Global Multimodal Imaging Market, By Technology (PET/CT Systems, SPECT/CT Systems, PET/MR Systems, OCT/Fundus Imaging Systems, Other Multimodal Imaging Systems), By Application (Cardiology, Brain & Neurology, Oncology, Ophthalmology, Other Applications), By End User (Hospitals, Diagnostic Imaging Centers, Other End Users), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017-2027
- Published Date: August 2021
- Report ID: BWC2138
- Available Format: PDF
- Page: 200
Report OverviewThe global multimodal imaging market is gaining traction due to the growing prevalence of various chronic diseases among adults as well as the geriatric population, along with the various technological advancements like the introduction of AI and cloud in the imaging modalities.
The global multimodal imaging market was worth USD 2.5 billion in 2020 and is further projected to reach USD 3.4 billion by the year 2027, growing at the CAGR of 4.5% in the forecast period. The growing prevalence of various chronic diseases among adults as well as the geriatric population is propelling the demand for diagnostics and treatment. Furthermore, various technological advancements like the introduction of AI and cloud in the imaging modalities are expected to drive the market in the forecast period.
Source: BlueWeave Consulting
Global Multimodal Imaging Market- Overview
When more than one imaging method is being used in conjunction, it is referred to as multimodal imaging or multiplexed imaging.Multimodal imaging aims to improve cancer detection and localization through early detection and multiplexed imaging. For instance, a combination of imaging techniques, such as MRI, PET, SPECT,can be used for the diagnosis of cancer or its growth. Medical multimodal imaging modalities include various techniques such as magnetic resonance imaging (MRI), ultrasound, medical radiation, angiography, computed tomography (CT) scan, etc., which are applied to the human body for diagnosis and treatment purposes.
Global Multimodal Imaging Market Forecast and Trends
Increasing Prevalence of Chronic Diseases
The use of imaging technologies is a very effective and non-invasive method of diagnosing and treating various chronic diseases.Multimodal imaging technologies are widely used for the diagnosis of diseases like cancer, cardiovascular diseases, chronic respiratory diseases, diabetes, and so on. The early detection of such diseases is essential to the proper treatment, especially for cancer.Therefore, the diagnostic rate has amplified significantly over the past few years. It has been estimated that there have been around 3.6 billion radiology tests performed annually worldwide, which is contributing significantly to the growth of the global multimodal imaging market.
Technological Advancements in The Multimodal Imaging Technologies
In multimodal imaging technologies, the industry players are continually advancing their products and introducing innovations such as artificial intelligence and cloud computing.For example, the introduction of photoacoustic imaging which is used simultaneously with ultrasound imaging is capable of providing functional and cellular information regarding the tissues in the anatomical markers of the imaging. The key industry players are also collaborating to merge their resources for technological advancements in multimodal imaging technologies. For instance, GE Healthcare recently announced its collaboration with Spectronic Medical to make AI-based software for MR-based radiotherapy planning.
High Cost of Multimodal Imaging Modalities
The high cost of multimodal imaging modalities may act as an obstacle for the growth of its global market especially in developing and low-income countries. The average price of a PET/CT scan system ranges from USD 75,000 to USD 500,000. For instance, ASPECT gamma camera costs around USD 400,000 to USD 600,000. This price range is deemed expensive especially for developing economies like India which is highly-priced sensitive. Due to this, the healthcare facilities resort to accumulating refurbished products which affect the market revenue.
Impact of COVID-19 on Global Multimodal Imaging Market
The global multimodal imaging market has been severely damaged by the sudden outbreak of the COVID-19 and pandemic situations.This is because patients suffering from chronic diseases like cancer were more prone to COVID-19 infection due to weak immunity. As a result, they were recommended to avoid visiting healthcare facilities for diagnosis or treatment purposes. As a result, the adoption of multimodal imaging technologies dramatically fell, affecting the market. However, the market is anticipated to flourish in the post-COVID-19 period as the prevalence of various chronic and lifestyle diseases has jumped significantly in the lockdown period.
Global Multimodal Imaging Market - By Technology
Based on technologies, the global multimodal imaging market is segmented into PET/CT systems, SPECT/CT systems, PET/MR systems, OCT/fundus imaging systems, and other multimodal imaging systems. Among these, the PET/CT systems captures the largest market share. In clinical terms, PETCT scanners are best examples of multimodality imaging.Its market is gaining significant traction because of the increasing demand for the early diagnosis of cancer. CT scans are used for the visualization of organs and tissues inside the body while PET scan is used for the detection of abnormal activities inside the body. PET/CT systems are widely used in detecting early signs of heart disease and brain disorders.
Global Multimodal Imaging Market - By Application
Based on applications, the global multimodal imaging market is segmented into cardiology, brain & neurology, oncology, ophthalmology, and other applications. Among these, the oncology segment accounts for the largest market share. This is because multimodal imaging techniques are highly proficient for the diagnosis as well as the tracking the progression of cancer treatment. With the increasing prevalence of cancer worldwide, the demand for multimodal imaging techniques is also flourishing. Furthermore, such techniques are also increasingly being used in cancer research purposes, further driving the market growth.
Global Multimodal Imaging Market - Regional Insights
Geographically, the global multimodal imaging market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Due to the high prevalence of cancer and chronic diseases such as stroke, bone cancer, and fractures, North America accounts for the largest share of the global multimodal imaging market.The American Cancer Society estimates that there will be around 1.9 million new cancer cases diagnosed and 608,570 cancer deaths in the United States in 2021. As a result, the diagnosis and treatment through the application of multimodal imaging modalities are surging, thereby driving the market growth.
Source: BlueWeave Consulting
The leading market players in the global multimodal imaging market are GE Healthcare, Heidelberg Engineering, Bruker Corporation, Infraredx, Inc., Siemens Healthineers, Canon, Inc., MILabs B.V., Mediso Medical Imaging Systems Kft., Koninklijke Philips N.V., Topcon Corporation, Spectrum Dynamics Medical, Northridge Tri-Modality Imaging, Inc., United Imaging Healthcare Co., Ltd., Mediso Ltd., Carl Zeiss AG, Neusoft Medical Systems Co. Ltd, MR Solutions Ltd., Optovue, Inc., PerkinElmer, Inc., and other prominent players.
The global multimodal imaging market is considered dense and highly consolidated with a few giant companies like GE Healthcare, Canon, Inc., etc., holding major market share. Several companies invest heavily in research and development activities as well as technological advancements for the purpose of innovation.In addition, the adoption of competitive strategies such as partnerships, mergers, acquisitions, product approvals, and launches is also very prevalent in this market.
- In July 2021, GE Healthcare announced its collaboration with SOPHiA GENETICS for advancing cancer care by deploying GE Healthcare’s extensive medical imaging and monitoring capabilities.
- In January 2021, Solis Mammography announced the acquisition of Progressive Radiology to expand its state-of-the-art multimodality medical imaging capabilities.
Scope of the Report
Historical data – 2017-2020
Base Year – 2020
Forecast – 2021 – 2027
Revenue in USD Million
U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia
By Technology, By Application, By End-User, By Region
GE Healthcare, Heidelberg Engineering, Bruker Corporation, Infraredx, Inc., Siemens Healthineers, Canon, Inc., MILabs B.V., Mediso Medical Imaging Systems Kft, Koninklijke Philips N.V., Topcon Corporation, Spectrum Dynamics Medical, Northridge Tri-Modality Imaging, Inc., United Imaging Healthcare Co., Ltd., Mediso Ltd., Carl Zeiss AG, Neusoft Medical Systems Co. Ltd, MR Solutions Ltd., Optovue, Inc., PerkinElmer, Inc., and other prominent players.
- PET/CT Systems
- SPECT/CT Systems
- PET/MR Systems
- OCT/Fundus Imaging Systems
- Other Multimodal Imaging Systems
- Brain & Neurology
- Other Applications
- Diagnostic Imaging Centers
- Other End Users
- North America
- Asia-Pacific (APAC)
- Latin America (LATAM)
- Middle-East & Africa (MEA)
Frequently Asked Questions:
- Global Bovine Serum Albumin Market Size, Share, Demand, Analysis and Forecast to 2019-2025
- Patient Handling Equipment Market Size, Share, Growth & Forecast 2027 | BlueWeave
- Global Luxury Jewelry Market Size, Growth, Trend and Forecast to 2025
- Europe Rigid HDPE IBC Market Size, Share, Growth & Forecast 2026 | BlueWeave
- Mountain Bike Market Size, Share, Growth & Global Forecast 2027 | BlueWeave
WHY CHOOSE US
24/7 Research support
Get your queries resolved from an industry expert. Request for a free product review before report purchase.
Coustom Research Service
Ask the Analyst to customize an exclusive study to serve your research needs
Quality & Accuracy
Ask the Analyst to customize an exclusive study to serve your research needs
As the business world is changing dynamically every day. We need to stay pin point in relation to data management and optimum data utilization
We never share your personal and confidential information. Your personal information is safe and secure with us.