Small animal imaging involves magnetic resonance imaging (MRI), computed tomography (CT), optical imaging, ultrasound, positron emission tomography (PET), and single positron emission computed tomography (SPECT). PET and SPECT imaging technologies involve radioactive materials, hence are also called nuclear imaging modalities.
The global small animal imaging market is estimated to account for US$ 2,740.0 Mn in terms of value by the end of 2020.
Global Small Animal Imaging Market: Drivers
Increasing adoption of multimodal and optical imaging devices is expected to propel growth of the global small animal imaging market over the forecast period. This can be attributed to cost effectiveness and easy handling of multimodal and optical imaging devices. Additionally, growing concerns with respect to reducing radiation exposure to animals has led to the combination of PET with MRI.
Global Small Animal Imaging Market: Opportunities
High prevalence of chronic disorders is expected to offer lucrative growth opportunities for players in the global small animal imaging market. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.
Global Small Animal Imaging Market: Restraints
Long shelf life of preclinical imaging devices is expected to render early saturation of the market. As compared to contrast reagents, the shelf life of imaging devices is between 10 years and 15 years. Due to such a long product life cycle, consumers are less likely to purchase or replace these devices due to high investment. Therefore, the growth rate or saturation of the devices market is likely to happen much earlier as compared to the reagents, affecting the small animal imaging market across the globe.
The global small animal imaging market was valued at US$ 2,562.3 Mn in 2019 and is forecast to reach a value of US$ 4,879.3 Mn by 2027 at a CAGR of 8.6% between 2020 and 2027. Increasing adoption of multimodal and optical imaging devices is expected to propel growth of the global small animal imaging market over the forecast period.
Oncology segment held dominant position in the global small animal imaging market in 2019, accounting for 38.7% share in terms of value, increasing prevalence of cancer during the forecast period is anticipated to assist the segment growth
Major players in the global small animal imaging market are focused on launching new products to expand their product portfolio. For instance, in May 2018, MR Solutions launched a continuous PET detection system for offering better imaging solutions to researchers.
Increasing adoption of small animal imaging products is expected to propel growth of the market. For instance, in May 2020, Norway’s arctic university Tromsø installed MR Solutions’ high field, dry magnet, PET-MR imaging system.
Global Small Animal Imaging Market: Competitive Landscape
Major players operating in the global small animal imaging market include, Agilent Technologies, Inc., Aspect Imaging, Bruker Corporation, TriFoil Imaging, Inc., LI-COR Biosciences, Inc., FujiFilm VisualSonics, Inc., Miltenyi Biotec GmbH, MR Solutions, Perkin Elmer, Inc., Promega Corporation, Siemens AG, AXT, Hallmarq Veterinary Imaging, and SCANCO Medical AG.
Global Small Animal Imaging Market: Key Developments
Major players in the global small animal imaging market are focused on adopting partnership strategies to enhance their market share. For instance, in September 2020, Hallmarq Veterinary Imaging partnered with the Dolly Green Research Foundation on Standing MRI Unit at Santa Anita Racetrack.
Scope of the report
“*” marked represents similar segmentation in other categories in the respective section.