The vendor landscape of the global market for small animal imaging features an intense level of competition due to the presence of numerous well-established players, according to a recent market research report by Transparency Market Research. The rising set of growth opportunities in the field of veterinary medicine has compelled companies to focus on bringing innovations in the field of production. Companies are also focused on R&D activities so as to develop technologically more advanced imaging technologies to gain a larger hold on the market.
For improved sales, companies could plough more resources into MRI-based multimodal imaging devices such as PET or MRI as the demand for such devices has been rising at a promising pace in the past few years. Bruker Corporation, Agilent Technologies, Inc., TriFoil Imaging, Inc., LI-COR Biosciences, Inc., Aspect Imaging, and Miltenyi Biotec GmbH are some of the leading companies in the market.
According to the report, the global market for small animal imaging will exhibit an impressive 8.6% CAGR over the period between 2014 and 2020, rising to a revenue valuation of US$ US$2.7 bn by 2020. Geographically, the markets in regions such as Asia Pacific, Middle East and Africa, and Latin America are expected to present the most lucrative set of growth opportunities over the report’s forecast period. The rising numbers of pharmaceutical and biopharmaceutical preclinical researches in these regions will contribute to the promising set of growth opportunities.
One of the key factors expected to drive the market is the vast rise in investment in the development of new diagnostic and therapeutic measures aimed at the various ailments in small animals. The market is also expected to benefit majorly from the rising focus on research activities aimed at further understanding regarding gene expression and its link with a number of diseases in small animals. The market has also significantly benefitted from the rising installation of optical and multimodal imaging devices across specialty veterinary clinics across the globe.
The rising numbers of contract research organizations in Asia Pacific and a promising rise in research activities aimed at the treatment and diagnosis of diseases in small animals has also resulted in a promising rise in demand for small animal imaging devices globally. Similar trend is also likely to prevail in other regional markets with emerging economies.
Despite mostly promising growth opportunities, the market could be restrained to a certain degree in the next few years. One of the toughest challenges faced by the market is the high cost involved in the manufacturing of imaging devices for small animals. Owing to this factor, the market fails to target a potentially vast set of growth opportunities in emerging economies, where the consumer is cost-conscious and could prefer other diagnostic and treatment measures due to the cost factor.