Understand How The Clinical Trial Imaging Market Is Poised To Grow Through 2024-2033
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).
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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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