Resurgence of Clinical Trials Imaging Market – A Post Covid-19 Assessment

The Global Clinical Trials Imaging Market pegged at US$ 1.17 billion (2020) is expected to witness a growth rate of ~7.2% from 2021 to 2031.

Booming healthcare industry, rising investments for R&D activities, benefits provided by imaging in clinical trials, technological advancements in imaging technologies, growing trend of outsourcing of R&D activities, and established regulatory framework on imaging analysis standards are some of the pivotal factors propelling the growth of the clinical trial imaging market. However, unavailability of advanced imaging technologies, lack of high-speed internet connectivity & corresponding software at the trial site in certain regions are likely to hinder the growth of the market to a certain extent.

Clairvoyance Research conducted an in-depth market analysis study of the global clinical trials imaging market. The study comprehensively analyzes the market from different perspectives and provides granular insights on hot revenue pockets, headwinds & tailwinds impacting the market, quantitative (market size & forecasts) and qualitative analysis on different segments, key strategies and competitive landscape.

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Resurgence of Clinical Trials Imaging Market as COVID-19 Impact Alleviates

The COVID-19 pandemic fueled number of public health policies that crippled the healthcare systems of several countries. It adversely impacted study participants, researchers, care providers, trial sponsors and research organizations concerning clinical trials. COVID-19 pandemic hampered progress of the trials and delayed study timelines as several trials were delayed or cancelled. Unfavorable changes in regulations and guidelines, disruptions in supply chains, recruitment challenges for clinical trials and the closing down of several manufacturing facilities due to lockdown also adversely impacted the market growth. However, the clinical trials imaging market is set to rebound as R&D activities & subject enrollment picks pace and supply and distribution channels resumes.

Benefits Provided by Imaging in Clinical Trials and Established Regulatory Framework on Imaging Analysis Standards Set to Drive the Global Clinical Trials Imaging Market

The clinical development marketplace has become more competitive and the stakes in clinical research are higher than ever. In order to fulfill unmet needs of the healthcare sector, biotech & pharma companies and medical device developers are exploring innovative technologies that can bring new products to the market in lesser time. Integration of imaging technologies into clinical trials has increased in the last few years owing to its active role in the clinical development of new life science products. Imaging technologies in clinical trials are being utilized in three primary ways i.e., as a primary study endpoint, in early-phase clinical trials and in late phase clinical trials. It is estimated that nearly 100% of oncology trials and around 60% of other clinical trials collect medical images as part of the patient's review. Non-invasive imaging techniques such as computed tomography (CT), magnetic resonance imaging (MRI) and positron emission tomography (PET) helps in generating primary, secondary, and exploratory study endpoints. Whereas, conventional morphological imaging techniques help define key study endpoints.

Application of imaging in clinical trial reduces the time taken for drug development and also accelerates regulatory approval by providing evidence about the safety & efficacy of the product, thereby reducing the overall budget. It allows study of tissues that are inaccessible for sampling through biopsy such as lesions in cancer patients. Proper management of clinical trial images can provide information about mechanism of action, target accessibility in drugs and efficiency improvement in candidate drug screening. Furthermore, regulatory agencies such as FDA has created a framework on imaging analysis standards which provides guidance on evaluation of clinical trials data in order to support premarket approval of products. These factors are expected to boost the adoption of imaging in clinical trials and in turn propel the growth of the market.

Artificial Intelligence (AI) Expected to Drive Speed & Reliability of Medical Imaging Analysis in Clinical Trials

Continuous efforts have been made to ensure how images from imaging technologies can be securely shared, managed, stored and assessed. Regulatory agencies and prominent players in the market are coming up with cost-effective strategies to accelerate clinical trial efficiency and medical product development. Automation is improving virtually every stage of the clinical trial imaging workflow. Companies are developing AI intelligent assistants that can be used for personal health information (PHI) detection & removal, image quality control and reviewer assessment. AI improves the quality of images and allows automatic interpretation of images thereby reducing the turnaround time. Adoption of AI in clinical trials imaging is expected to reshape the trial process with lesser variability in imaging endpoints and more accurate data.

Unavailability of Advanced Imaging Technologies, Lack of High-Speed Internet Connectivity & Corresponding Software at the Trial Site in Certain Regions – Key Challenges for the Market

Along with benefits of imaging in clinical trials, there are a number of obstacles that can slow down the growth of the market. The key challenge in the market is unavailability of advanced imaging technologies in certain geographies which makes site selection for multicenter and multi-geographic studies difficult. Moreover, lack of high-speed internet connectivity and corresponding software at the trial site can adversely affect the timeline and quality of research. Slow speed of internet can delay the transfer of images. Whereas, the absence corresponding software system at the trial site can lead to difficulties in making the modifications of clinical trial in compliance with 21 CFR Part 11.

Snapshot - Competitive Landscape

The global clinical trials imaging market is marked by presence of prominent players such as Medpace, ERT Clinical, BioTelemetry, ICON plc., IXICO plc, Bioclinica, Radiant Sage LLC, RESONANCE HEALTH, WORLDCARE CLINICAL, and Perspectum. Other players operating in the market are Prism Clinical Imaging, Boston Imaging Core Lab, Calyx, Biospective Inc., Imaging Endpoints, pharmtrace, Intrinsic Imaging, among others.

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