Multimodal Imaging Market Size, Share, Growth Analysis, By product(PET/CT, SPECT/CT, PET/MRI and Others), By Technology(Clinical (Oncology, Orthopedic, Cardiology), Research), By Region - Industry Forecast 2024-2031

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).

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. 'Siemens Healthineers AG', 'General Electric Company (GE Healthcare)', 'Koninklijke Philips N.V.', 'Canon Medical Systems Corporation', 'Fujifilm Holdings Corporation', 'Bruker Corporation', 'Hologic, Inc.', 'Carestream Health, Inc.', 'Esaote SpA', 'Samsung Electronics Co., Ltd.', 'Hitachi, Ltd.', 'Shimadzu Corporation', 'PerkinElmer, Inc.', 'Toshiba Corporation', 'Agilent Technologies, Inc.', 'Carl Zeiss Meditec AG', 'Topcon Corporation', 'NIDEK Co., Ltd.', 'Bio-Rad Laboratories, Inc.', 'Mediso Ltd.', 'In April 2022, The purchase of Bartec Technologies Ltd, a UK-based company that specialises in the procurement, installation, and maintenance of Nuclear Medicine and Molecular Imaging equipment and accessories, was announced by Mediso Ltd.', 'In September 2022, The results of a groundbreaking study demonstrating the safety and efficacy of robotic-assisted neurovascular aneurysm embolization using the CorPath GRX Neurovascular System were presented today, according to an announcement made by A Siemens Healthineers Company, a leading developer of precision vascular robotics.'

In order to diagnose severe and chronic disorders, multimodal imaging technology is used. During the forecast period, it is anticipated that the rising prevalence of chronic conditions, such as cancers, cardiovascular diseases, and neurological diseases, will spur demand for medical equipment, including multimodal imaging systems. This, in turn, will propel the growth of the global multimodal imaging market. Globally, the incidence of many respiratory diseases is rising, such as lung cancer, asthma, and chronic obstructive pulmonary disease (COPD), which will fuel the expansion of the worldwide multimodal imaging market throughout the forecast period. Due to the high cancer incidence, there is a rising demand for cancer screening and diagnosis, which is anticipated to propel the worldwide multimodal imaging market's expansion. Similar to this, it is anticipated that the prevalence of other chronic problems will rise, such as neurological disorders and cardiovascular diseases.

The multimodal imaging market trend of technical developments in diagnostic imaging equipment is anticipated to have a favourable effect in the upcoming years. Multimodal imaging has seen a rise in technical improvements that are intended to enhance image quality, lower the overall cost of diagnostic procedures, and deliver accurate diagnoses with better patient care. In-depth R&D efforts are being made by a number of manufacturers to create cutting-edge multimodal imaging solutions. The creation of portable and handheld technology, 5D ultrasound technology, and breakthroughs in digital X-rays with wireless DR detectors are a few examples of such advancements. Doctors may now make more accurate diagnoses thanks to the development of three-dimensional (3D), four-dimensional (4D), and five-dimensional (5D) technology in multimodal imaging. Multimodal imaging technology firms are continually enhancing their product lines and implementing cutting-edge technologies like cloud computing and artificial intelligence (AI). The multimodal imaging market will expand as a result of these technical developments.

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.