Over the last two decades, preclinical imaging has witnessed significant importance in the drug discovery and development. Development of technologically advanced multi-modality preclinical imaging systems and their increased adoption in preclinical research studies acted as driving factor for global preclinical imaging market.
Market Overview -
According to research report preclinical imaging market is expected to reach USD 910.4 Million by 2021; growing at a CAGR of 6.2% during 2016 to 2021. The Report analyzes and studies the major market drivers, restraints, opportunities, and challenges in North America, Europe, Asia-Pacific, and the Rest of the world (RoW).
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Geographical Overview -
North America (except Mexico) and a major part of the European region are mature markets for preclinical imaging systems and reagents. However, developing regions such as Asia-Pacific (including China, South Korea, and Taiwan) and Latin America (especially Brazil) are expected to become new revenue-generating markets for players dealing with preclinical imaging systems and reagents. The high growth opportunities in the Asia-Pacific region is attributed to the rising number of CROs offering preclinical research studies, increasing outsourcing of preclinical research by global pharma companies to developing Asian countries (owing to low cost of research), and increasing government funding for pharmaceutical R&D activities in emerging Asia-Pacific countries.
In the Asia-Pacific region, the preclinical imaging market in China is estimated to grow at the highest rate in the next five years. Increased government investments towards the development of country’s pharmaceutical industry are leading to the growth in the number of preclinical research studies in China. In addition, increased government funding is also motivating the private investors to make huge investments into China’s pharmaceutical R&D. The heavy public and private funding in China’s pharmaceutical industry is resulting into the modernization of country’s preclinical research infrastructure.
This is attracting the global pharma and biopharma companies to conduct their preclinical research studies in China, owing to the low cost of preclinical studies in it compared to the developed ones. Moreover, the preclinical imaging market in other Asian countries such as South Korea and Taiwan is also expected to witness high growth in the forecast period. Rising government funding on development of pharmaceutical research and development in these nations is the key factor offering high growth opportunities for the market players engaged in the development of preclinical imaging systems and reagents.
Leading Market Players -
Technologically advanced multi-modality imaging systems offer a promising future, showcasing high growth opportunities for preclinical imaging market players. Their market growth is primarily propelled by increasing adoption of hybrid imaging systems in preclinical research owing to the improved imaging performance offered by them compared to the standalone systems. The demand of multi-modality imaging systems is most prevalent in research related to cancer therapeutics. Several companies such as PerkinElmer, Inc. (U.S.), Bruker Corporation (U.S.), Mediso Ltd. (Hungary), TriFoil Imaging (U.S.), MR Solutions Ltd (U.K.), and MILabs B.V. (Netherlands), are investing in this high-growth market to gain more profits and increase their share in the global preclinical imaging market.
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