USD 2.17 billion
Report ID:
SQMIG35A2167 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|
Tables:
64 |
Figures:
77
Multimodal Imaging Market size was valued at USD 2.17 billion in 2019 and is poised to grow from USD 2.26 billion in 2023 to USD 3.17 billion by 2031, growing at a CAGR of 4.3% in the forecast period (2024-2031).
Multimodal imaging is the therapeutic fusion of the core advantages of two or more imaging modalities to produce a more powerful paradigm of imaging. These multimodal imaging systems use a variety of technologies, including SPECT/CT systems, PET/MR systems, PET/CT systems, and others. They are quite helpful for the early detection of disorders linked to cancer, ophthalmology, the brain and nervous system, among other things. The key element accelerating market expansion is the surge in technological innovation in diagnostic imaging modalities, but other important market drivers include the ageing population, rising healthcare costs, and an increase in the prevalence of chronic diseases. Additionally, in the anticipated period of 2021–2028, the growth in technical developments and modernization of healthcare practises will further foster chances for the multimodal imaging market.
This dynamic industry will continue to meet customer demands thanks to new contrast agents, detectors, and computer-aided programmes, guaranteeing that the right patient receives the right treatment. The development of multimodal imaging approaches for pathogenic targets involved in brain illnesses is accelerating. Hybrid optoacoustic fluorescent imaging is a sort of multimodal imaging modality that utilises chemical dyes for optoacoustic imaging that have fluorescence properties. Due to their ability to incorporate several imaging components, hybrid contrast agents with variable spectrum, photostability, and nanoparticles are frequently utilised. A major aspect fueling the market's revenue growth is rising demand. The main factors among others acting as barriers and posing additional challenges to the growth of the multimodal imaging market during the forecast period are the high cost of the multimodal imaging system and the growing lack of adequate healthcare infrastructure.
US Multimodal Imaging Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.17 billion
Largest Segment
Multimodal imaging equipment
Fastest Growth
Multimodal imaging equipment
Growth Rate
4.3% CAGR
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Global Multimodal Imaging Market is segmented based on the Product, technology, application, end use, and region. Based on Product, the market is segmented into Multimodal imaging equipment, Reagents and Software. Based on technology, the market is segmented into PET/CT, SPECT/CT, PET/MRI and Others. Based on application, the market is segmented into Clinical (Oncology, Orthopedic, Cardiology), Research. By end user, the market is segmented into Hospitals, Diagnostic Centers, Academia. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Multimodal Imaging Market Analysis by Product
Based on the product, The use of multimodal imaging technology is being fueled by an aging population as well as chronic diseases like cancer, heart disease, and neurological problems. 17.7 million people worldwide die from CVDs per year, or 31% of all fatalities, according to the WHO. As a result, the need for multimodal imaging technology is being supported by the rising incidence of chronic illness.
Multimodal Imaging Market Analysis by Technology
Based on technology, PET/CT commanded the greatest share of the global multimodal imaging systems market in 2021 due to its high sensitivity, specificity, and accuracy in tumour characterisation. Due to these, the use of PET/CT technology is steadily growing across the globe. Additionally, the majority of the major businesses are working to build PET/CT systems, which has increased the number of PET/CT systems installed globally.
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North America is anticipated to dominate the multimodal imaging market as a whole Throughout the forecast period. The high frequency of chronic illnesses including cancer and cardiovascular diseases in the area, as well as well-established insurance policies and the availability of cutting-edge healthcare infrastructure, are some of the major factors responsible for the market's growth. Due to factors such an expanding senior population and a sizable patient pool, the United States has the greatest market share in the North American area, which is expected to drive up demand. The market for imaging systems is booming in the wake of the fast adoption of technologically improved imaging systems and the rising prevalence of chronic diseases.
Asia-Pacific will be the fastest expanding regional market due to the region's faster economic expansion, increased government focus on the healthcare sector, and increased pharmaceutical research activities. The primary drivers of the growth of the Asia-Pacific multimodal imaging market include government initiatives to improve healthcare facilities and rising health insurance penetration.
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Multimodal Imaging Market Drivers
Rise of Chronic Illness to Bolster Market Growth
Multimodal Imaging Market Restraints
High Maintenance Cost to Hinder Market Growth
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Global Multimodal Imaging Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Multimodal Imaging Market Top Player's Company Profiles
Multimodal Imaging Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our multimodal imaging market analysis, in terms of product, rising incidence of chronic illness boost the demand for multimodal imaging equipment segment. And in terms of technology, the PET/CT segment contributes to the market growth owing to high accuracy and sensitivity. Moreover, The rising incidence of chronic diseases is one of the major reasons propelling growth in the multimodal imaging market. Whereas, the multimodal imaging market would face significant challenges due to the high cost of multimodal imaging equipment During the forecast period.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 2.17 billion |
Market size value in 2031 | USD 3.17 billion |
Growth Rate | 4.3% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
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
|
Customization scope | Free report customization with purchase. Customization includes:-
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Historical Year | 2019 |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Multimodal Imaging Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global 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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REQUEST FREE CUSTOMIZATIONMultimodal Imaging Market size was valued at USD 2.17 billion in 2019 and is poised to grow from USD 2.26 billion in 2023 to USD 3.17 billion by 2031, growing at a CAGR of 4.3% in the forecast period (2024-2031).
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Product ID: SQMIG35A2167