Clinical Trial Imaging Market
Healthcare Services

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).

Read More On The Clinical Trial Imaging Market Report 2024 –
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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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