Exploring the Multimodal Imaging Market: Trends and Opportunities

Posted by snehal shaha on February 22nd, 2023

Introduction: -

The multimodal imaging market refers to the market for medical imaging systems that are capable of combining two or more imaging modalities, such as magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), and single photon emission computed tomography (SPECT), to provide a more comprehensive and accurate view of the human body.

Global multimodal imaging market Overview

The report Multimodal Imaging Market is projected to reach USD 2.9 billion by 2024 from USD 2.3 billion in 2019, at a CAGR of 4.4%

Growing applications of multimodal imaging systems, technological advancements in diagnostic imaging modalities, availability of funding for research, favorable reimbursement scenario, growing insurance coverage, and increasing R&D into radiotracers are some of the key factors driving the multimodal imaging market.

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Market Segmentation: -

The PET/CT segment accounted for the largest share of the multimodal imaging market, by technology, in 2018

Based on technology, the multimodal imaging market is broadly segmented into PET/CT systems, PET/MR systems, SPECT/CT systems, OCT/Fundus Imaging systems, and other multimodal imaging systems (tri-modality systems such as SPECT/CT/PET, PET/CT + MR, and IVUS + NIRS systems, among others).

The PET/CT systems segment accounted for the largest share of the multimodal imaging market in 2018. This can be attributed to the increasing demand for early and accurate cancer diagnosis, growing clinical evidence for the early detection of Alzheimer’s disease, increasing applications of PET/CT systems in cardiology, favorable reimbursement scenario, and the technological advancements in the field of PET/CT.

The oncology segment registered the highest CAGR in the multimodal imaging market in 2018

On the basis of application, the multimodal imaging market is segmented into brain & neurology, cardiology, oncology, ophthalmology, and other applications. The oncology segment registered the highest CAGR in 2018. This can be attributed to the expanding use of multimodal imaging systems in oncology diagnosis, increasing demand for the early & accurate diagnosis of cancer, and growing clinical evidence on the use of multimodal imaging in the diagnosis of novel cancer types.

Regional Analysis: -

North America accounted for the largest share of the multimodal imaging market in 2018

The multimodal imaging market is segmented into four regional segments, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the multimodal imaging market owing to factors such as the increasing availability of radiotracers, technological advancements in diagnostic imaging modalities, high incidence/prevalence of diseases such as breast cancer and colorectal cancer, large number of multimodal imaging procedures performed, growing awareness about the benefits of early diagnosis of diseases, and the rapid adoption of technologically advanced imaging systems.

Recent Developments:

•          In 2019, United Imaging Healthcare Co., Ltd. (China) launched its uEXPLORER (full body PET/CT).
•          In 2018, GE Healthcare (US) launched its 800 series SPECT/CT systems that include NM/CT 850, NM/CT 860, NM/CT 870 DR, and NM/CT 870 CZT.
•          In 2017, Siemens Healthineers (Germany) Launched its Biograph Vision PET/CT system.
•          In 2016, Canon Inc. (Japan) completed the acquisition of Toshiba Medical Systems Corporation, with the aim to include its diagnostic imaging portfolio in its offering and expand its healthcare business, globally.

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Top Key Players: -

The major players operating in the multimodal imaging market are GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), United Imaging Healthcare Co., Ltd. (China), Canon Medical Systems Corporation (Japan), Mediso Medical Imaging Kft (Hungary), Neusoft Medical Systems Co., Ltd. (China), Spectrum Dynamics Medical (Switzerland), Infraredx, Inc. (Japan), Topcon Corporation (Japan), Carl Zeiss AG (Germany), and Heidelberg Engineering (Germany).

Conclusion

In conclusion, the multimodal imaging market is a rapidly growing sector of the healthcare industry due to the increasing demand for advanced medical imaging technologies that can provide a more comprehensive and accurate view of the human body. With the rising incidence of chronic diseases and growing investments by governments and private organizations in healthcare infrastructure, the multimodal imaging market is expected to continue to grow in the coming years.