The increasing trend of preclinical imaging in biotechnological research and drug discoveries has given rise to the global small animal imaging market. The key components of this market are machines, devices, and reagents employed in the preclinical imaging of rats and other small animals and have marked themselves as the most useful tools in preclinical research in the global arena.
The small animal imaging market has benefitted from the sturdy growth in the adoption of small animal imaging devices in the medical and healthcare sector on account of their cost efficiency and easy handling. Transparency Market Research (TMR), a market intelligence and research firm, has recently published a research report determining the overall value of the global animal imaging market in 2013 at US$1.49 billion. Further, the report estimates the market to reach US$2.74 billion by 2020, expanding at a CAGR of 8.6% during the period from 2014 to 2020.
Browse Market Research Report of Small Animal Imaging Market: http://www.transparencymarketresearch.com/small-animal-imaging.html
Though the global small animal imaging market is exhibiting steady growth, the high cost associated with the development of devices and the strict regulations regarding approval can pose a severe challenge to the market. Here is a snapshot of the market dynamics and the latest as well as upcoming trends in this market:
- The most favored devices in preclinical imaging are micro-CT and Micro MRI. In recent times, the market for micro-MRI devices has acquired a significant share in the overall devices market, on account of the nonionizing nature of its radiation and high spatial resolution these devices offer while imaging soft tissues. The micro-MRI devices market holds around 27 to 31% of the global market for small animal imaging devices owing to the capacity of these tools to deliver detailed morphological pictures with impeccable contrast and spatial resolution.
- The market for multimodal imaging devices has reported growth in market share due to their ease of handling, but the market is expected to decline in future owing to the high cost of these devices.
- The optical imaging devices market holds almost 17% of the global small animal imaging devices market at present. The cost efficiency associated with these devices is expected to boost this market segment in the near future.
- The optical imaging reagents market has reported the fastest growth in the small animal imaging reagents market due to the rising volume of gene expression studies. Among the optical imaging reagents industries, the market for fluorescent-labeled contrast agents has exhibited strong growth, owing to the usefulness of these contrast agents as substitutes to radiotracers in preclinical imaging studies.
- North America dominates the global small animal imaging market and is followed by Europe.
- The small animal imaging market in Asia Pacific is estimated to report the fastest growth among all the regional markets in the forthcoming years.