Global Key Players:

As of 2015, PerkinElmer Inc. (U.S.) held the leadership position in the global small animal imaging market. Over the past three years, the company has adopted new product launches, product enhancements, and geographic expansion as its key business strategies to ensure its dominance in this market. Bruker Corporation (U.S.), FUJIFILM Holdings Corporation (Japan), Mediso Ltd. (Hungary), MILabs B.V. (Netherlands), MR Solutions Ltd. (U.K.), Aspect Imaging (Israel), LI-COR Biosciences (U.S.), Trifoil Imaging (U.S.) and Miltenyi Biotec GmbH (Germany) are some of the other key players in market.

Expected Revenue Growth:

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.

Growth Influencing Factors:

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. 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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Different Growth Strategies Adopted by Key Players:

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. 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.

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. Furthermore, the company adopted geographic expansion as another key growth strategy in order to strengthen its R&D and sales capabilities. In line with this, PerkinElmer established its new R&D centers in China (May 2014), the U.S. (October 2013), and Germany (April 2013). Additionally, the company opened its new offices in Italy (July 2014), and Israel (April 2013).

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. In line with this strategy, the company launched the SkyScan 1275 X-ray microtomography system (in October 2015); Albira Si PET/SPECT/CT Trimodality System, BioSpec 3T Preclinical MRI System, BioSpec 3T PET/MRI System, and High-sensitivity Xtreme II Optical Molecular Imaging System (in September 2015); SkyScan 1278 and BioSpec 210/11 (in September 2014); Magnetic Particle Imaging (MPI) system (in September 2013); and SkyScan 1272 preclinical CT imaging system (in March 2013).

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Geographical Growth:

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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