Small Animal Imaging Market to be Worth US$ 2.7 Billion by the End of 2020

Transparency Market Research observes that the competition in the global small animal imaging market is quite intense due to presence of several players. Players are looking at consistent production innovation to cater to the ever-changing demands of the veterinary medicine. Investments, research and development in technological advancements in the imaging technology is expected to be some of the key strategies of the players.

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Companies should emphasize on adding value to MRI-based multimodal imaging devices such as MRI or PET devices to improve their sales. Some of the leading players in the global small animal imaging market are Agilent Technologies, Inc., Bruker Corporation, Aspect Imaging, LI-COR Biosciences, Inc., TriFoil Imaging, Inc., and Miltenyi Biotec GmbH.

According to the research report, the global small animal imaging market is expected to be worth US$ US$2.7 bn by the end of 2020. During the forecast period of 2014 and 2020, the global market for small animal imaging is expected to surge at a CAGR of 8.60%. From a geographical point of view, Asia Pacific and Rest of the World are expected to dominate the global market for small animal imaging market due to growing number of pharmaceutical-based preclinical researches.

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The growth of the global small animal imaging market will be driven by increasing investments in development of medicines. The growing focus on drug development and study of gene expression are expected to fuel the growth of the overall market. The small animal imaging modalities function in a similar way as the ones used for human. The only difference is that they are smaller or micro in size. These imaging modalities have proven to be crucial to functional, molecular, and anatomical analysis of impact of pharmaceutical compounds in various preclinical phases. This process is crucial for determining for the toxicity and safety of drugs under development.

Increasing installations of multimodal and optical imaging devices are expected to drive the global market for small animal imaging market. Analysts point out that soaring demand for CROs in Asia Pacific is also expected to augment the growth of the overall market. Similar trend is expected to remain dominant in other developing parts of the world. Focus toward making the healthcare sector stronger is expected to open up many lucrative opportunities for the small animal imaging market in the coming years.

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On the downside, the global small animal imaging market faces of tough restraints. The high cost of manufacturing cost of these modalities is expected to result in its slow adoption rate. The market is also likely to be challenged by the lack of accessibility to nuclear imaging reagents during the forecast period.

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