Imaging plays an important role in modern medicine. Modern imaging techniques including X-rays, ultrasound, CT scans, and MRI shows structures inside the patient’s body in considerable detail. To improve decision making, increase efficiency and potentially reduce trial costs, sponsors need to work with an imaging partner that can provide strategic advice on biomarkers in early phase development and demonstrate how medical imaging endpoints can provide objective evidence of a drug’s safety and efficacy.
The core clinical imaging solution include protocol design, site selection, site training and support, electronic image transfer and de-identification, certified radiologic technologist image QC, independent blinded image review, clinical data management and biostatistics, preparation for audits, and regulatory and compliance decisions.
Imaging is currently being utilized in the following three areas:
Primary Study: Pharmaceutical companies are exploring innovative technologies that can bring new drugs to market sooner for unmet needs
Early-phase Clinical Trial: Imaging is a natural fit for early phase trials since they are more dynamic and involve more scientific work than later-phase trials
Late-phase Clinical Trial: As a product moves through clinical trials, the imaging focus shifts toward efficient trial management streamlined operational workflow for easy regulatory approval
The rise in clinical trials due to the surge in prevalence of chronic conditions, which require novel treatment option is driving the growth of the market. Project and data management is dominating the service type share in the market. It is also expected to witness the highest growth rate over the forecasted, as sponsors are outsourcing owing to high associated costs.
North America accounted for the major share of the clinical trial imaging services market and is expected to continue this trend owing to the surge in use of imaging as an endpoint in clinical trials which leads to sponsors outsourcing these services to save cost. Furthermore, the other major factor, which is the presence of major players such as Parexel International, ERT Clinical, Biospective, Inc. Intrinsic Imaging LLC leads to easy availability of clinical trial imaging service, which in turn boosts the growth of the market in the region.
High rise in cost for technological advancements and change in regulatory needs are few factors that compel pharmaceutical and biotechnology companies to outsource imaging services. Moreover, pharmaceutical companies are repeatedly engaged in the development of new therapeutics, which can be immensely expensive leading to a need to outsource.
COVID-19 has led to pandemic across the globe. This in turn has resulted in disruption of every business across various industries. In addition, the pandemic has also affected the clinical trial imaging services industry. For instance, the clinical trial imaging services market has been impacted negatively owing to factors such as unavailability of radiology experts, staff for conducting clinical trials and patients. Furthermore, suspended, canceled or rescheduled ongoing clinical trials also lead to a drop in demand for imaging services offered by contract research organizations.
The key suppliers for Clinical Trial Imaging Services are ICON, Bioclinica, BioTelemetry, Biomedical Systems Corporation, Medpace Holdings, IXICO plc, Resonance Health Ltd, Prism Clinical Imaging. The market is fragmented with several local and global players present in the market. Grand View Research will help our client identify the best-suited suppliers by mapping their core capabilities and operational efficiency.
Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process
Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier
Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house.
A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc.
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