Clinical Trial Imaging Global Market Report 2024

The clinical trial imaging market size has grown strongly in recent years. It will grow from $1.32 billion in 2023 to $1.44 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The expansion observed in the historical period can be attributed to several factors. These include increased sales and distribution of clinical imaging software and services, heightened awareness of breast cancer risks, rising healthcare spending, which leads to improved infrastructure, and increased research and development investments by pharmaceutical and biotechnological companies.

The clinical trial imaging market size is expected to see strong growth in the next few years. It will grow to $2.07 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The anticipated growth in the forecast period can be attributed to several factors. These include the increasing prevalence of chronic diseases, rising expenditures on research and development, a growing geriatric population, an expanding number of clinical studies, and a rise in the number of contract research organizations. Major trends expected in the forecast period encompass technological advancements that enhance imaging modalities, strategic initiatives by market players to expand capabilities and offerings, the adoption of imaging-based approaches in drug development, advancements in molecular imaging and AI-driven analysis, and ongoing product innovation.

The increasing prevalence of chronic diseases is expected to drive growth in the clinical trial imaging market in the future. Chronic diseases, characterized by long-lasting conditions requiring ongoing medical attention, are becoming more prevalent due to factors such as exposure to pollutants, lifestyle changes, and genetic predispositions. Clinical trial imaging plays a crucial role in efficiently monitoring these conditions through imaging techniques, aiding patients in understanding their ailments and treatment impacts, thus enhancing adherence and satisfaction. For example, projections from the National Library of Medicine in May 2021 suggest a substantial increase in the global cancer burden by 2040, with a significant rise in cases and deaths. Additionally, data from the National Center for Biotechnology Information in January 2023 indicates a high number of new cancer cases and projected deaths in the United States for 2023. This underscores how the growing prevalence of chronic diseases fuels demand for advancements in clinical trial imaging technologies.

Major players in the clinical trial imaging market are focusing on developing cloud-based imaging tools to offer improved solutions and enhance clinical trial efficiency. These tools leverage cloud computing technology to store, manage, and analyze medical images. For instance, in March 2023, Clarion, a US-based manufacturer of advanced power distribution systems, introduced an innovative cloud-based image viewer tool. This tool enables real-time, on-demand viewing and manipulation of high-resolution images, providing read-quality access without the need for manual steps. It streamlines the image viewing process, ensuring easy, secure, and compliant data accessibility, empowering users to gain valuable insights into trial subjects.

In March 2023, Medica, a UAE-based medical company, acquired RadMD for an undisclosed sum. This strategic acquisition enables Medica to enter the clinical trials market, utilizing RadMD's expertise to enhance cost-efficiency and streamline drug and device development processes for pharmaceutical, biotech, and contract research organizations (CROs). RadMD, based in the US, specializes in offering clinical trial imaging solutions.

Major companies operating in the clinical trial imaging market are Koninklijke Philips N.V., Labcorp Drug Development, Icon Plc, PPD Inc., Syneos Health, Charles River Laboratories, Parexel International Corporation, Clario, Medpace Inc., Medidata Solution Inc., Biotelemetry Inc., WIRB-Copernicus Group, ProScan Imaging LLC, Invicro LLC, Perspectum, Radiant Sage LLC, Worldcare Clinical LLC, Intrinsic Imaging LLC, Datatrak Inc., IXICO Plc, Calyx Inc., Resonance Health Ltd., Anagram-ESIC SL.

North America was the largest region in the clinical trial imaging market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the clinical trial imaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the clinical trial imaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Clinical trial imaging involves utilizing medical imaging techniques such as magnetic resonance imaging (MRI), computed tomography (CT) scans, and X-rays to capture detailed internal images of participants during clinical trials. These images play a vital role in monitoring disease progression, evaluating treatment efficacy, and ensuring patient safety, making it an essential component in assessing the biological impact of new therapies and interventions.

The primary products and services in clinical trial imaging include services and software. Clinical trial imaging services entail providing specialized imaging techniques and methodologies to support the research and development phases of clinical trials. Various modalities encompass computed tomography, magnetic resonance imaging, echocardiography, nuclear medicine, positron emission tomography, X-ray, ultrasound, optical coherence tomography, among others. These services cater to various applications such as oncology, neurology, cardiology, endocrinology, dermatology, hematology, and others, distributed through direct sales and tender sales. End-users include contract research organizations, pharmaceutical and biotechnology companies, medical device manufacturers, academic and government research institutes, among others.

The clinical trial imaging market research report is one of a series of new reports that provides clinical trial imaging market statistics, including clinical trial imaging industry global market size, regional shares, competitors with a clinical trial imaging market share, detailed clinical trial imaging market segments, market trends, and opportunities, and any further data you may need to thrive in the clinical trial imaging industry. This clinical trial imaging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The clinical trial imaging market consists of revenues earned by entities by providing services such as image protocol development, data management and integration, image processing, and analysis. The market value includes the value of related goods sold by the service provider or included within the service offering. The clinical trial imaging market also includes sales of analysis tools, clinical trial management systems, and compliance tools. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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