Published Date : 14 Jul 2023
The global preclinical imaging market size was evaluated at USD 4.92 billion in 2022 and is expected to touch over USD 8.35 billion by 2030, representing at a CAGR of 6.82% during the forecast period 2022 to 2030.
In the preclinical imaging market, the North American region has dominated, and it will continue to generate maximum revenue in the coming years. As the research infrastructure in the North American region is well developed the market is expected to grow well. There is no dearth of skilled professionals in the North American region, and this will prove to be another factor that will lead to the growth of the market during the forecast period. The availability of technologically enhanced devices in the North American region is more and the increased use of such devices will lead to the growth of the market. Preclinical research and projects carried out in the North American region are expanding gradually. Government initiatives in this region will also play a significant role in the growth of the market. government is taking steps to encourage development and research activities as such projects are gaining traction gradually.
The programs like tax credit are instrumental for the Canadian market to grow successfully. This program also leads to the conduction of extensive research and development activities. Asia Pacific region is also expected to provide good opportunity for the growth of this market. As the regulatory guidelines in this region are less stringent the market is expected to grow well. Research costs for various projects in the Asia Pacific region are less and this will also prove to be a factor that will lead to the growth of the market in the coming years. The outsourcing industry for the clinical research has also grown successfully especially in the Asia Pacific nations like India as well as China. Outsourcing the activities of research to various nations will also prove to be a boon for the growth of the market.
Preclinical Imaging Market Report Scope:
|Market Revenue in 2023||USD 5.26 Billion|
|Projected Forecast Revenue in 2030||USD 8.35 Billion|
|Growth Rate from 2022 to 2030||CAGR of 6.82%|
|Largest Market||North America|
|Forecast Period||2022 To 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
The growing need for non-invasive procedures on small animals has grown significantly due to which the imaging techniques will see a surge in the coming years. The growing need for imaging techniques for the small animals is expected to play a significant role in the growth of the market. Many initiatives are taken by the private organizations as well as the public organizations by providing funds to the research institutes for conducting the Preclinical Research. The increased amount of funds received by these organizations will also prove to be a driving force for the growth of the market. Many campaigns are conducted, and investments are made for creating awareness regarding the use of devices for preclinical research. As the need for preclinical imaging has grown for educational institutes and for the veterinary hospitals the market is expected to grow well in the coming years. The presence of advanced infrastructure for research activities will also boost market growth.
The operational costs and the maintenance costs of the preclinical imaging devices or techniques are high due to which the market growth will be hampered. The installation cost for these procedures is also high and this will hamper the growth of the market during the forecast period. The various rules and regulations which have been laid down by the government regarding the research and development programs emerges as a major obstacle for the growth of the preclinical imaging market which will hamper the economy tremendously. as the research and development programs usually include small animals, strict rules and regulations have been laid down regarding their usage.
High number of technological advancements will lead to the development of the market. The use of hybrid systems in the imaging techniques will also lead to the growth of the market and provide good opportunities for the future. The various research and development programs carried out by the key market players help them to introduce new technology and drugs into the field of medicine. The organization's conducting the clinical research have also grown in the recent years. Imaging techniques are used on a large scale by various companies and these companies will provide growth opportunities. Molecular imaging techniques have also become technologically advanced and this shall provide maximum growth opportunities during the forecast period.
The regulatory framework of the governments of various nations are strict and these governing policies will hamper the growth of the market. There are a few limitations to the procedures and techniques. The activists that fight for animal rights will also impose a few restrictions on animal testing which is expected to limit the growth of the market.
The optical imaging devices segment has dominated the market in the past and it will continue to generate maximum revenue in the coming years. As the utilization of small animals is the primary step for any research and development program, this segment is expected to show tremendous results during the times to come. On the basis of end user, the segment of biotechnology has emerged as the largest segment as a result of the huge number of research and development activities that are carried out all over the world with a view to introduce new technologies into the global market. On the basis of geography, the region of North America has emerged as the leading market as a result of the rapid development which has been observed in the field of technology and the existence of the key market players which support its growth actively. The region of Europe has also performed significantly as a result of the rapid development in the field of technology.
Major Key Players:
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