The vendor landscape in the global small animal imaging market has remained consolidated since the past many years now. In 2013 the top four players, which are Siemens, Bruker, Perkin Elmer, Perkin Elmer, and TriFoil, held over 60% of the market, states Transparency Market Research (TMR) in a new study. Of these, Siemens recorded a clear lead through a strong product portfolio and long standing market presence. Besides this, the key players in the global small animal imaging market have been looking to establish their stronghold through mergers and acquisitions.
Strategies adopted by the leading players have a profound impact on the market’s overall performance. Spurred by this and other factors, the global small animal imaging market will exhibit a CAGR of 8.6% between 2014 and 2020. The market stood at US$1.4 bn in 2013 and is expected to reach US$2.74 bn by the end of 2020.
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Regionally, North America dominated the global market, followed by Europe. The region is expected to witness considerable gains, supported by the increased clinical trial funding from the government agencies. Consequent to this, the small imaging market in North America is expected to reach US$1.03 bn by the end of 2020. In terms of application, the oncology segment will lead the market. The segment is expected to exhibit a CAGR of 9.1% between 2014 and 2020, and thus continue dominating the market through the course of the forecast period.
Rising Application in Biotechnology Research and Drug Discovery to Fuel Sales of Small Animal Imaging Devices
“The increasing use of preclinical imaging modalities in biotechnology research and drug discovery is bolstering the installed base of small animal imaging devices” said a lead TMR analyst. Preclinical imaging has emerged as one of the most powerful methods of monitoring disease progression. This has created demand for preclinical imaging tools for optimizing and validating imaging protocols pertaining to a specific class of agent. This in turn is fuelling the demand for small animal imaging devices.
Furthermore, exponential growth of CROs in emerging nations is driving the deployment of small animal imaging devices. Presence of high unmet medical needs across underdeveloped economies has compelled several pharmaceutical companies to continue expanding their footprint in these nations. Numerous CROs are therefore focusing on capturing a higher share in the emerging markets, which will in turn support the small animal imaging market’s growth. Besides this, the rising uptake of optical imaging and multimodal devices due to easy handling and cost effectiveness will augur well for the small animal imaging market.
Long Shelf Life of Small Animal Imaging Devices to Result in Early Saturation of the Market
On the flip side, gains of the small animal imaging market will be restrained by the high cost of device development and the requirement of multiple approvals. The device cost for small animal imaging is therefore on a higher side, which is hindering its widespread uptake. Stringent regulatory scenario monitoring the market, also restricts its growth to an extent.
Furthermore, small animal imaging devices come with a longer shelf-life, which is likely to result in the early saturation of the market. “The longer product life cycle and high investment are likely to make consumers less likely to purchase these devices or invest in their overhaul,” observes the TMR report’s author.
Nevertheless, with investments in the development of novel reagents rising, TMR forecasts sustainable growth in the global small animal imaging market. The increasing preclinical research activities by biotechnology and pharmaceutical companies and the advent of contract research organizations will propel the global small animal imaging market in the forthcoming years.
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