There are considerable opportunities for imaging systems in the European life sciences industry. However, imaging modalities vendors should focus primarily on providing cost-benefits 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.

New analysis from Frost & Sullivan, the European Market for Imaging in Life Sciences, finds that multi-million dollar opportunities are being created for a broad range of products. This market will demonstrate significant growth as the life sciences industry gears up to adopt imaging modalities for drug development.

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"The adoption of imaging modalities is increasing, with sizeable market potential waiting to be leveraged over the next five to seven years," notes Frost & Sullivan Research Analyst Santhosh Kumar Ramaraj. "There is tremendous scope and opportunity for imaging modalities vendors to provide a cost-effective imaging system."

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 the specific customer requirements. There has also been a steady annual upswing in government initiatives to promote and support animal imaging.

Currently, the price of imaging modalities is relatively high for academic research labs. This is having a negative impact on sales. Furthermore, 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 Ramaraj. "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 growth potential, while benefiting both vendors and buyers.

Source: Frost & Sullivan