Newark, NJ, Oct. 06, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global small animal imaging market is expected to grow from USD 974.08 million in 2019 and to reach USD 1662.42 million by 2027, growing at a CAGR of 6.91% during the forecast period 2020-2027.
The demand for noninvasive methods for drug discovery has been in demand for the past years due to the animals' safety. The growing research and development activities have led to the growth of the small animal imaging market. Different types of technology are used for imaging, which is applied in applications such as epigenetic research studies and action mechanisms.
Small animal imaging is used for imaging of biological processes in small animals. The imaging involves a scan of the complete body and, in detail, the physical function of the molecules. This technique is used for observing the cellular changes and thus analyze the effects of drugs. It is vital for the drug development process and is widely used in clinical research. It is a cost-effective technique and is required before the commercialization of the drugs.
The increases in healthcare expenditure have increased the investment in the research and development activities. The advancement in imaging technologies has increased the applications in pharmaceutical and research companies. The population of small animals is quite large, and thus the access is relatively easy. Further, the availability of skilled force and favorable conditions has contributed significantly to the market growth. However, the high cost of equipment is expected to hinder the market growth.
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Key players operating in the global small animal imaging market include Thermo Fisher Scientific, PerkinElmer Inc., Promega Corporation Inc., FujiFilm Holding Corporation, Life Technologies Corporation, Bruker Corporation, Aspect Imaging Ltd., Miltenyi Biotec GmbH, Siemens AG, Mediso Ltd., Trifoil Imaging, LI-COR Biosciences, MILabs B.V., Aspect Imaging, MR Solutions Ltd. and others. The manufacturers of the small animal imaging market are seeking to gain higher market shares by adopting expansionary strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships, to strengthen their position in the market. Thermo Fisher Scientific and PerkinElmer Inc. are some of the biggest manufacturers present in the global small animal imaging market.
Optical imaging system dominated the market and held the largest market share of 27.82% in the year 2019
Based on the technology segment, the global small animal imaging market includes optical imaging systems, micromagnetic resonance imaging (MRI), micro computerized tomography systems (CT), nuclear imaging, ultrasound systems, photoacoustic imaging systems, digital angiography, magnetic particle imaging (MPI) systems. The optical imaging system dominated the market and held the largest market share of 27.82% in the year 2019. The optical imaging system is cheaper than the alternatives. It is widely used across the research organizations. Moreover, the micro MRI technology is expected to grow at a substantial rate during the forecast period. It is a specific and precise process and helps to deliver optimized results.
Optical imaging reagents dominated the market and held the largest market share of 30.43% in the year 2019
Based on the reagents segment, the global small animal imaging market includes nuclear imaging reagents, optical imaging reagents, ultrasound contrast agents, CT contrast agents and MRI contrast agents. Optical imaging reagents dominated the market and held the largest market share of 30.43% in the year 2019. The optical imaging reagents are used widely owing to the broader market share of the optical imaging system. It is simple to use and is a low cost, so the majority of the laboratories opt for it.
Bio-distribution dominated the market and held the largest market share of 28.93% in the year 2019
The global small animal imaging market includes cancer cell detection, biomarkers, epigenetics, longitudinal studies, monitor treatment response, bio-distribution, and others based on the application segment. Bio-distribution dominated the market and held the largest market share of 28.93% in the year 2019. It uses noninvasive infrared, which helps to visualize the complete body and detect the function of tissues. Apart from this, cancer cell detection is projected to register a high growth rate. The growing prevalence of cancer has increased the need for the discovery of effective drugs.
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Regional Segment Analysis of the Small Animal Imaging Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global small animal imaging market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region accounted for a significant market share of 43.92% in the year 2019. The availability of advanced technology has contributed significantly to the market growth. Further, favorable policies, coupled with healthcare awareness, have accelerated the market growth. However, Asia-Pacific is projected to grow at the highest CAGR during the forecast period. The growing healthcare infrastructure and increased investments in research activities have led to the expansion of the market in the region.
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About the report:
The global small animal imaging market is analyzed based on value (USD Million). All the segments have been analyzed on a global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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