The health of the pre-clinical imaging market looks good—a recent report released by MarketsandMarkets forecasted a compound annual growth rate in the sector of 6 percent over the next five years, with the market expected to reach $797 million.
The researchers factored in recent technological developments in molecular imaging modalities like PET and MRI, a rising acceptance of using medical imaging as drug development tool and increasing research activities when figuring the estimated growth of the industry in the near future.
MarketsandMarkets cautioned, however, that high costs of imaging systems, reduced funding for research and the high cost of developing new technology could impede some of the industry growth.
“In addition to this, challenges associated with the application of radioisotopes, such as short half- life of PET radioisotopes and high cost involved in the generation of these isotopes, limits the demand for micro-PET systems, especially in developing countries where budget scarcity is a major issue with life science researchers,” read the report summary.
North America is expected to lead the world in pre-clinical imaging, while the Asia-Pacific market will experience the highest growth rate over the next five years, driven by the increasing number of contract research organizations there.