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.

"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