NEW YORK, Oct. 6, 2016 /PRNewswire/ -- The global Preclinical imaging market is expected to reach around USD 3.6 billion by the year 2024, according to a report performed by Grand View Research, Inc. The swift increase in the number of clinical research organizations (CROs), pharmaceutical companies, and research and development organizations is propelling the demand for preclinical imaging.
Heavy investments in research and development are encouraging research projects worldwide. As a result, the demand for Preclinical imaging is steadily increasing. Pharmaceuticals, biotechnology, life sciences, medical devices, and cosmetics are the wide application areas, where imaging modalities are widely used in research and development. Furthermore, veterinary hospitals and educational institutions also create an additional demand for this market.
North America comprises the U.S. and Canada markets. North America and Europe together accounted for the largest market share in 2015. The increased research and development funding coupled with the presence of a highly developed research infrastructure is accelerating the growth of the market in Europe and North America.
On the other hand, the governing stringent regulatory guidelines are restricting the growth of the market in North America. Asia Pacific is expected to show the fastest growth rate during the forecast period owing to the easy availability of resources, the presence of an advanced research infrastructure, and the allocation of government funds for R&D activities.
Further key findings from the study suggest:
The optical imaging devices segment captured the largest market share of the overall market in 2015. The largest market share was mainly attributed to the extensive application of these devices in small animal imaging and research projects.
The multimodal imaging devices segment is anticipated to show a significant growth rate from 2016 to 2024. The increasing adoption of these devices owing to the integration of multiple imaging modalities into a single unit is the major factor expected to drive the growth of this segment during the forecast period.
The reagents segment accounted for a significant market share in 2015 as these products are purchased repeatedly, unlike in the case of imaging devices
North America captured the largest market share of around 35% in 2015. The market is expected to maintain its dominance during the forecast period. Well-established research infrastructure, the growing number of research and development activities, and the rising investments in R&D are some of the factors supporting the growth of the market in this region.
Asia Pacific is anticipated to show a significant growth rate from 2016 to 2024 owing to the rapidly expanding contract research organization (CRO) industry in this region
The exit of the major players from the market is creating growth opportunities for the other smaller, domestic Preclinical imaging system manufacturers
The major market players include Bruker Corporation, Siemens A.G., General Electric(GE), TriFoil Imaging, PerkinElmer, Inc., VisualSonics, Inc. (Fujifilm), Mediso Ltd., MILabs B.V., and Agilent Technologies.
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