The Business Research Company’s market reports offer an in-depth analysis on the market’s growth potential, major drivers, key trends and more.

Market Growth Overview

• Current Market Size: The clinical trial imaging market grew from $1.32 billion in 2023 to $1.44 billion in 2024.
• Growth Rate: The market is expanding at a compound annual growth rate (CAGR) of 9.3%.
• Key Drivers:
  • Increased sales and distribution of clinical imaging software and services.
  • Rising healthcare spending and improved infrastructure.
  • Growing research and development in pharmaceuticals and biotechnology.

Future Market Projections

• Expected Market Size: The market is anticipated to reach $2.07 billion by 2028.
• Projected CAGR: A steady growth rate of 9.4% is expected.
• Growth Drivers:
  • Increase in chronic diseases.
  • Rising research and development expenditures.
  • Growing geriatric population and number of clinical studies.
  • Expansion of contract research organizations (CROs).

Read More On The Clinical Trial Imaging Market Report 2024 –
https://www.thebusinessresearchcompany.com/report/clinical-trial-imaging-global-market-report

Impact of Chronic Diseases on Market Growth

Rising Prevalence of Chronic Diseases

• Chronic Diseases: Chronic conditions, such as cancer and cardiovascular diseases, are increasing due to factors like pollution, lifestyle changes, and genetics.
• Role of Clinical Trial Imaging:
  • Provides efficient monitoring and better understanding of conditions.
  • Improves patient adherence and satisfaction.
  • Supports personalized treatment approaches.
• Example: According to the National Library of Medicine, global cancer cases are expected to rise by 47% by 2040, driving the demand for clinical trial imaging.

Key Players and Innovations in the Market

Major Companies

• Leading Players:
  • Koninklijke Philips N.V.
  • Labcorp Drug Development
  • Icon Plc
  • PPD Inc.
  • Syneos Health, among others.
• Market Strategies:
  • Expansion of capabilities and offerings.
  • Adoption of imaging-based approaches in drug development.

Innovations in Cloud-Based Image Viewers

• Technological Advancements:
  • Development of cloud-based imaging tools.
  • Example: In March 2023, Clarion launched a cloud-based image viewer tool, enabling real-time, on-demand viewing and manipulation of high-resolution images.
  • Benefits include improved efficiency, data privacy compliance, and full-resolution viewing capabilities.

Strategic Acquisitions Shaping the Market

Medica’s Acquisition of RadMD

• Strategic Move: In March 2023, Medica, a UAE-based medical company, acquired RadMD, enhancing its presence in the clinical trials market.
• Benefits:
  • Leverages RadMD’s expertise to reduce costs and improve efficiency in drug and device development.
  • Strengthens Medica’s position in serving pharmaceutical, biotech, and CRO markets.

Market Segmentation and Regional Insights

Market Segmentation

• By Product and Services:
  • Services
  • Software
• By Modality:
  • Computed Tomography
  • Magnetic Resonance Imaging
  • Echocardiography, among others.
• By Application:
  • Oncology
  • Neurology
  • Cardiology, etc.
• By Distributor:
  • Direct Sales
  • Tender Sales
• By End User:
  • Contract Research Organizations
  • Pharmaceutical and Biotechnology Companies
  • Medical Device Manufacturers, etc.

Regional Insights

• North America: The largest region in the clinical trial imaging market in 2023.
• Asia-Pacific: Expected to be the fastest-growing region during the forecast period, driven by rising healthcare spending and an increasing number of clinical studies.

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