnology companies are making a large number of breakthrough drug discoveries, the demand for imaging in clinical trials will also increase, thereby driving market growth.
REGIONAL INFORMATION:
North America will dominate the global market with a 40.7% share in 2020. This can be attributed to the existence of leading outsourcing companies and the increase in R&D in the region. Several factors are expected to drive the development of the North American market, such as the increase in the elderly population and the increase in chronic diseases. North America has the largest number of clinical trials. In addition, most outsourcing activities are carried out in North America. Cost is another factor influencing the outsourcing of clinical trials to other research institutions. The European market is driven by factors such as the rapid growth of the elderly population and the increasing prevalence of chronic diseases such as Parkinsons, Huntingtons and Alzheimers, which are driving the adoption of clinical trials in the region. In addition, research laboratories are seeking to reduce operating costs, which has led to the adoption of imaging in clinical trials. The European Union (EU) approves approximately 4,000 clinical drug trials each year. Most of these trials are conducted in Western European countries, but it is observed that the number of clinical drug trials in this region is decreasing. The Asia-Pacific market is expected to grow the fastest during the forecast period. This can be attributed to the rapid population growth in the region and the increase in R&D activities. In addition, the Asia-Pacific region has a great demand for traditional and advanced equipment and treatments.
KEY COMPANIES AND MARKET SHARE PROSPECTS:
Market participants focus on growth strategies such as mergers and acquisitions and contract signing. In February 2020, ICON plc acquired European medical device, reimbursement and regulatory consulting CRO MedPass International. The acquisition will help expand ICONs medical equipment and diagnostic research services in Europe. In June 2018, Bioclinica launched the available SMART technology suite with medical imaging, interactive response technology (IRT), and electronic data capture (EDC). ) To send, manage, investigate, report and transmit medical imaging data that meets global and general data privacy requirements. Some of the major players in the global clinical trial imaging market include: Parexel International Corporation Intrinsic Imaging Bioclinica Inc. Icon PLC Radiant Sage Navitas Life Sciences Resonance HealthIXICO PLC.
MARKET SEGMENT COVERED BY THE REPORT:
This report forecasts global, regional and national revenue growth, and analyzes the latest industry trends and opportunities in each sub-segment from 2021 to 2030. For the purpose of this study, Grand View Research segmented the global clinical trial imaging market report based on service, application, end use, and region: Service Outlook (Revenue, USD Million, 2021 to 2030) Trial Design Clinical and Consulting Services Reading And analysis services, operational imaging services, computer tomography (CT) scans, MRI (magnetic resonance imaging), X-ray ultrasound, optical coherence tomography (OCT), other technologies and systems, support services and data management outlook (revenue, million dollars, 2016-2028) ) NASHCKD Diabetes Cardiovascular Disease Other End Use Outlook (Revenue, USD million) 2028) Biotechnology and pharmaceutical companies Medical Device Manufacturer College and Government Research Organization Contract Research Organization (CRO) Other.
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