Small Animal Imaging In Vivo Market Size, Share, Growth Analysis, By Technology(Micro-MRI, Optical, Nuclear imaging, Micro-ultrasound), By Application(Cancer cell detection, Bio-distribution, Monitoring Therapy Response, Longitudinal Studies), By Region - Industry Forecast 2024-2031

Global Small Animal Imaging In Vivo Market size was valued at USD 8372.91 million in 2019 and is poised to grow from USD 8921.38 million in 2023 to USD 14676.78 million by 2031, growing at a CAGR of 6.42% in the forecast period (2024-2031).

Numerous nuclear imaging technologies, such as micro MRI, micro CT, and micro PET, have been adapted into micro level equipment. In addition to these technologies, the market has seen growth in multimodal imaging, micro-ultrasound imaging, micro-magnetic resonance imaging (MRI), optical imaging such as bioluminescence and fluorescence imaging, and optical imaging. A few variables having a beneficial effect on the global market include the rise in pre-clinical research, rising CRO investments in research activities, expanding use of multi-functional pre-clinical imaging, and technology breakthroughs such high resolution multimodality MRI. However, the tight regulatory requirements combined with the poor reimbursement scenario would in some ways limit market expansion. Despite the aforementioned market restrictions, the commercialization of affordable technologies will mitigate their adverse effects and drive the industry's expansion, especially in emerging nations.

The primary drivers of the market's expansion include an increase in the number of pharmaceutical businesses and clinical research institutions, as well as in-vivo imaging applications in pre-clinical research, real-time data storage, and high-resolution modalities. The need for high-end equipment along with inadequate infrastructure for research facilities, modern instruments, and a lack of experienced research people in developing economies are projected to be the main market limitations for small animal imaging (in-vivo). Going forward, the global clinical research initiatives, along with the development in technologies associated with pre-clinical trials will provide the platform for growth.

North America, which has adopted sophisticated technologies, is the market leader across all geographies due to its favourable reimbursement policies. Due to significant financial investments and the accessibility of modern small animal in-vivo imaging systems, such as micro-Photoacoustic tomography (Micro-PAT), in pre-clinical research, North America holds around 35% of the global market share for small animal imaging (in-vivo). On the other hand, throughout the projection period, the Asia-Pacific market will expand at a promising CAGR of 11.5%. The fact that the sector is still mostly untouched and experiencing such high growth rates presents a business opportunity for companies who make small imaging devices for animals. The small animal (in-vivo) imaging business was stimulated by the COVID-19 epidemic. The majority of COVID-19 patients experience mild to moderate symptoms and recover at home, however a few required hospitalisation. The market appears to be significantly impacted by COVID-19.

Many governments implemented transit and travel restrictions in an effort to stop the spread of COVID-19, which hindered international trade and transportation. As a result, there was a temporary drop in product demand and the supply chain for small animal (in-vivo) imaging was disrupted. Limited access to current and potential customers has hindered market operators' ability to provide small animal (in vivo) imaging devices and apply previously marketed products, which will cause a little decline in growth rate in 2019.

US Small Animal Imaging In Vivo Market is poised to grow at a sustainable CAGR for the next forecast year.