Global Clinical Trial Imaging Market was valued at $730.1 Million in 2015 and is estimated to grow at a CAGR of over 6% from 2016 to 2024.
Snowballing geriatric population coupled with the growing incidences of chronic diseases are among the key factors driving the clinical trial imaging market growth over the coming years. Government initiatives paired with private investments and increasing research and development activities are expected to escalate market growth significantly over the next few years.
Medical imaging applications for pharmaceutical clinical trials comprise determining the responder patients, diagnosing and estimating lesions and their severity, observing therapy effects and their follow-ups, and identifying disease predisposition. Further, medical imaging can also play a vital role in product development process as it has the capability to diminish the late-stage attrition by collecting additional data in the pre-clinical trials of efficacy, safety, and mechanism of action.
The flourishing biotechnology and pharmaceutical industry, and rise in the number of contract manufacturing organization is another factor driving market growth. However, high cost associated with machinery purchase and installation is anticipated to obstruct market growth. Additionally, the enormous cost of clinical trials may also hinder demand over the forecast period.
The rapid upsurge in demand for multimodal imaging systems paired with the growth potential presented by the emerging markets may also boost product demand. Growing emphasis on improved diagnoses along with widespread usage of medical imaging as a surrogate endpoint is expected to catapult growth over the next few years.
Extensive use across varied application areas including biotech companies, research centers, pharmaceutical and hospitals is increasingly driving the demand for clinical trial imaging. Additionally, portability and miniaturization of equipment are adding value to the clinical imaging market resulting in increasing product demand worldwide.
“Optimal Price Point (OPP) for Clinical Trial Imaging Products”
Estimated Average solution cost – $ xx globally. However, with growth in usage across varied application and increasing SMEs, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
“Clinical trial imaging to overcome the critical challenges associated with drug development process”
Use of imaging biomarkers and imaging surrogate endpoints offer quick results with improved statistical control as they help in facilitating small group sizes for drug efficacy studies. Clinical trial imaging is widely used in drug safety assessment throughout clinical trials in the absence of appropriate biomarker. With its pervasive applications, medical imaging is observing a rapid growth in its usage for clinical trials.
“Notable industry participants include PAREXEL International Corporation, VirtualScopics Inc. and Cardiovascular Imaging Technologies LLC”
Key players include Intrinsic Imaging LLC, BioClinica Inc, Biomedical Systems, ICON plc, Biotelemetry, WorldCare Clinical LLC, and IXICO PLC. Companies in this space focus on increasing their R&D investments to develop innovative and high-efficiency products in an attempt to outperform their competition.
Major industry players emphasize on the development of reducing product cost to penetrate into the market and acquire larger market share. In addition, large organizations actively strive for mergers and acquisitions to increase their market share and penetrate into new untapped markets.
Advancements in diagnostic imaging technology have facilitated improved diagnosis by providing instant clinical information. Availability of prompt diagnostic data has subsequently helped reduce overall healthcare spending by replacing more expensive diagnostic exams.
The cost-effectiveness, efficacy, speed and noninvasive nature of ultrasound imaging are among the major attributes that have given this technology an advantage over other imaging modalities.