USD 2.17 billion
Multimodal Imaging Market Size, Share, Growth Analysis, By Technology(PET/CT, PET/MR, SPECT/CT, OCT/FMT), By Application(Brain & Neurology, Cardiology, Oncology, Ophthalmology), By End Use(Hospitals, Diagnostic Imaging Centers, Research and Academic Institutes, and Other End Users), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2167 |
Region:
Global |
Published Date: October, 2024
Pages:
242
|Tables:
64
|Figures:
77
Multimodal Imaging Market Insights
Global Multimodal Imaging Market size was valued at around USD 3.9 billion in 2022 and is expected to rise from USD 4.1 billion in 2023 to reach a value of USD 6.3 billion by 2031, at a CAGR of 5.6% over the forecast period (2024–2031).
The multimodal imaging market growth is expected to be driven by continuous improvements in imaging technology, with a rise in resolution, acquisition speed, and sensitivity. Such advancements have increased the accuracy and resolution in the images, thus optimizing the possibilities of diagnosis and planning in the process of treatment. It will contribute much to the growth of the multimodal imaging market. Improvements and developments in cutting-edge technology by investing companies help enhance the performance of multimodal imaging products. Furthermore, research institutions are rapidly expanding the application of multimodal imaging in research work. For instance, the company, Siemens Healthineers, provides in-depth information regarding structure and function to allow superior research on matters of cancer and neurology. With people advancing in years, there is an increased predictability of them experiencing various medical conditions, and the requirement for diagnostic tests will be bound to rise. As about age-related disorders such as cancer and neurological diseases, the multimodal imaging industry has grown because of its ability to enable in-depth understanding, thus making it an essential tool pertaining to present healthcare needs of an aging population. The market is further propelled by government efforts, financing programs, and favorable rules concerning reimbursement. Funding initiatives and favorable reimbursement policies from global governments are promoting new imaging technology development and application. These policies are also beneficial for the market; they encourage health care providers to acquire multimodal imaging equipment.
US Multimodal Imaging Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024–2031
Global Market Size
Largest Segment
Multimodal imaging equipment
Fastest Growth
Multimodal imaging equipment
Growth Rate
4.3% CAGR
Global Multimodal Imaging Market ($ Bn)
Country Share for North America Region (%)
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Multimodal Imaging Market Segmental Analysis
Global Multimodal Imaging Market is segmented by Technology, Application, End User, and region. Based on Technology, the market is segmented into PET/CT, PET/MR, SPECT/CT, OCT/FMT, and Other multimodal imaging. Based on Application, the market is segmented into Brain & Neurology, Cardiology, Oncology, Ophthalmology, Research Applications, and Other Applications. Based on End Use, the market is segmented into Hospitals, Diagnostic Imaging Centers, Research and Academic Institutes, and Other End Users. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Technology
As PET/CT provides both functional and anatomical imaging in one scan, it is the leader in the multimodal imaging industry. It combines the accurate anatomical imaging that CT provides with the metabolic activity, revealing Positron Emission Tomography, this offers a comprehensive diagnostic insight, mainly in cancer, cardiology, and neurology. This has led to its wide usage in cancer detection, cancer staging, and assessment of response to cancer therapy. The number of hospitals and imaging centers is increasing globally with raised demands for non-invasive techniques. Despite new developments in technology, PET/CT has been a favorite in clinical practice.
However, as per the multimodal imaging market analysis, the PET/MR segment is expected to grow at the fastest rates PET provides metabolic and functional imaging but is more appropriate for complicated disorders in neurology, cardiology, and cancer, as MR offers detailed structural imaging with increased soft tissue contrast. However, PET/MR is especially useful in oncology for detecting small or occult tumors and in brain imaging, where MRI is particularly good at identifying soft tissue abnormalities. Although PET/MR systems are less common and more costly than PET/CT, technological advancements, increasing research interest, and expanding clinical applications contribute to the rapid adoption of these systems, especially in specialty hospitals and in research institutes.
Analysis By End Use
According to the multimodal imaging market forecast, the hospitals segment led the market in 2023. Such is the reason, because of their pivotal position in patient care, diagnostic imaging is essential for diagnosis, staging, and therapy monitoring for many conditions including cancer, neurological disorders, and cardiovascular illnesses. The advanced imaging technologies, such as PET/CT, PET/MR, and SPECT/CT, are essential not only for regular but also for emergency diagnosis; hence the infrastructure and treasury resources are readily available in hospitals to invest in such imaging technologies. Further, hospitals are the biggest consumers of multi-modal imaging technology as they happen to be the first resource that the patients seek after looking for advanced imaging operations. Hospitals remain at the top of the market because of the high quantity of patient visits and also because of the increasing usage of advanced imaging techniques.
Contrarily, the research and academic institutes segment is the fastest growing. The rising demand for higher resolution imaging technologies used to support various research pursuits such as molecular biology, neurology, and oncology is driving this growth. Research centers investigate the possibilities of personalized medicine, novel treatments, and causes of disease, based on PET/MR, PET/CT, and other multimodal imaging technologies. All of these are crucial for the investigation of complex biological processes and assessment of advanced treatment methodologies. This market has high growth prospects arising from the growing demand for multimodal imaging in academic and research environments that originate from progress made in personalized medicine, drug development, and biomedical research.
Global Multimodal Imaging Market By Product
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Multimodal Imaging Market Regional Insights
North America accounted for the highest multimodal imaging market share in 2022 and is predicted to be one of the spearheading regions in the forecast period as well. The market for this region is witnessing growth due to the presence of many prominent companies, including Siemens, GE Healthcare, and Koninklijke Philips N.V., in the region, along with advancements in technologies used for manufacturing multimodal imaging devices. The market is anticipated to grow due to the increasing adoption of advanced multimodal imaging technologies and the presence of a well-established healthcare infrastructure. The demand for multimodal imaging equipment also increased in the region because of the high health awareness from the public and the healthcare professionals about the importance of early diagnosis using imaging technologies.
Asia-Pacific is expected to grow at the most rapid pace over the projection period. The reason behind the growth of the market in this region is attributed to the prevalence of businesses dealing in medical devices within the region and an increase in the purchasing power of the populous nations of China and India. It is also expected to increase because of the growing use of medical imaging technologies, including multimodal imaging, large population, increasing health expenditure, growing chronic disease rates, technical progress, and government support for the development of healthcare and initiatives to improve access to advanced diagnostics technologies.
Global Multimodal Imaging Market By Region
- Largest
- Fastest
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Multimodal Imaging Market Dynamics
Multimodal Imaging Market Drivers
Increasing Vigilance in the Early Detection and Prevention of Disease
- The global health network is gradually shifting focus on preventive treatment by designing ways to achieve better results while reducing costs. More vigilance on early disease detection is gradually becoming important, mainly attributed to multimodal imaging that allows both functional and anatomical assessments. This often helps to further diagnose such issues like cancer, neurological conditions, and cardiovascular conditions in at-risk populations early. This is coupled with early diagnosis trend, besides the progress in medical studies.
Growth in Interest for Non-Invasive Diagnostic Techniques
- The increasing popularity of diagnostic techniques that avoid biopsies or surgery is gained both by patients and the medical fraternity. Multimodal imaging is favored both by physicians and patients, since it allows for a non-invasive view and assessment of the disease. Besides the escalating need for minimally invasive treatments, highly accurate and detailed diagnostic data has led to the rapid acceptance of technologies such as PET/CT and PET/MR.
Multimodal Imaging Market Restraints
Integration and Maintenance Complexity
- Installation, calibration, and maintenance of multimodal imaging systems are tasks that are very skill intensive. From the viewpoint of the technical integration of several imaging modalities into a single system is quite difficult and requires close cooperation of hardware and software. The employees of hospitals and diagnostic centers would face problems in the training and maintenance of the system which would lead to nonacceptance in a restricted environment. High operating costs due to repeated maintenance and upgradation may also be achieved which would prevent adoption in restricted environments.
High maintenance and Operation Costs
- Even though multimodal imaging systems are expensive to buy, the running cost and maintenance pose a serious threat. Maintenance, upgrades, and specialized consumables such as radioactive tracers for PET scans are also required for these systems. Therefore, small healthcare settings may be unaffordable to sustain these costs combined with the need for specialist staff, particularly in low-resource or developing countries where there are insufficient resources for healthcare.
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Multimodal Imaging Market Competitive Landscape
The established medical equipment companies and emerging companies determine the competitive landscape of the multimodal imaging sector. Industry players, including GE Healthcare, Siemens Healthcare, Philips Healthcare, and Canon Medical Systems with the high-tech imaging solutions dominate a huge market share. The R&D spending in these firms is considerable to come up with innovations in imaging technology and to provide improved system integration. Strategic elements also include alliances, acquisitions, joint ventures with medical facilities, academic institutions, and IT firms to increase market share and promote innovation.
Multimodal Imaging Market Top Player's Company Profiles
- GE Healthcare
- Koninklijke Philips N.V.
- Canon Medical Systems Corporation
- Siemens Healthineers
- Zeiss Group
- Bruker
- Mediso Ltd.
- Neusoft Corporation
- Infraredx, Inc. (part of Nipro Corporation)
- Topcon Corporation
- Shanghai United Imaging Healthcare Co., Ltd.
- Heidelberg Engineering
- Spectrum Dynamics Medical
- Minfound Medical Systems Co., Ltd.
- Kindsway Biotech
- Sofie Biosciences, Inc.
- Fujifilm Corporation.
Multimodal Imaging Market Recent Developments
- In October 2022, Spectrum Dynamics announced its latest development in digital nuclear medicine imaging: the ability to image with solid-state detector technology in a wide-bore, 3600-CZT based SPECT/CT configuration to detect high energy isotopes. The new generation VERITON-CT 400 Series Digital SPECT/CT scanners offer the possibility of opening both imaging applications in the heart, brain, and whole body.
- In April 2022, Mediso Ltd. acquired Bartec Technologies Ltd., a UK-based business, which has specializing business in the sales, installation, and maintenance of nuclear medicine and molecular imaging equipment and accessories. The acquisition will strengthen the position of the company within the UK and Ireland markets. However, financial details are not disclosed.
- In July 2021, Topcon Corporation has announced the acquisition of VISIA Imaging S.r.l. It is an ophthalmic imaging company whose headquarters are found in the suburbs of Florence, Italy.
Multimodal Imaging Key Market Trends
- Diagnostics in the Remote Area and Telemedicine: Multimodal imaging is slowly being integrated into telemedicine and remote diagnostic platforms. The image data may now be safely transmitted to experts to analyze and diagnose from a remote location due to the growing utilization of digital healthcare technologies. Telemedicine allows for this possibility and avenue for faster consultations, greater accessibility to advanced imaging, and improved patient outcomes in disadvantaged regions. This imaging modality gains greater access to rural and isolated areas due to the telemedicine trend on the rise.
- Applications in Personalized Medicine: One of the major multimodal imaging market trends includes applications of multimodal imaging in personalized medicines. With personalized medicine, with therapies determined according to a person's genetic makeup and the features of his or her illness, multimodal imaging is gaining new possibilities. These imaging technologies can enable the collection of detailed information about a patient's condition, its molecular and anatomical components, by medical professionals. This could advance the accuracy of physicians making treatment decisions and improve outcome in neurology and cancer by adding imaging into individualized therapy planning. It is, in fact, accelerating integration of multimodal systems into precision medicine and propelling development of new applications in imaging.
Multimodal Imaging Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the rise in imaging technologies, the increasing need for the early diagnosis of illness, and the rapidly increasing importance of individualized therapy are expected to propel the multimodal imaging market to a large number. Advances in modalities, for example, PET/CT, PET/MR, and SPECT/CT in neurology, cardiology, and cancer will improve the accuracy in the diagnosis and allow for the identification of complicated disorders earlier and with greater accuracy. The market is fighting through barriers of high costs, statutory hindrances, and a need for trained personnel with collaboration, technological advancements, and increased spending on healthcare. North America remains the industry leader, but growth is rapidly gaining pace in Asia-Pacific. The multimodal imaging outlook looks bright with new prospects of clinical and research applications to be realized with continuous improvement and increased spending on healthcare.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 3.9 billion |
| Market size value in 2031 | USD 6.3 billion |
| Growth Rate | 5.6% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Multimodal Imaging Market Recent Developments
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Multimodal Imaging Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Multimodal Imaging Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Multimodal Imaging Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Multimodal Imaging Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Multimodal Imaging Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Multimodal Imaging Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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