Multimodal Imaging Market Size & Share, by Product (Equipment, Reagent, Software); Technology (PET/CT Systems, SPECT/CT Systems, PET/MR Systems, OCT/Fundus Imaging Systems); Application (Brain & Neurology, Cardiology, Oncology, Ophthalmology); End-user (Hospitals, Diagnostic Imaging Centers) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4248
  • Published Date: Feb 23, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Multimodal Imaging Market size is expected to reach USD 5 Billion by the end of 2035, growing at a CAGR of 6% during the forecast period i.e., 2023-2035. In the year 2022, the industry size of multimodal imaging was over USD 3 Billion.The market is estimated to grow on the back of the rising level of the geriatric population globally as they are more prone to chronic diseases and the increasing research & development in radiotracer technology along with government support for promoting multimodal imaging research through research grants. According to the World Health Organization data, the global population of people aged 60 and above is expected to increase to 1.4 billion by the end of 2030 and this figure is projected to reach 2.1 billion by 2050.

Multimodal imaging technology helps in the early detection of diseases in fields such as urology and oncology. The global multimodal imaging market is estimated to witness growth on account of its increasing adoption in various applications including urology, cardiology, and neurological surgeries. Moreover, increasing technological advancements in diagnostic imaging modalities are also expected to drive the growth of the global multimodal imaging market in the coming years. Furthermore, the rapid development of software that provides accurate data and interpretation is anticipated to increase the usage of multimodal imaging for diagnosis, identification of diseases, improve treatment processes, and enhance patient monitoring. Moreover, multimodal imaging has been highly used by surgeons owing to the recent technological advancements and increased preference for minimally invasive medical procedures along with the early need treatment intervention. In addition, the usage of different types of multimodal imaging techniques such as PET/CT, MR/CT, SPECT/CT, and CT/CT is anticipated to generate revenue for the market as multimodal imaging helps locate disease and anatomically guide the surgeon and aid patients to receive better treatment.


Multimodal Imaging Market
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Multimodal Imaging Sector: Growth Drivers and Challenges

Growth Drivers

  • Increasing Cases of Cancer Globally – Multimodal imaging technology are effective in the detection of tumor lesions in the human body. With the growing cases of cancer among the global population, the multimodal imaging market is expected to boost in the forecast period. According to data from the Centers for Disease Control and Prevention, there were approximately 1,752,735 new cancer cases in the United States in 2019.
  • Rise in Prevalence of Rare Diseases – With the population shifting towards an unhealthy lifestyle, rare diseases are being discovered every day. Proper detection, diagnosis, and treatment of such diseases require advanced medical products such as multimodal imaging. Thus, the rise in the prevalence of rare diseases is anticipated to bring lucrative growth opportunities for market growth in the analysis period. For instance, all over the world, around 300 million people are living with a rare disease and it affects nearly 4% to 6% of the total world population.
  • High Expenditure in the Research & Development Sector – As per data from World Bank, global research and development expenditure in proportion to gross domestic product (GDP) was around 2.63% in 2020, up from 2.2% in 2018.
  • Growth of Healthcare Expenditure – Major key players and government are focused on developing novel multimodal imaging systems for proper diagnosis and treatment. Thus, companies have been investing in the research & development sector to introduce technological advanced multimodal imaging products in the healthcare industry. According to recent data, in 2020 total healthcare expenditure was about ~USD 4 trillion, about 19% of the GDP of the United States.
  • Increasing Growth of the Biotechnology Industry – For instance, the Indian biotechnology industry is projected to reach ~USD 145 billion by the end of 2025.

Challenges

  • High Cost of Multimodal Imaging Systems and Availability of Substitute – The use of multimodal imaging methods for defining the extent of spread and the hemodynamic impact, timely diagnosis, and monitoring responses is becoming common in the treatment of malignant cardiac tumors. Yet, the availability of other alternatives such as biopsy analysis which is warranted by many healthcare practitioners to obtain an accurate histologic diagnosis in cases of suspected malignant cardiac tumors is expected to lower the adoption rate of multimodal imaging in the upcoming years. Also, the high costs associated with it are estimated to hinder market growth during the forecast period.
  • Dearth of Skilled Professionals
  • Stringent Rules and Regulation Are Hindering Clinical Multimodal Imaging Technologies

Multimodal Imaging Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~6%

Base Year Market Size (2022)

~USD 3 Billion

Forecast Year Market Size (2035)

~USD 5 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Multimodal Imaging Segmentation

End-user (Hospitals, Diagnostic Imaging Centers)

The global multimodal imaging market is segmented and analyzed for demand and supply by end-user in hospitals, diagnostic imaging centers, and others. Out of these segments, the hospital segment is anticipated to garner the largest market share by the end of 2035, backed by the rising number of hospitals globally along with the increasing growth of the hospital industry. According to the data, the total number of hospitals in the United States in 2020 was about 6,000 and the number of hospitals in Japan in the same year was about 8,100. Furthermore, multimodal imaging is mostly present in hospital settings by medical professionals which makes it the first choice for patients suffering from diseases for proper treatment. Also, the development of multimodal imaging devices in hospitals along with the presence of various imaging technologies including hyperpolarized MRS, PET, and molecular ultrasound imaging is expected to support revenue growth of this segment.

Application (Brain & Neurology, Cardiology, Oncology, Ophthalmology)

The global multimodal imaging market is also segmented and analyzed for demand and supply by application into brain & neurology, cardiology, oncology, ophthalmology, and others. Out of these, the cardiology segment is attributed to holding a significant share during the assessment period. Various features of multimodal imaging which include echocardiography, cardiac computed tomography (CCT), cardiac magnetic resonance (CMR), and nuclear cardiology have helped doctors to understand and perform the treatment of cardiovascular disease. This trend is anticipated to contribute positively to segment growth. Multimodal imaging has also helped in performing noninvasive procedures on patients suffering from coronary artery disease, structural heart disease, arrhythmia, and heart failure. Multimodal imaging techniques have efficiently assisted patients in cardiovascular diagnostics. This factor is projected to drive segment growth to a significant extent.

Our in-depth analysis of the global market includes the following segments:

                   By Product

  • Equipment
  • Reagent
  • Software

                  By Technology

  • PET/CT Systems
  • SPECT/CT Systems
  • PET/MR Systems
  • OCT/Fundus Imaging Systems

                  By Application

  • Brain & Neurology
  • Cardiology
  • Oncology
  • Ophthalmology
  • Others

                By End User

  • Hospitals
  • Diagnostic Imaging Centers

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Multimodal Imaging Industry - Regional Synopsis

The North America multimodal imaging market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. This can be accredited to the rising prevalence of cardiovascular diseases, the adoption of multimodal imaging systems in cardiology, and increasing healthcare expenditure in the region. According to statistics, about 695,000 patients die from heart disease every year in the United States. In addition, approximately 804,000 US citizens suffer a heart attack each year. Also, the presence of a strong healthcare network in the region, the availability of major market players along with their innovative product launches, massive investments for the development of advanced imaging systems, and growing adoption of technologically developed medical imaging and visualization systems are anticipated to contribute to the market growth in the region. In addition, the region's expanding healthcare industry and rising commercialization of imaging products are also anticipated to boost market growth during the forecast period.

Research Nester
Multimodal Imaging Market Size
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Companies Dominating the Multimodal Imaging Landscape

top-features-companies
    • United Imaging Healthcare Co., Ltd.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • General Electric Company
    • Siemens Healthcare GmbH
    • Mediso Ltd.
    • Neusoft Medical Systems Co., Ltd.
    • Infraredx (Nipro)
    • Spectrum Dynamics Medical
    • Koninklijke Philips N.V.
    • Canon Medical Systems Corporation
    • Topcon Corporation

In the News

  • United Imaging Healthcare Co., Ltd. - introduced uEXPLORER, a total-body PET/CT technology system.

  • General Electric Company’s - subsidiary GE Healthcare, launched its 800 series SPECT/CT systems including the NM 830, NM/CT 850, NM/CT 860, NM/CT 860 DR, NM/CT 870 CZT, and a nuclear medicine workstation.

Author Credits:  Radhika Gupta, Shivam Bhutani


  • Report ID: 4248
  • Published Date: Feb 23, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing growth of the biotechnology industry and the rising level of geriatric population along with rising incidences of cancer and chronic diseases are the major factors driving the market growth.

The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023-2035.

High prices associated with multimodal imaging systems along with the lack of skilled professionals and stringent government rules are estimated to be the growth-hindering factors for the market expansion.

The market in the North America region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are United Imaging Healthcare Co., Ltd., General Electric Company, Siemens Healthcare GmbH, Mediso Ltd., Neusoft Medical Systems Co., Ltd., Infraredx, a Nipro Company, Spectrum Dynamics Medical, Koninklijke Philips N.V., Canon Medical Systems Corporation, Topcon Corporation, and others.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by product, technology, application, end-user, and by region.

The hospital segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Multimodal Imaging Market Report Scope
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