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Global Preclinical Imaging Market to Reach Valuation of US$ 3,011.7 Million by 2031: Astute Analytica
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New Delhi, April 17, 2023 (GLOBE NEWSWIRE) — The global preclinical imaging market has been growing steadily and is expected to continue this trend in the coming years. In 2022, the market was valued at US$ 1,873.6 million in 2022, and it is projected to reach a market valuation of US$ 3,011.7 million by 2031, at a compound annual growth rate (CAGR) of 5.6% during the forecast period.
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Preclinical Imaging is an integral part of modern drug development. It allows researchers to image the living body in real-time, at high resolutions, and without harming the subject. This gives scientists unprecedented insights into how diseases progress and how new therapies can be developed to fight them. In recent years, the use of preclinical imaging has expanded beyond traditional small animal models to include larger animal models and even human patients.
Today, preclinical imaging is used in all stages of drug development, from target identification and validation to lead optimization and efficacy testing. It is also playing an increasingly important role in clinical decision making, as more and more drugs are being developed with personalized medicine in mind. In addition to its traditional uses, preclinical imaging is being increasingly used for functional applications such as receptor occupancy studies, safety pharmacology, and toxicology assessments.
Astute Analytica predicts that the preclinical imaging market will continue to expand as more pharmaceutical companies adopt image-based approaches to drug discovery and development. In addition, the introduction of new technologies such as artificial intelligence (AI) and machine learning will enable preclinical imagers to provide even more insights into the mechanisms of disease and potential therapeutic targets.
Trend Analysis of Preclinical Imaging Market: CT Imaging to Contribute over 18% Revenue By 2031.
Preclinical imaging is one of the most rapidly growing and important segments within healthcare, as it plays a pivotal role in the development of new therapies and the advancement of personalized medicine.
While PET and MRI are the most commonly used imaging modalities in preclinical research, Astute Analytica notes that newer technologies such as photoacoustic imaging and spectral CT are becoming more popular due to their ability to provide higher-resolution images. By 2031, the CT imaging is projected attain a 18% market valuation. On the other hand, MRI is projected to capture over 14% of market revenue by 2031.
In terms of application, oncology is currently the largest area of focus for preclinical imaging market, accounting for nearly 60% of all research studies. As of 2021, there are over 10,000 clinical trials related to cancer ongoing around the world, according to ClinicalTrials.gov, a database of privately and publicly funded clinical studies conducted around the world. We expect this trend to continue, as cancer remains one of the leading causes of death worldwide. Neurology and cardiology are also significant areas of interest, due to the growing prevalence of these diseases.
One key trend that is expected to shape the future of preclinical imaging is the move towards artificial intelligence (AI). AI will be used increasingly for image analysis and interpretation, as well as for identifying new targets for drug discovery. This technology has already begun to transform the field of radiology and it is expected that preclinical imaging will soon follow suit.
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Pharmaceutical Companies to Generate More than 33% Revenue of Global Preclinical Imaging Market
Preclinical imaging is a vital tool for pharmaceutical companies in the development of new drugs and therapies. It allows for the visualization of biological processes in living animals, providing crucial information on efficacy and safety. The demand for preclinical imaging services has grown significantly in recent years, as more companies seek to gain a competitive edge in drug development.
Preclinical imaging provides critical insights into the effects of new drugs and therapies prior to clinical trials. This allows pharmaceutical companies to optimize their candidates for maximum efficacy and safety before moving forward with expensive and time-consuming clinical trials. In addition, preclinical imaging can be used to monitor the progression of disease and identify potential therapeutic targets.
The demand for preclinical imaging market has grown rapidly in recent years, as more pharmaceutical companies seek to gain a competitive advantage in drug development. The number of companies offering preclinical imaging services has also increased, giving pharmaceutical companies more options to choose from.
Europe to Continue Being the Second Largest Preclinical Imaging Market with More Than 29% Revenue Share
The preclinical imaging market is expected to be dominated by North America, which is projected to have over 44% revenue share, followed by Europe with over 29% revenue share. This can be attributed to several factors such as the high prevalence of chronic diseases, increased investments in preclinical research, and strong demand for advanced imaging technologies in the region.
Europe has always been a competitive and tough place for businesses, with high overheads and taxes, so it is no surprise that the preclinical imaging market is struggling. For instance, in 2022, the region held over 30.8% revenue share of the market and is projected to witness a loss of around 1% in valuation by 2031. This is an industry which provides products and services to help pharmaceutical and biotech companies test their new drugs on animals before human clinical trials. It is a vital service, but one which is under pressure from falling revenues and government cutbacks.
However, there are some positive signs for the future of the industry. The European Commission has proposed a new regulation that would make it easier for small businesses to access funding, and this could help boost innovation in the sector. In addition, many of the leading companies in the industry are investing heavily in research and development, so they may be able to bring new products to market that can reverse the decline in sales.
Siemens Healthineers to Dominate Global Preclinical Imaging Market with Over 23% Revenue Share
Siemens Healthineers is a global leader in medical technology. The company offers a comprehensive portfolio of preclinical imaging products and services, including X-ray computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, positron emission tomography (PET), and single-photon emission computed tomography (SPECT). In addition, Siemens Healthineers also provides software solutions for image analysis and data management.
General Electric is another major player in the preclinical imaging industry. In 2022, the company held over 21% revenue of the global market. GE Healthcare offers a wide range of CT, MRI, PET/SPECT, ultrasound, and X-ray products and services. The company also provides support for customers throughout the product life cycle, from purchase to installation to maintenance and repair.
Both Siemens Healthineers and General Electric offer high-quality solutions in the global preclinical imaging market that are essential for advancing scientific research. These companies hold a combined market share of over 50%, making them the clear leaders in this industry.
Some of the Top Market Players Are:
- Agilent Technologies
- Bruker Corporation
- Canon
- Fujifilm Corporation
- General Electric (GE)
- Hitachi, Ltd.
- Hologic
- Konica Minolta, Inc.
- Koninklijke Philips
- Mediso Limited
- MILabs B.V.
- Molecubes
- MR Solutions
- PerkinElmer, Incorporated
- Siemens Healthineers
- TriFoil Imaging
- Varex Imaging
- Other Prominent Players
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About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
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