Medi-Tech Insights: Growing number of biotechnology & pharmaceutical firms and Contract Research Organizations (CROs), rising R&D spending, the development of innovative imaging modalities such as radiopharmaceuticals, contrast agents, & molecular probes, and increasing research and investments to develop new drugs and therapies are some of the key factors driving the global clinical trial imaging market.
BRUSSELS, BELGIUM, Aug. 16, 2022 (GLOBE NEWSWIRE) --
Description:
Imaging is a key component in clinical trials. Medical imaging is an asset in the drug development process as it can provide efficacy evaluation and safety monitoring data needed in clinical trials for regulatory submission. In addition, imaging provides insights into the drug mechanism of action (MOA) and drug effects that can help researchers make scientifically sound decisions.
Adoption of Imaging Biomarkers in Clinical Trials Expected to
Boost the Clinical Trial Imaging MarketImaging biomarkers are the cornerstone of modern radiology, and imaging endpoints are a critical necessity for patient safety and understanding a drug’s effectiveness. Imaging biomarkers are now more commonly accepted by the FDA as a surrogate endpoint in the traditional and accelerated approval process for new drugs and biologics. Depending upon the usage, imaging biomarkers can be used in various applications such as oncology trials, neurological trials, musculoskeletal trials, and other therapeutic areas.
Increasing Number of Contract Research Organizations (CROs) Drives the Clinical Trial Imaging Market
Every year, the pharmaceutical industry develops a variety of new drugs that provide valuable medical benefits. Developing new drugs is a costly and uncertain process, and many potential drugs never make it to the market. Therefore, to save costs companies outsource these services to CROs. CROs provide support to pharmaceutical and biotechnology companies in the form of outsourced pharmaceutical research services.
Benefits Associated with Clinical Trial Imaging Fuels Its Demand
Imaging techniques bring several advantages to the challenging process of drug development. Some of them include:
- Quicker completion of clinical trials
- Cost reduction for late-phase clinical trials
- Faster approval for orphan disease
- Candidate drugs screening efficiency improvement
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Increase in Usage of Clinical Trial Imaging in Oncology Trials Drives the Clinical Trial Imaging Market
Imaging techniques are increasingly used in oncological clinical trials to provide evidence for decision-making. With the application of conventional morphological imaging techniques and standardized response criteria based on tumor size measurements, imaging continues to be used to define key study endpoints. In later stages of oncological drug development, imaging forms the basis of robust response and progression criteria to interrogate the drug in a large number of clinical trial subjects.
North America Holds the Major Share of the Clinical Trial Imaging Market
From a geographical perspective, North America holds a major market share of the clinical trial imaging market followed by Europe. This can be mainly attributed to the increasing number of clinical trials & studies, rising investments by key players for new drug development, and increased funding from the government to support cancer treatment clinical trials in the region.
Competitive Landscape Analysis: Clinical Trial Imaging Market
Some of the key players operating in the clinical trial imaging market are Icon plc., BioTelemetry Inc., Biomedical Systems Corporation, Medpace Holdings Inc., and Ixico plc., among others.
Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold in the Clinical Trial Imaging Market
Players operating in this market are adopting organic and inorganic growth strategies such as collaborations, acquisitions, and new product launches to garner higher market share. For instance,
- In May 2022, IXICO plc, the neuroimaging Contract Research Organization (CRO) announced that they have entered into a multi-party consortium agreement for the development of improved imaging biomarkers for the early detection and staging of Huntington's disease ('HD').
- In January 2022, Clario and XingImaging announced they have expanded their partnership to deliver PET imaging clinical trials for testing novel therapeutics in China.
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About Medi-Tech Insights:
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.
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