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European Market for Imaging in Lifesciences
Frost & Sullivan, Aug 2008, Pages: 111
This report European Market for Imaging in Lifesciences presents an all-encompassing research of European Preclinical small animal imaging market and an outlook of clinical trial imaging. The research focuses on various modalities such as Optical Imaging, Micro-CT, Micro-PET/CT, Micro-SPECT/CT, Micro-MRI and HF-US that are used for small animal imaging. The challenges to accelerate drug discovery and development have dictated the need for cutting edge technologies in imaging for the Lifesciences Industry.
This Frost & Sullivan research service titled European Market for Imaging in Lifesciences provides an overview of market dynamics along with a complete analysis of key drivers, restraints and trends for the European preclinical small animal imaging market across various modalities, coupled with a comprehensive examination of imaging in clinical trials. In this research, Frost & Sullivan's expert analysts thoroughly examine the market for preclinical small animal imaging in Europe.
High-performance, Low-cost Imaging Modalities Gain Appeal in Life Sciences Arena
Progressive technological advances are supporting the drug development process, which continues to confront immense cost and time pressures. Imaging modalities play a crucial role in ameliorating the drug development process. There has been an upsurge in the adoption of imaging modalities in the life sciences industry, opening up tremendous opportunity for imaging system vendors. This rapid adoption of imaging modalities has created different levels of potential for vendors to offer various products.
'Imaging in life sciences is a growing market in Europe; the adoption of imaging modalities is increasing with sizeable market potential waiting to be leveraged over the next five to seven years,' notes the analyst of this research. 'There exists tremendous scope and opportunity for imaging modalities vendors to provide a cost-effective imaging system.' Multi-million dollar opportunities are being created for a broad range of products. The market will demonstrate significant growth as the life sciences industry gears up to adopt imaging modalities for drug development. Government initiatives to promote and support imaging and translational research will create significant growth potential. However, imaging modalities vendors should focus primarily on providing the cost-benefit paradigm to users by offering the best package of technology, quality and customer value. Vendors with such a combination will be able to successfully capture the market. The European preclinical small animal imaging market is quite competitive and is in the process of consolidation. This situation is pushing the need for high-performance, low-cost imaging systems that meet specific customer requirements.
Providing a Range of Funding Options is Critical to Spurring Adoption
There are core issues that imaging system vendors active in the European life sciences industry will need to address if they are to fully leverage the market’s growth potential. Vendors can effectively address these issues by designing cost-effective small animal imaging systems. Moreover, efforts should be made to advice, support and train end users to ensure the optimal utilisation of the imaging modality.
Currently, the price of imaging modalities is relatively high for academic research labs. This is having a negative impact on sales. Further, longer sales cycles and funding constraints for academic research labs present major challenges to sustained market expansion. 'Prospective customers have to undergo a complex process of approval from grant bodies and approval committees to fund the purchase of small animal imaging systems,' cautions the analyst. 'There is also a need for vendors to provide various funding options to customers and accelerate the sales process.' It is important for vendors to provide clients with a range of funding alternatives. Apprising customers of the technology, providing proof of concepts and offering advice, support, training and after-sales service will create a win-win situation. This will help maximise the growth potential, while benefiting both vendors and buyers.
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