The global preclinical imaging market is expected to grow at a compound annual growth rate (CAGR) of 6% from 2014 to 2019, according to a new market research report from Life Science Industry Research.
Mature markets such as in the U.S., Germany, France, and the U.K. held larger shares in the preclinical imaging market in 2014; however, the Asia-Pacific region is poised to grow at the highest CAGR of 8.2% in the next five years.
The growth is being propelled by increased outsourcing of preclinical research activities by big pharmaceutical and biotechnological companies, as well as increased government funding for drug discovery and development activities in economically emerging counties, among other factors.
North America commanded the largest share (36.2%) of the global preclinical imaging market in 2014, followed by Europe. The preclinical imaging market in North America is primarily driven by factors such as the high volume of preclinical research in the region, easy availability and accessibility of resources, and rising government funding for research and innovation in Canada.
However, growth of the North American market is being negatively affected by declining funding from the National Institutes of Health for preclinical research and changes in the Canadian R&D tax credit program, according to the report.
