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Clinical Trial Imaging Market worth $1.9 billion | MarketsandMarkets

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CHICAGO, Aug. 18, 2023 /PRNewswire/ — In the near future, the Clinical Trial Imaging industry is poised to undergo a transformative evolution, driven by rapid advancements in medical imaging technology, data analytics, and regulatory frameworks. Cutting-edge imaging modalities such as functional MRI, molecular imaging, and advanced PET-CT scans will enable researchers to delve deeper into the intricacies of disease progression and treatment response, providing more nuanced and personalized insights. Integration of artificial intelligence and machine learning algorithms will streamline image analysis, facilitating quicker and more accurate diagnoses, patient stratification, and endpoint determination. Additionally, seamless collaboration between pharmaceutical companies, research institutions, and imaging facilities, coupled with standardized protocols, will enhance data sharing and accelerate clinical trial timelines. However, this expansion will also bring challenges in terms of data security, protocol harmonization, and ensuring the reliability of novel imaging techniques. In essence, the Clinical Trial Imaging industry’s imminent future promises to revolutionize the landscape of medical research, enhancing the efficiency and effectiveness of drug development while ultimately benefiting patient outcomes.

Clinical Trial Imaging Market in terms of revenue was estimated to be worth $1.3 billion in 2023 and is poised to reach $1.9 billion by 2028, growing at a CAGR of 7.8% from 2023 to 2028 according to a new report by MarketsandMarkets™. Rising expenditures in research and development, the expansion of the pharmaceutical and biotechnology sectors, and the proliferation of Contract Research Organizations (CROs) constitute several additional factors. Emerging economies like China, India, and Japan present attractive prospects for stakeholders engaged in the clinical trial imaging market.

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Browse in-depth TOC on “Clinical Trial Imaging Market”

111 – Tables
38 – Figures
179 – Pages

Clinical Trial Imaging Market Scope:

Report Coverage

Details

Market Revenue in 2023

$1.3 billion

Estimated Value by 2028

$1.9 billion

Growth Rate

Poised to grow at a CAGR of 7.8%

Market Size Available for

2021–2028

Forecast Period

2023–2028

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Service & software, modality, therapeutic area, end user and region

Geographies Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Growth opportunities in emerging economies

Key Market Drivers

Rise in research and development expenditures

 

The services segment accounted for the largest share of the clinical trial imaging market, by product and service segment, in 2022

Based on product, the clinical trial imaging market is segmented into services and software. In 2022, services accounted for the largest share of the global clinical trial imaging market. The large share of this segment can primarily be attributed to the high cost of imaging equipment, which has driven the outsourcing of imaging clinical trials by pharmaceutical, biotechnology, and medical device manufacturers to service providers.

Positron emission tomography segment to register the highest growth rate during the forecast period

The clinical trial imaging market is segmented into computed tomography, magnetic resonance imaging, ultrasound, positron emission tomography, X-ray, echocardiography and other modalities. In 2022, the positron emission tomography segment accounted for the highest growth rate. Technological expansions and the introduction of new tracers for cardiology, oncology, and neurology applications are expected to support the adoption of PET systems in clinical trial settings.

The oncology segment accounted for the largest share of the clinical trial imaging market, by therapeutic area segment, in 2022

Based on therapeutic area, the clinical trial imaging market has been segmented into oncology, infectious diseases, neurology, CVS, endocrinology, immunological disorder and other therapeutic area. In 2022, the oncology segment accounted for the largest share of the clinical trial imaging market. The dominant portion of this segment’s market share can be chiefly attributed to the extensive volume of oncology-related clinical trials, driven by the global increase in cancer incidence.

North America is the largest regional market for clinical trial imaging market

The global clinical trial imaging market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America accounted for the largest share of the clinical trial imaging market. The large share of this region can be attributed to the growing cutting-edge medical technologies, a mounting count of pharmaceutical and biotechnology enterprises, and substantial governmental investments in clinical research and development.

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Clinical Trial Imaging Market Dynamics:

Drivers:

  1. Increasing R&D spending
  2. Growth of pharmaceutical and biotechnology industries
  3. Increasing number of CROs

Restraints:

  1. High implementation cost of imaging systems

Opportunities:

  1. Growth opportunities in emerging economies
  2. Development of innovative imaging modalities, contrast agents, molecular probes, and radiopharmaceuticals

Challenges:

  1. High cost of clinical trials

Key Market Players:

The major players operating in this market are ICON plc. (Ireland), BioTelemetry Inc. (US), Biomedical Systems Corporation (US), Medpace Holdings, Inc. (US), IXICO plc. (UK), Resonance Health Ltd. (Australia), Radiant Sage LLC. (US), BioClinica Inc. (US), Intrinsic Imaging LLC. (US), Cardiovascular Imaging Technologies LLC. (US), Medical Metrics Inc. (US), Prism Clinical Imaging, Inc. (US), Boston Imaging Core Lab LLC. (US), anagram 4 clinical trials (Spain), Lyscaut Medical Imaging Company (Belgium), Calyx Group (UK), Bioseptive Inc. (Canada), ProScan Imaging LLC. (US), Micron Inc. (Japan), Imaging Endpoints LI, LLC (US), Perspectum Ltd. (UK), Pharmtrace klinische Entwicklung GmbH (Germany), WorldCare Clinical, LLC (US), Median Technologies (France) and Invicro. LLC. (US).

Recent Developments:

  • In March 2023, ICON Plc. (Ireland) announced a strategic partnership with LEO Pharma (Denmark) to scale clinical trial execution that is patient-centric and cost effective, and which will support the company’s overall ambition of building one of the most effective and efficient clinical portfolio execution organisations in the industry.
  • In March 2023, Clario (US), announced the launch of a cutting-edge cloud-based image viewer tool for sponsors and contract research organizations to view images related to their clinical trials.
  • In May 2021 IXICO Plc. (UK) signed a contract with biopharmaceutical client IXICO to provide neuroimaging services for a Phase III clinical trial under this contract.

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Clinical Trial Imaging Market Advantages:

  • Enhanced Decision Making: Imaging technologies allow researchers and clinicians to visualize biological processes and disease progression in real-time. This enables more informed decision-making during clinical trials by providing objective and quantifiable data on treatment efficacy and safety.
  • Early Endpoint Identification: Imaging enables the identification of early treatment responses and disease progression markers, enabling the early determination of trial endpoints. This leads to quicker assessment of treatment outcomes and potential for adaptive trial designs.
  • Patient-Centric Approach: Imaging modalities like PET scans, MRIs, and CT scans provide a non-invasive way to monitor patient health, reducing the need for invasive procedures. This patient-centric approach improves participant comfort and compliance in clinical trials.
  • Personalized Medicine: Advanced imaging techniques facilitate the identification of patient subgroups that respond better to specific treatments. This leads to the development of targeted therapies, enhancing treatment effectiveness and minimizing adverse effects.
  • Efficient Drug Development: Imaging accelerates drug development by providing insights into a drug’s mechanism of action and its impact on disease pathways. This reduces the time and costs associated with traditional trial endpoints, contributing to faster market entry for new drugs.
  • Objective Quantification: Imaging offers objective measurements of treatment effects, reducing subjectivity in data interpretation. This improves the robustness and credibility of trial results, enhancing the likelihood of regulatory approval.
  • Global Collaboration: Digital imaging technology allows real-time sharing of data across geographical boundaries, facilitating collaboration among researchers, clinicians, and regulatory agencies. This leads to standardized protocols and increased harmonization across clinical trials.
  • Regulatory Compliance: Well-established imaging techniques adhere to rigorous regulatory standards, ensuring the safety and ethical considerations of participants. This instills confidence in trial outcomes and supports regulatory approval processes.
  • Longitudinal Monitoring: Imaging enables researchers to track disease progression and treatment response over time, providing insights into the long-term effects of interventions. This information is crucial for understanding chronic diseases and evaluating treatment durability.
  • Translational Research: Clinical trial imaging bridges the gap between preclinical research and human studies, allowing researchers to validate findings in real-world patient populations. This aids in the translation of promising preclinical discoveries into effective clinical interventions.

In summary, the advantages of the Clinical Trial Imaging market lie in its ability to provide objective, precise, and timely data, enhancing the efficiency and success rate of drug development while ultimately benefiting patient care and medical advancements.

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Diagnostic Imaging Market – Global Forecasts to 2026

About MarketsandMarkets™:

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
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Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest

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Venture capital funding for cryptocurrency and blockchain projects has seen a notable resurgence in the first quarter of 2024, marking its first quarterly rise since 2021. Crunchbase data released today indicates that Web3 startups secured nearly $1.9 billion in funding across 346 deals during this period. This represents a substantial 58% increase from the previous quarter, offering a glimmer of hope amidst the ongoing downward trend in overall crypto VC interest.

The recent surge in funding can be attributed to investors adopting a more long-term perspective on Web3, as opposed to the hype-driven “tourist investors” predominant in recent years. Chris Metinko, the author of the report, notes that investors are shifting their focus to the AI sector, indicating a change in investment strategy. There is a growing interest in supporting the foundational infrastructure of the decentralized internet, rather than solely concentrating on crypto wallets and lending platforms, which attracted significant investments during the peak period of 2021 to 2022.

While large funding rounds were relatively uncommon in Q1, several notable investments stood out. Exohood Labs, a company integrating AI, quantum computing, and blockchain, secured a remarkable $112 million seed round at a valuation of $1.4 billion. EigenLabs, an Ether token “restaking” platform, raised $100 million in a Series B round led by a16z crypto. Additionally, Freechat, a decentralized social network leveraging blockchain technology, secured $80 million in a Series A round. These investments, among others, contributed to the increase in valuations and the emergence of four new Web3 unicorns in Q1.

Despite the recent progress, the future trajectory of Web3 remains uncertain. Metinko suggests that the next few quarters will be pivotal in determining the industry’s direction. While investors anticipate a rebound in investment as the decentralized internet evolves, it may take another year for venture capital activity to stabilize after the exuberance of 2021. Factors such as the approval of U.S. spot Bitcoin exchange-traded funds and the upcoming Bitcoin halving could also influence the market, given the rising prices of Bitcoin and Ether.

A noteworthy example of significant funding in the Web3 space is Monad Labs’ recent successful funding round, which secured $225 million led by Paradigm. Monad Labs is a layer-1 blockchain compatible with Ethereum, offering faster transaction processing. This funding round harkens back to the golden era of crypto funding in 2021-2022, when L1 solutions attracted substantial investments.

Earlier this year, Balance, a digital asset custodian based in Canada, announced that it had once again reached $2 billion in assets under custody (AUC) amidst the recent market recovery. Similarly, Korea Digital Asset (KODA), the largest institutional crypto custody service in South Korea, has experienced remarkable growth in crypto assets under its custody, expanding by nearly 248% in the second half of 2023.

Analysts at Bernstein Research project that crypto funds could reach an impressive $500 billion to $650 billion within the next five years, representing a significant leap from the current valuation of approximately $50 billion. This forecast underscores the growing optimism and potential for substantial growth within the crypto industry in the coming years.

Source: cryptonews.com

The post Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest appeared first on HIPTHER Alerts.

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ASIC cracks down on blockchain mining firms

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Three blockchain mining companies – NGS Crypto, NGS Digital, and NGS Group – along with their directors, Brett Mendham, Ryan Brown, and Mark Ten Caten, are facing legal action from the Australian Securities and Investments Commission (ASIC) for allegedly operating without a license, in violation of Australia’s Corporations Act. ASIC initiated legal proceedings against these entities on April 9, citing concerns about their non-compliance with financial regulations and their solicitation of Australian investors.

According to ASIC, the NGS companies promoted blockchain mining packages with fixed-rate returns to Australian investors, encouraging the transfer of funds from regulated superannuation funds to self-managed superannuation funds (SMSFs) for conversion into cryptocurrency. Approximately 450 Australians invested a total of around USD 41 million in these packages, raising concerns about potential financial losses.

The legal action filed by ASIC alleges that the companies violated section 911A of the Corporations Act, which prohibits companies from providing financial services without a valid Australian Financial Services Licence (AFSL). ASIC is seeking interim and final court orders to prohibit the NGS companies from offering financial services in Australia without an AFSL.

ASIC Chair Joe Longo emphasized the importance of investors carefully considering the risks before investing in crypto-related products through their SMSFs. Longo stated that ASIC’s actions send a message to the crypto industry about the regulator’s commitment to ensuring compliance with regulations and protecting consumers.

In a separate development, the Federal Court appointed receivers for the digital currency assets associated with the NGS companies and their directors to safeguard these assets amid concerns about the risk of dissipation. Mendham was also issued a travel restriction order, preventing him from leaving Australia.

While a court date for the proceedings has not been set, ASIC’s investigation is ongoing, with the regulator continuing to gather evidence and build its case. It is worth noting that the investigated companies share a similar name with NGS Super, a legitimate Australian pensions provider, leading to potential confusion among investors. NGS Super clarified that it is not involved in selling cryptocurrency or related products and has taken legal action to protect its trademark and members’ interests.

Source: iclg.com

The post ASIC cracks down on blockchain mining firms appeared first on HIPTHER Alerts.

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Crypto and Blockchain Weave Deeper Into the Biometrics Space – Identity News Digest

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AuthID Inc. has formed a strategic partnership with the National Notarial Centralized Verification System (NNCVS) to integrate biometric identity verification into NNCVS’s online notary platform. NNCVS, a provider of nationwide online services for notaries, aims to transition from a local, in-person framework to a more secure, digital model. By leveraging AuthID’s platform, NNCVS will authenticate the identities of notarial agents and their clients using biometric checks that compare selfies with ID document photos. This enhancement ensures heightened security throughout users’ interactions with the service.

iVALT has introduced a mobile app called OnDemandID, designed to enable users to verify the identity of individuals during phone calls, video calls, or online interactions with a single click. The app employs multiple verification elements, including biometrics, device ID, and location-based parameters like geofencing and time windowing, to prevent deepfake attacks and identity fraud. OnDemandID prioritizes user privacy by storing biometric data locally on the device and refraining from tracking user movements. Additionally, iVALT offers integration into existing enterprise mobile apps, providing a solution to enhance caller verification processes within corporate environments.

Keyless, a company specializing in secure facial recognition, has partnered with EnQualify, an AI-powered Know Your Customer (KYC) verification provider, to enhance online identity verification. Keyless’s privacy-centric ZKB technology will integrate with EnQualify’s AI for initial user verification, enabling a seamless and secure authentication process. This collaboration eliminates the need for repetitive steps and data storage, offering a faster and more user-friendly verification experience while ensuring robust security measures.

Australian fintech Waave has launched its Wallet app to enhance security and convenience for online payments. Integrated with Waave’s Pay by Bank system, Wallet utilizes fingerprint or facial recognition for secure authentication, eliminating the need for passwords and card details. This approach addresses concerns about online fraud, providing a streamlined payment process for consumers and merchants alike. Additionally, Wallet will introduce expense tracking features later in 2024, further enhancing its utility for users.

BeatBit Wellness Lab has introduced the CUDIS ring, a wearable device focused on user-controlled health data management. Powered by Solana blockchain technology, CUDIS tracks biometric data and offers personalized health insights using AI algorithms. Users can contribute anonymized data to a research network and earn rewards, emphasizing data ownership and privacy. The CUDIS ring integrates securely with other Solana and Web3 products, offering users a comprehensive health monitoring solution within the decentralized ecosystem.

Worldcoin has unveiled World Chain, a new blockchain platform designed to prioritize verified human users over bots, aiming to reduce network congestion and transaction fees. Integrated with the Worldcoin protocol’s Proof of Personhood, World Chain provides verified users with priority blockspace and gas allowances. This Layer 2 solution, secured by Ethereum, offers developers access to a large pool of verified users for deploying utility applications. World Chain is set to be open source and permissionless, with plans for community-based governance in the future.

New South Wales (NSW) has launched an Australia-first trial to test digital birth certificates, involving over 18,000 children associated with specific educational institutions. Led by the NSW Registry of Births, Deaths and Marriages in collaboration with the Department of Customer Service, the pilot explores the use of digital certificates with the same legal validity as traditional paper versions. Digital birth certificates aim to simplify administrative tasks and offer enhanced security and convenience, particularly in disaster-prone areas where paper documents could be compromised.

Source: findbiometrics.com

The post Crypto and Blockchain Weave Deeper Into the Biometrics Space – Identity News Digest appeared first on HIPTHER Alerts.

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