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Global Small Animal Imaging Market - Leading Players & Their Growth Strategies

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Makarand Vaidya

The technological advancements in the field of molecular imaging, increasing market demand for non-invasive small animal imaging techniques, and growing number of public-private initiatives to support preclinical researches are some key factors fueling the growth of the market.

The global small animal imaging market is estimated to reach USD 910.4 Million by 2021; growing at a CAGR of 6.2% during the forecast period.

Furthermore, emerging markets such as China and India are offering new growth opportunities for prominent market players. However, factors such as strict regulatory framework that governs preclinical researches, and significant installation and operational costs associated with preclinical imaging modalities are hampering the market growth. 

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The key players in the small animal imaging market focus on various strategies such as new product launches; geographic expansions; partnerships, agreements, and collaborations; and acquisitions in order to increase their market shares in the global small animal imaging market. Product development and commercialization was the key strategy adopted by leading industry players to achieve optimal revenue growth in the small animal imaging market.

Global Leaders:

PerkinElmer, Inc. (U.S.), Bruker Corporation (U.S.), Mediso Ltd. (Hungary), MILabs B.V. (Netherlands), MR Solutions Ltd. (U.K.), and Aspect Imaging Ltd. (Israel) were major players that adopted this strategy for their market growth during 2013-2016. Additionally, geographic expansion was the second most favored growth strategy among prominent product manufacturers; that helped OEMs to strengthen their market presence, enhance their R&D capabilities, and generate additional demand by sensitizing end users about benefits offered by molecular imaging during in-vivo preclinical imaging studies. 

Target Audience:

Preclinical Imaging System Manufacturers, Suppliers, and Imaging Software Providers
Pharmaceutical and Biotechnology Companies
Preclinical Imaging Reagent Manufacturers and Suppliers
Contract Research Organizations (CROs)
Research and Development (R&D) Companies
Government Research Laboratories
Independent Research Laboratories
Government and Independent Regulatory Authorities
Market Research and Consulting Service Providers
Medical Research Laboratories
Academic Medical Institutes and Universities

As of 2015, PerkinElmer, Inc. held the leading position in the small animal imaging market owing to its robust product portfolio and its strong geographic presence across major markets (such as the U.S., Europe, China, Japan, Australia, and India). The company primarily focuses on developing technologically advanced preclinical imaging systems as its key growth strategy to sustain its leadership position in the global small animal imaging market. In line with this strategy, during 2013-2016, the company launched numerous small animal imaging products including Solaris quantitative optical molecular imaging system (in September 2014); IVIS Lumina XRMS Series III and IVIS SpectrumBL (in January 2014); and IVIS Lumina Series III (in January 2013), among others. 

Bruker Corporation (U.S.) held the second position in the small animal imaging market in 2015. This is mainly attributed to the wide geographical presence and strong product portfolio of the company in the global small animal imaging market. The Bruker Corporation offers a complete line of preclinical imaging modalities including multi-modality products for the preclinical imaging of small animals. The company has primarily adopted product launches and enhancements as its key growth strategy to strengthen its position in the global small animal imaging market.

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Geographical Scenario:

As of 2016, North America is expected to dominate global small animal imaging market, followed by Europe. However, the Asia-Pacific region is projected to be the fastest growing region with a double-digit CAGR during 2016-2021. A number of factors including continuous government support for pharmaceutical and biotechnology R&D, increasing public-private investments to support radioisotope production, rising number of translational research activities, and evolving regulatory scenario across major Asian countries are stimulating the growth of the small animal imaging market in the Asia-Pacific region. 

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