The global multimodal imaging market will grow at a compound annual growth rate (CAGR) of 4.9% during the forecast period from 2021-2030.
Multimodal imaging or multiplexed imaging takes place when more than one imaging method is used in conjunction. Multimodal imaging methods are utilized to detect cancer in a more precise manner by combining various efficient techniques. These techniques include computed tomography (CT) scan, ultrasound, medical radiation, magnetic resonance imaging (MRI), angiography, etc.
The imaging technologies are considered most efficient for diagnosing chronic diseases. The technologies are also helpful in the overall treatment of cardiovascular diseases, cancer, chronic respiratory diseases, diabetes, etc. As it is essential to diagnose these diseases at a primary stage, the demand for multimodal imaging techniques has been growing rapidly over the past few years. According to the estimations, approx 3.6 billion radiology tests are performed in a year around the globe.
The technological advancements in the global multimodal imaging market would be another reason for the boost in the market growth.
The key market players are continuously introducing advancements like the integration of artificial intelligence and cloud computing in the devices to boost its demand in the market. The recent innovation of photoacoustic imaging with ultrasound imaging provides accurate functional and cellular information of the tissues. Apart from that, company partnerships for technological advancements would create promising growth opportunities for the market. GE Healthcare recently partnered with Spectronic Medical to launch AI-based software for use in MR-based radiotherapy.
However, the expensive cost of multimodal imaging modalities is forecast to slow down the growth of the global multimodal imaging market, mainly in developing and under-developed countries.
COVID-19 Impact Analysis
The growth of the global multimodal imaging market was severely obstructed due to the sudden onset of the COVID-19 pandemic. Patients undergoing chronic treatments avoided visiting hospitals as they are more prone to deadly infections. The diagnosis activities and treatments were halted for a few months, which ultimately declined the demand for multimodal imaging technologies. However, the market is expected to gain traction after the lockdown period.
Global Multimodal Imaging Market - Regional Analysis
Geographically, North America witnesses the high pervasiveness of cancer, stroke, bone cancer, and fractures, which makes the region, highest contributor to the growth of the global multimodal imaging market. According to the American Cancer Society, around 1.9 million new cancer cases were registered in the United States in 2021.
Key Market Players
- GE Healthcare (United States)
- Heidelberg Engineering (Germany)
- Bruker Corporation (United States)
- Infraredx, Inc. (North America)
- Siemens Healthineers (Germany)
- Canon, Inc. (Japan)
- MILabs B.V. (Europe)
- Mediso Medical Imaging Systems Kft (Europe)
- Koninklijke Philips N.V. (Europe)
- Topcon Corporation (Japan)
- Spectrum Dynamics Medical (Asia)
- Northridge Tri-Modality Imaging, Inc. (North America)
- United Imaging Healthcare Co., Ltd. (China)
- Mediso Ltd. (Europe)
- Carl Zeiss AG (Germany)
- Neusoft Medical Systems Co. Ltd (China)
- MR Solutions Ltd. (United Kingdom)
- Optovue, Inc. (United States)
- PerkinElmer, Inc. (United States)
- 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
- The U.S.
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America