The global Preclinical imaging market was valued at USD 1.8 billion in 2015. The rising number of investments in research and development coupled with the constant pace of technological advancement leading to the development of hybrid imaging systems is primarily driving the growth of the global market.
The increasing number of clinical research organizations (CROs) and pharmaceutical companies are thereby increasing the adoption of in-vivo imaging systems in Preclinical research, which is further accelerating the growth of this market.
On the other hand, the restrictions placed on animal testing due to regulations enforced by organizations, which protect animal rights are the major factors impeding the growth of the market. For instance, animal testing for cosmetics is banned in Europe. As a result, the adoption of alternative methods such as in-vitro tests, micro-dosing, computer-based models, virtual testing of new drugs, and the development of computerized databases for testing purposes is rapidly increasing.
However, modalities with non-invasive imaging techniques such as MRI and CT Scans are expanding their market share. The associated perils, such as the need for clinical trials-based evidence and the high implementation costs are factors that hinder the growth of the global Preclinical imaging market.
Furthermore, with fewer research developments, the presence of inadequate development infrastructure, the increased adoption of computerized research models, and the lack of skilled research personnel in emerging economies are some of the other factors challenging the growth of the market.
China Preclinical Imaging Market, by Product, 2014 - 2024 (USD Million)
The global market is segmented into medical devices, reagents, and services, based on the product type. The optical imaging devices market captured the largest market share in 2015 owing to their wide usage in small animal imaging and new drug discovery projects.
Multi-modal imaging devices segment is anticipated to show a significant growth rate during the forecast period. Technology advancements have led to the development of integrated systems that include molecular and anatomical digital imaging systems, which enable multiple screening in a single unit; these new generation devices with integrated imaging technologies are anticipated to boost the growth of the multi-modal imaging devices market in Preclinical studies.
The reagents segment account for a significant share of the overall market as these products are widely used in all imaging procedures. Thus, the purchase of these products is frequent, unlike in the case of the imaging devices.
The steady pace of technological advancement is resulting in the widening of the applications of these devices. Oncology research is one of the significant application segments of Preclinical imaging devices. The advanced multi-modal devices with increased sensitivity that are enhanced by digitalization and a user-friendly interface find wide applicability in oncology research. Cardiology, obstetrics, and gynecology research are some of the other application areas of these devices.
North America dominated the global Preclinical imaging market in 2015 with a revenue share of over 35%. The major drivers of the Preclinical imaging market in North America include a well-developed research infrastructure, the availability of skilled professionals, a large number of Preclinical projects, and higher adoption rates of technically advanced devices in the region.
Moreover, government initiatives are encouraging new clinical research and development projects in the region. Canadian R&D tax credit program is an example of one such government initiative boosting the R&D efforts in the country. Government support in the form of funding and tax benefits is positively impacting the Preclinical imaging market. Considering the above-mentioned factors, altogether, North America is anticipated to maintain its dominance throughout the forecast period.
Asia Pacific region is estimated to show fastest CAGR of 11.4% from 2016 to 2024. Factors such as low research costs, less-stringent regulatory guidelines, increased government funding for the development of the research and development sector in the respective countries are making the region attractive for Preclinical research studies. As a result, the clinical research outsourcing (CRO) industry is booming in emerging countries, such as China and India. Thus, the Asia Pacific market is anticipated to reach around USD 932.8 million by 2024.
The global market for Preclinical imaging is extremely competitive with the presence of a large number of global as well as local market players. Leading players in the medical imaging market have all the necessary resources in place to manufacture Preclinical imaging systems. As a result, the initial investment required to enter the market is less, which is making market-entry easy for these players.
The major market players in this market are 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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