Multimodal Imaging Market Research, 2032
The global multimodal imaging market size was valued at $4.4 billion in 2022, and is projected to reach $7.9 billion by 2032, growing at a CAGR of 6.1% from 2023 to 2032. The growth of the multimodal imaging market is driven by a growing incidence of chronic diseases such as cancer, cardiovascular disorders, and neurological conditions is propelling the demand for multimodal imaging technologies for accurate diagnosis and treatment planning. For instance, according to Alzheimer's Disease Association report in 2023, 6.7 million people had Alzheimer’s disease in the U.S. and according to the Parkinson’s Foundation nearly a million of Americans living with Parkinson’s disease. This rise in prevalence of chronic diseases propels the growth of the multimodal imaging market.
Key Takeaways:
- The PET/CT systems segment dominated the global market in 2022.
- The oncology segment dominated the market in terms of revenue in 2022.
- The hospitals segment dominated the market in terms of revenue in 2022.
- The North America region dominated the market in terms of revenue in 2022. However, Asia-Pacific is expected to register the highest CAGR during the forecast period.
Market Dynamics
Continuous advances in imaging technology, including improvements in resolution, acquisition speed, and sensitivity, have enhanced the accuracy and detail of multimodal imaging, leading to better diagnostic capabilities and treatment planning which is expected to drive the multimodal imaging market growth. Companies that invest in and develop cutting-edge technologies enhance the capabilities of their multimodal imaging products. For instance, Siemens Healthineers with its Biograph Vision Quadra PET/CT system incorporates advanced detectors and imaging algorithms for improved resolution and faster scan times.
In addition, companies are continually expanding the applications of multimodal imaging in research. For instance, Siemens Healthineers support advanced research in neuroscience and oncology by providing comprehensive insights into both structure and function. Rise in aging population worldwide is associated with an increased risk of various health issues, driving the demand for diagnostic procedures. Multimodal imaging's ability to offer detailed insights into age-related conditions, such as cancer and neurodegenerative diseases, positions it as a critical tool in addressing the healthcare needs of the aging population, contributing to the multimodal imaging industry growth.
Furthermore, government initiatives, financing programs, and favorable reimbursement policies are drivers of the multimodal imaging market. Governments across the world are actively encouraging the development and implementation of new imaging technologies through financing programs and favorable reimbursement rules. These measures encourage healthcare providers to invest in multimodal imaging equipment, which in turn drives market growth. For instance, the U.S. government is promoting R&D activities and providing research grants in the field of multimodal imaging. In addition, the European Union is sponsoring the Correlated Multimodal Imaging in Life Sciences (COMULIS) program, which aims to foster collaborations to make correlated multimodal imaging a more common practice.
Moreover, the expanding scope of research in fields like oncology, neuroscience, and cardiology drives the demand for advanced imaging technologies. Multimodal imaging's capability to provide a holistic understanding of biological processes supports research initiatives and facilitates the validation of new treatments through clinical trials. Collaboration between research institutions and industry players further stimulates multimodal imaging market growth.
However, the substantial initial capital investment required for purchasing sophisticated equipment, such as PET/CT and MRI machines, poses a financial challenge for healthcare facilities which may restrain market growth. Additionally, the ongoing expenses related to maintenance, training, and software updates further contribute to the economic burden. The high cost of multimodal imaging devices can limit their accessibility, particularly in resource-constrained settings and smaller healthcare facilities, thereby hindering widespread adoption and potentially impeding market growth.
On the other hand, the growing healthcare infrastructure in emerging markets presents multimodal imaging market opportunity for the adoption of multimodal imaging technologies. Increase in healthcare investments, coupled with rising awareness, contribute to market expansion in regions with developing healthcare systems.
The ongoing global economic recession influences several industries, including biotechnology and pharmaceuticals, which has an impact on the development and demand for multimodal imaging systems. During a recession, healthcare budgets may face constraints as governments, institutions, and individuals tighten spending. Capital-intensive investments in multimodal imaging equipment could experience delays or reductions.
Despite these challenges, the multimodal imaging market continues to experience moderate revenue growth due to the ongoing need for imaging devices for diagnosis. The rise in advancements in imaging systems and surge in prevalence of chronic diseases drive the market growth.
Segmental Overview
The multimodal imaging market size is segmented on the basis of technology, application, end user, and region. By technology, the market is classified into PET/CT systems, PET/MR systems, SPECT/CT systems, and others. By application, the market is categorized into brain & neurology, cardiology, oncology, ophthalmology, and others. By end user, the market is classified into hospitals, diagnostic imaging centers, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
By Technology
The PET/CT systems segment dominated the market in terms of revenue in 2022 and is expected to register the highest CAGR during the forecast period, owing to the widespread adoption of PET/CT systems fueled by continuous technological advancements, improved image resolution, and faster scan times. In addition, the rise in prevalence of cancer, coupled with the rising demand for advanced and precise diagnostic tools, has propelled the adoption of PET/CT systems.
By Application
The oncology segment dominated the multimodal imaging market share in terms of revenue in 2022, owing to the rise in incidence of cancer cases globally, coupled with the growing emphasis on early detection and advanced imaging technologies in oncological research and clinical practice, has fueled the demand for multimodal imaging systems. However, cardiology segment is expected to expected to register the highest CAGR during the forecast period.This is attributed to the rise in number of people suffering from cardiovascular diseases such as heart attack.
By End User
The hospitals segment dominated the multimodal imaging market share in terms of revenue in 2022, owing to the rise in prevalence of complex diseases requiring advanced imaging, the pursuit of accurate and timely diagnostics, and the continuous technological advancements within hospital environments. However, diagnostic imaging centers segment is expected to expected to register the highest CAGR during the multimodal imaging market forecast period.This is attributed to the rise in prevalnce of chronic diseases and rise in technological advancements in imaging systems.
By Region
The multimodal imaging industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for a major share of the multimodal imaging market in 2022 and is expected to maintain its dominance during the forecast period.The presence of several major players, such as GE Healthcare, Koninklijke Philips N.V., and Siemens and advancement in manufacturing technology of multimodal imaging devices drive the growth of the market in the region.
In addition, the presence of well-established healthcare infrastructure, and high adoption of advanced multimodal imaging devices are expected to drive the market growth. Furthermore, high health awareness among the population and healthcare professionals about the importance of early diagnosis and benefits of imaging devices led to a higher demand for multimodal imaging devices in the region.
Asia-Pacific is expected to grow at the highest rate during the forecast period. The market growth in this region is attributable to presence of medical devices companies in the region as well as growth in the purchasing power of populated countries, such as China and India. In addition, the rise in adoption of technological advancements in medical imaging, including multimodal imaging, presence of a huge population, increased healthcare investments, rising cases of chronic diseases, technological advancements, and government support for healthcare development further contribute to the market growth.
Competition Analysis
Competitive analysis and profiles of the major players in the multimodal imaging market, such as GE Healthcare, Koninklijke Philips N.V., Canon Inc., Siemens, Topcon Corporation, Bruker Corporation, Spectrum Dynamics Medical, Mediso Ltd., MR Solutions, and Neusoft Corporation. Other key players in the market include MILabs B.V. and others. Major players have adopted acquisition, product development, expansion, product launch, and product approval as key developmental strategies to improve the product portfolio and gain a strong foothold in the multimodal imaging market.
Recent Product Launch in the Multimodal Imaging Market
- In May 2021, Royal Philips, a global leader in health technology announced its newest solution for precision diagnosis with the global introduction of its spectral detector-based Spectral Computed Tomography (CT) 7500.
Recent Product Approval in the Multimodal Imaging Market
- In December 2020, Spectrum Dynamics Medical, Inc., has received Canadian Medical Device License from Health Canada for its premium digital SPECT/ 64-sliceCT scanner, VERITON-CT64. VERITON-CT64 is designed for both, total body and organ-focused, hybrid imaging with shorter scan times, at lower injected activity when compared to current analog dual-detector technology
Recent Expansion in the Multimodal Imaging Market
- In April 2023, Siemens Healthineers expands its manufacturing base in India, inaugurates MRI facility at Bengaluru, under the Government of India’s PLI scheme. The company is dedicated to manufacturing Computed Tomography (CT) and Magnetic Resonance Imaging (MRI) devices.
Recent Acquisitions in the Multimodal Imaging Market
- In July 2021, Topcon Corporation announced that it has acquired VISIA Imaging S.r.l, an ophthalmic device manufacturer headquartered in suburban Florence, Italy.
- In April 2022, Mediso Ltd announced the acquisition of Bartec Technologies Ltd, a UK based company specialized in the supply, installation and support of Nuclear Medicine and Molecular Imaging equipment and accessories. The acquisition strengthens market position in the UK and Ireland. Financial details of the acquisition were not disclosed.
Recent Product Development in the Multimodal Imaging Market
- In October 2022, Spectrum Dynamics announced its newest development in digital nuclear medicine imaging: the capability to image high energy isotopes using solid-state detector technology in a 3600-CZT based, wide-bore SPECT/CT configuration. This functionality is available in the new VERITON-CT 400 Series Digital SPECT/CT scanners, enabling total body, brain, heart, and other imaging applications.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the multimodal imaging market analysis from 2022 to 2032 to identify the prevailing multimodal imaging market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the multimodal imaging market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global multimodal imaging market trends, key players, market segments, application areas, and market growth strategies.
Multimodal Imaging Market Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 7.9 billion |
 Growth Rate | CAGR of 6.1% |
 Forecast period | 2022 - 2032 |
 Report Pages | 260 |
 By Technology |
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 By Application |
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 By End User |
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 By Region |
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 Key Market Players | Siemens, Neusoft Corporation, Mediso Ltd., Canon Inc., Topcon Corporation, Bruker Corporation, Spectrum Dynamics Medical, LLC, GE Healthcare, Koninklijke Philips N.V., MR Solutions |
Analyst Review
This section provides various opinions of the multimodal imaging market. An increase in demand for multimodal imaging techniques, surge in incidence of chronic diseases, and rise in awareness about the importance of early diagnosis & treatment are expected to offer profitable opportunities for the expansion of the market. However, the high cost of multimodal imaging systems hinders market growth.
In addition, surge in the prevalence of chronic diseases such as cancer and a rise in awareness regarding the potential benefits of advanced multimodal imaging techniques have led to an increase in demand for multimodal imaging across the globe, which is expected to fuel market growth during the forecast period. In addition, advancements in imaging technologies, rise in geriatric population, and increase in healthcare expenditure drive the growth of the market.
Furthermore, North America dominated the market growth, in terms of revenue, owing to technological advancements in imaging devices, well established healthcare infrastructure, and rise in prevalence of chronic diseases. However, Asia-Pacific is expected to register the highest CAGR during the forecast period, owing to rise in technological advancement, development of healthcare settings, and surge in prevalence of chronic diseases such as cardiovascular diseases and cancer.
The total market value of multimodal imaging market is $4.4 billion in 2022.
The market value of multimodal imaging market in 2032 is $7.9 billion.
The forecast period for multimodal imaging market is 2023 to 2032.
The base year is 2022 in multimodal imaging market.
The PET/CT systems segment is the most influencing segment in multimodal imaging market owing to high adoption of the PET/CT systems and ongoing advancements in PET/CT technology,
Siemens, Koninklijke Philips N.V., GE Healthcare, Canon Inc., and Bruker Corporation held a high market position in 2022.
Multimodal imaging involves the use of multiple imaging modalities to acquire comprehensive information about a patient's condition. It often combines different technologies, such as magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), and others, to provide a more detailed and accurate assessment.
The growth of the multimodal imaging market is primarily driven by rise in advancements in technology, such as improved image resolution, faster scanning times, the development of hybrid imaging systems, and growing applications of multimodal imaging in fields like oncology, neurology, and cardiology, coupled with its pivotal role in clinical research and drug development,
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