The global small animal imaging market size has the potential to grow by USD 959.08 million during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by geography (Asia, Europe, North America, and ROW) and technology (optical imaging, magnetic resonance imaging, nuclear imaging, and other technology). Also, the report analyzes the market’s competitive landscape. It offers information on several market vendors, including Aspect Imaging Ltd., Bruker Corp., FUJIFILM Holdings Corp., Heska Corp., IDEXX Laboratories Inc., LI-COR Inc., MR Solutions Ltd., PerkinElmer Inc., Promega Corp., and Thermo Fisher Scientific Inc.
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The market is fragmented, and the degree of fragmentation will remain the same during the forecast period. The key players in the market are focusing on various growth strategies, including product launches, M&A strategies, and service partnerships to expand geographical reach. PerkinElmer Inc., Promega Corp., and Thermo Fisher Scientific Inc. are some of the major market participants. Although the accelerating growth momentum will offer immense growth opportunities, the high cost associated with imaging systems will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this small animal imaging market forecast report provides a detailed analysis of the market leaders. It offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this small animal imaging market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading small animal imaging companies, including:
Aspect Imaging Ltd.
FUJIFILM Holdings Corp.
IDEXX Laboratories Inc.
MR Solutions Ltd.
Thermo Fisher Scientific Inc.
Small Animal Imaging Market: Segmentation by Region
North America was the largest market for small animal imaging in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The rising number of clinical trials, increasing spending on companion animal healthcare, expansion of veterinary clinics, presence of prominent vendors, and an increasing number of imaging procedures performed on small animals will significantly influence the growth of small animal imaging market in the region.
Almost 54% of the market’s growth will originate from North America during the forecast period. The US is one of the key markets for small animal imaging in North America. Market growth in this region will be faster than the growth of the market in Europe and ROW.
Small Animal Imaging Market: Segmentation by Technology
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Optical imaging technology is easy to operate, offers fast imaging pace, and is more economical than other modalities. It is extensively used for scientific research and drug development purposes.
Moreover, optical imaging technology is based on the detection of transitory light through the cells and tissues. Additionally, this technology has an excellent signal-to-noise ratio. The high adoption of optical imaging technology and its cost-effectiveness will contribute to the growth of the market in focus.
Moreover, market growth in this segment will be faster than the growth of the market in the other technology segment. This report provides an accurate prediction of the contribution of all segments to the growth of the small animal imaging market size.
Small Animal Imaging Market: Key Drivers and Trends
There is a rise in the number of clinical trials. Small animals are used for certain types of drug development studies for gaining knowledge about diseases, assessing novel drugs, and ensuring drug safety. The effective usage of genetically modified animal models can fast-track the development of product candidates through the drug development pipeline with better outcomes. Moreover, factors such as the access to a large population of small animals, availability of skilled workforce, favorable market reforms, access to the fastest-growing pharmaceutical market in the world, strong intellectual property, and improved clinical trial infrastructure have contributed to an increase in the number of clinical trials in developing countries. This will lead to an increase in the use of small animal imaging systems in various stages of drug development, which will significantly influence the growth of the small animal imaging market size over the forecast period.
With the rising cost of animal healthcare, people are increasingly relying on pet insurance to reduce the direct financial burden.
The growing demand for pet insurance among pet owners and marketing efforts by pet insurance companies contributes to the growth of the market.
The growth in the number of veterinarians and their income is one of the key small animal imaging market trends. Veterinarians are adopting imaging devices and associated reagents, including MRI, PET, CT scanners, and X-ray radiology devices, as they provide accurate diagnosis information propelling revenue generation from the sales of this equipment.
During 2020-2024, the market will grow at a CAGR of over 9%.