Report Overview

Global Multimodal Imaging Market- Industry Trends & Forecast Report 2027

The global multimodal imaging market was worth USD 2.5 billion in 2020 and is further projected to reach USD 3.4 billion by the year 2027, growing at the CAGR of 4.5% in the forecast period. The growing prevalence of various chronic diseases among adults as well as the geriatric population is propelling the demand for diagnostics and treatment. Furthermore, various technological advancements like the introduction of AI and cloud in the imaging modalities are expected to drive the market in the forecast period.

Source: BlueWeave Consulting

Global Multimodal Imaging Market- Overview

When more than one imaging method is being used in conjunction, it is referred to as multimodal imaging or multiplexed imaging.Multimodal imaging aims to improve cancer detection and localization through early detection and multiplexed imaging. For instance, a combination of imaging techniques, such as MRI, PET, SPECT,can be used for the diagnosis of cancer or its growth. Medical multimodal imaging modalities include various techniques such as magnetic resonance imaging (MRI), ultrasound, medical radiation, angiography, computed tomography (CT) scan, etc., which are applied to the human body for diagnosis and treatment purposes.

Global Multimodal Imaging Market Forecast and Trends

Growth Drivers

Increasing Prevalence of Chronic Diseases

The use of imaging technologies is a very effective and non-invasive method of diagnosing and treating various chronic diseases.Multimodal imaging technologies are widely used for the diagnosis of diseases like cancer, cardiovascular diseases, chronic respiratory diseases, diabetes, and so on. The early detection of such diseases is essential to the proper treatment, especially for cancer.Therefore, the diagnostic rate has amplified significantly over the past few years. It has been estimated that there have been around 3.6 billion radiology tests performed annually worldwide, which is contributing significantly to the growth of the global multimodal imaging market.

Technological Advancements in The Multimodal Imaging Technologies

In multimodal imaging technologies, the industry players are continually advancing their products and introducing innovations such as artificial intelligence and cloud computing.For example, the introduction of photoacoustic imaging which is used simultaneously with ultrasound imaging is capable of providing functional and cellular information regarding the tissues in the anatomical markers of the imaging. The key industry players are also collaborating to merge their resources for technological advancements in multimodal imaging technologies. For instance, GE Healthcare recently announced its collaboration with Spectronic Medical to make AI-based software for MR-based radiotherapy planning.

Restraints

High Cost of Multimodal Imaging Modalities

The high cost of multimodal imaging modalities may act as an obstacle for the growth of its global market especially in developing and low-income countries. The average price of a PET/CT scan system ranges from USD 75,000 to USD 500,000. For instance, ASPECT gamma camera costs around USD 400,000 to USD 600,000. This price range is deemed expensive especially for developing economies like India which is highly-priced sensitive. Due to this, the healthcare facilities resort to accumulating refurbished products which affect the market revenue.

Impact of COVID-19 on Global Multimodal Imaging Market

The global multimodal imaging market has been severely damaged by the sudden outbreak of the COVID-19 and pandemic situations.This is because patients suffering from chronic diseases like cancer were more prone to COVID-19 infection due to weak immunity. As a result, they were recommended to avoid visiting healthcare facilities for diagnosis or treatment purposes. As a result, the adoption of multimodal imaging technologies dramatically fell, affecting the market. However, the market is anticipated to flourish in the post-COVID-19 period as the prevalence of various chronic and lifestyle diseases has jumped significantly in the lockdown period.

Global Multimodal Imaging Market - By Technology

Based on technologies, the global multimodal imaging market is segmented into PET/CT systems, SPECT/CT systems, PET/MR systems, OCT/fundus imaging systems, and other multimodal imaging systems. Among these, the PET/CT systems captures the largest market share. In clinical terms, PETCT scanners are best examples of multimodality imaging.Its market is gaining significant traction because of the increasing demand for the early diagnosis of cancer. CT scans are used for the visualization of organs and tissues inside the body while PET scan is used for the detection of abnormal activities inside the body. PET/CT systems are widely used in detecting early signs of heart disease and brain disorders.

Global Multimodal Imaging Market - By Application

Based on applications, the global multimodal imaging market is segmented into cardiology, brain & neurology, oncology, ophthalmology, and other applications. Among these, the oncology segment accounts for the largest market share. This is because multimodal imaging techniques are highly proficient for the diagnosis as well as the tracking the progression of cancer treatment. With the increasing prevalence of cancer worldwide, the demand for multimodal imaging techniques is also flourishing. Furthermore, such techniques are also increasingly being used in cancer research purposes, further driving the market growth.

Global Multimodal Imaging Market - Regional Insights

Geographically, the global multimodal imaging market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Due to the high prevalence of cancer and chronic diseases such as stroke, bone cancer, and fractures, North America accounts for the largest share of the global multimodal imaging market.The American Cancer Society estimates that there will be around 1.9 million new cancer cases diagnosed and 608,570 cancer deaths in the United States in 2021. As a result, the diagnosis and treatment through the application of multimodal imaging modalities are surging, thereby driving the market growth.

Competitive Landscape

The leading market players in the  global multimodal imaging market are GE Healthcare, Heidelberg Engineering, Bruker Corporation, Infraredx, Inc., Siemens Healthineers, Canon, Inc., MILabs B.V., Mediso Medical Imaging Systems Kft., Koninklijke Philips N.V., Topcon Corporation, Spectrum Dynamics Medical, Northridge Tri-Modality Imaging, Inc., United Imaging Healthcare Co., Ltd., Mediso Ltd., Carl Zeiss AG, Neusoft Medical Systems Co. Ltd, MR Solutions Ltd., Optovue, Inc., PerkinElmer, Inc., and other prominent players.

The global multimodal imaging market is considered dense and highly consolidated with a few giant companies like GE Healthcare, Canon, Inc., etc., holding major market share. Several companies invest heavily in research and development activities as well as technological advancements for the purpose of innovation.In addition, the adoption of competitive strategies such as partnerships, mergers, acquisitions, product approvals, and launches is also very prevalent in this market.

Recent Development

• In July 2021, GE Healthcare announced its collaboration with SOPHiA GENETICS for advancing cancer care by deploying GE Healthcare’s extensive medical imaging and monitoring capabilities.

• In January 2021, Solis Mammography announced the acquisition of Progressive Radiology to expand its state-of-the-art multimodality medical imaging capabilities.

Scope of the Report

By Technology

• PET/CT Systems

• SPECT/CT Systems

• PET/MR Systems

• OCT/Fundus Imaging Systems

• Other Multimodal Imaging Systems

By Application

• Cardiology

• Brain & Neurology

• Oncology

• Ophthalmology

• Other Applications

By End-User

• Hospitals

• Diagnostic Imaging Centers

• Other End Users

By Region

• North America

• Europe

• Asia-Pacific (APAC)

• Latin America (LATAM)

• Middle-East & Africa (MEA)

1.  Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
   2. Methodology
   3. Regional Split of Primary & Secondary Research
   4. Secondary Research
   5. Primary Research
      1. Breakdown of Primary Research Respondents, By Region
      2. Breakdown of Primary Research Respondents, By Industry Participants
   6. Market Size Estimation
   7. Assumptions for the Study
   8. Market Breakdown & Data Triangulation
3. Executive Summary
4. Industry Insights
   1. Value Chain Analysis
   2. DROC Analysis
      1. Market Drivers
         1. Increasing Prevalence of Chronic Diseases
         2. Technological Advancements in The Multimodal Imaging Technologies
      2. Market Restraints
         1. High Cost of Multimodal Imaging Modalities
      3. Market Challenges
         1. Negative impact of the COVID-19
      4. Market Opportunity
         1. Surging Research Activities
         2. Favorable Reimbursement Policies In Developed Countries
   3. Recent Developments
   4. Porter’s Five Forces Analysis
      1. Bargaining Power of Buyers
      2. Bargaining Power of Suppliers
      3. Intensity of Rivalry
      4. Threat of New Entrants
      5. Threat of Substitutes
5. Global Multimodal Imaging Market Overview
   1. Market Size & Forecast by Value, 2020-2027
   2. Market Size and Forecast, By Segment
      1. By Technology
         1. PET/CT Systems
         2. SPECT/CT Systems
         3. PET/MR Systems
         4. OCT/Fundus Imaging Systems
         5. Other Multimodal Imaging Systems
      2. By Application
         1. Cardiology
         2. Brain & Neurology
         3. Oncology
         4. Ophthalmology
         5. Other Applications
      3. By End-User
         1. Hospitals
         2. Diagnostic Imaging Centers
         3. Other End Users
      4. By Region
         1. North America
         2. Europe
         3. Asia-Pacific (APAC)
         4. Latin America (LATAM)
         5. Middle-East & Africa (MEA)
6. North America Multimodal Imaging Market Overview
   1. Market Size and Forecast
      1. By Value (USD Million), 2020-2027
   2. Market Share and Forecast
      1. By Technology
      2. By Application
      3. By End User
      4. By Country
         1. U.S.
         2. Canada
7. Europe Multimodal Imaging Market Overview
   1. Market Size and Forecast
      1. By Value (USD Million), 2020-2027
   2. Market Share and Forecast
      1. By Technology
      2. By Application
      3. By End User
      4. By Country
         1. Germany
         2. U.K.
         3. France
         4. Italy
         5. Spain
         6. Rest of Europe
8. APAC Multimodal Imaging Market Overview
   1. Market Size and Forecast
      1. By Value (USD Million), 2020-2027
   2. Market Share and Forecast
      1. By Technology
      2. By Application
      3. By End User
      4. By Country
         1. China
         2. India
         3. Japan
         4. South Korea
         5. Rest of APAC
9. LATAM Multimodal Imaging Market Overview
   1. Market Size and Forecast
      1. By Value (USD Million), 2020-2027
   2. Market Share and Forecast
      1. By Technology
      2. By Application
      3. By End User
      4. By Country
         1. Mexico
         2. Brazil
         3. Rest of LATAM
10. MEA Multimodal Imaging Market Overview
    1. Market Size and Forecast
       1. By Value (USD Million), 2020-2027
    2. Market Share and Forecast
       1. By Technology
       2. By Application
       3. By End-User
       4. By Country
          1. Saudi Arabia
          2. UAE
          3. South Africa
          4. Rest of Europe
11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis (2020)
    3. Competitive Benchmarking by Operating Parameters
12. Impact of COVID-19 on Global Multimodal Imaging Market

13. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)

13. 1. GE Healthcare
    2. Heidelberg Engineering
    3. Bruker Corporation
    4. Infraredx, Inc.
    5. Siemens Healthineers
    6. Canon, Inc.
    7. MILabs B.V.
    8. Mediso Medical Imaging Systems Kft
    9. Koninklijke Philips N.V.
    10. Topcon Corporation
    11. Spectrum Dynamics Medical
    12. Northridge Tri-Modality Imaging, Inc.
    13. United Imaging Healthcare Co., Ltd.
    14. Mediso Ltd.
    15. Carl Zeiss AG
    16. Neusoft Medical Systems Co. Ltd
    17. MR Solutions Ltd.
    18. Optovue, Inc.
    19. PerkinElmer, Inc.
    20. Other Prominent Players
14. Key Strategic Recommendations

List of Figures

Figure 1: Global Multimodal Imaging Segmentation

Figure 2: Global Multimodal Imaging Market Value Chain Analysis,

Figure 3: Company Market Share Analysis, 2020

Figure 4: Global Multimodal Imaging Market Size, By Value (USD Million), 2020-2027

Figure 5: Global Multimodal Imaging Market Share (%), By Technology, By Value, 2020-2027

Figure 6: Global Multimodal Imaging Market Share (%), By Application, By Value, 2020-2027

Figure 7: Global Multimodal Imaging Market Share (%), By End-User, By Value, 2020-2027

Figure 8: Global Multimodal Imaging Market Share (%), By Region, By Value, 2020-2027

Figure 9: North America Multimodal Imaging Market Size, By Value (USD Million), 2020-2027

Figure 10: North America Multimodal Imaging Market Share (%), By Technology, By Value, 2020-2027

Figure 11: North America Multimodal Imaging Market Share (%), By Application, By Value, 2020-2027

Figure 12: North America Multimodal Imaging Market Share (%), By End-User, By Value, 2020-2027

Figure 13: North America Multimodal Imaging Market Share (%), By Country, By Value, 2020-2027

Figure 14: Europe Multimodal Imaging Market Size, By Value (USD Million), 2020-2027

Figure 15: Europe Multimodal Imaging Market Share (%), By Technology, By Value, 2020-2027

Figure 16: Europe Multimodal Imaging Market Share (%), By Application, By Value, 2020-2027

Figure 17: Europe Multimodal Imaging Market Share (%), By End-User, By Value, 2020-2027

Figure 18: Europe Multimodal Imaging Market Share (%), By Country, By Value, 2020-2027

Figure 19: the Asia-Pacific Multimodal Imaging Market Size, By Value (USD Million), 2020-2027

Figure 20: the Asia-Pacific Multimodal Imaging Market Share (%), By Technology, By Value, 2020-2027

Figure 21: the Asia-Pacific Multimodal Imaging Market Share (%), By Application, By Value, 2020-2027

Figure 22: the Asia-Pacific Multimodal Imaging Market Share (%), By End-User, By Value, 2020-2027

Figure 23: the Asia-Pacific Multimodal Imaging Market Share (%), By Country, By Value, 2020-2027

Figure 24: Latin America Multimodal Imaging Market Size, By Value (USD Million), 2020-2027

Figure 25: Latin America Multimodal Imaging Market Share (%), By Technology, By Value, 2020-2027

Figure 26: Latin America Multimodal Imaging Market Share (%), By Application, By Value, 2020-2027

Figure 27: Latin America Multimodal Imaging Market Share (%), By End-User, By Value, 2020-2027

Figure 28: Latin America Multimodal Imaging Market Share (%), By Country, By Value, 2020-2027

Figure 29: Middle East & Africa Multimodal Imaging Market Size, By Value (USD Million), 2020-2027

Figure 30: Middle East & Africa Multimodal Imaging Market Share (%), By Technology, By Value, 2020-2027

Figure 31: Middle East & Africa Multimodal Imaging Market Share (%), By Application, By Value, 2020-2027

Figure 32: Middle East & Africa Multimodal Imaging Market Share (%), By End-User, By Value, 2020-2027

Figure 33: Middle East & Africa Multimodal Imaging Market Share (%), By Region, By Value, 2020-2027

List of Tables

Table 1: Global Multimodal Imaging Market Size, By Technology, By Value, 2020-2027

Table 2: Global Multimodal Imaging Market Size, By Application, By Value (USD Million), 2020-2027

Table 3: Global Multimodal Imaging Market Size, By End-User, By Value (USD Million), 2020-2027

Table 4: Global Multimodal Imaging Market Size, By Region, By Value (USD Million), 2020-2027

Table 5: North America Multimodal Imaging Market Size, By Technology, By Value (USD Million), 2020-2027

Table 6: North America Multimodal Imaging Market Size, By Application, By Value (USD Million), 2020-2027

Table 7: North America Multimodal Imaging Market Size, By End-User, By Value (USD Million), 2020-2027

Table 8: North America Multimodal Imaging Market Size, By Country, By Value (USD Million), 2020-2027

Table 9: Europe Multimodal Imaging Market Size, By Technology, By Value (USD Million), 2020-2027

Table 10: Europe Multimodal Imaging Market Size, By Application, By Value (USD Million), 2020-2027

Table 11: Europe Multimodal Imaging Market Size, By End-User, By Value (USD Million), 2020-2027

Table 12: Europe Multimodal Imaging Market Size, By Country, By Value (USD Million), 2020-2027

Table 13: The Asia-Pacific Multimodal Imaging Market Size, By Technology, By Value (USD Million), 2020-2027

Table 14: The Asia-Pacific Multimodal Imaging Market Size, By Application, By Value (USD Million), 2020-2027

Table 15: The Asia-Pacific Multimodal Imaging Market Size, By End-User, By Value (USD Million), 2020-2027

Table 16: The Asia-Pacific Multimodal Imaging Market Size, By Country, By Value (USD Million), 2020-2027

Table 17: Latin America Multimodal Imaging Market Size, By Technology, By Value (USD Million), 2020-2027

Table 18: Latin America Multimodal Imaging Market Size, By Application, By Value (USD Million), 2020-2027

Table 19: Latin America Multimodal Imaging Market Size, By End-User, By Value (USD Million), 2020-2027

Table 20: Latin America Multimodal Imaging Market Size, By Country, By Value (USD Million), 2020-2027

Table 21: The Middle-East & Africa Multimodal Imaging Market Size, By Technology, By Value (USD Million), 2020-2027

Table 22: The Middle-East & Africa Multimodal Imaging Market Size, By Application, By Value (USD Million), 2020-2027

Table 23: The Middle-East & Africa Multimodal Imaging Market Size, By End-User, By Value (USD Million), 2020-2027

Table 24: The Middle-East & Africa Multimodal Imaging Market Size, By Country, By Value (USD Million), 2020-2027

Table 25: GE Healthcare Financial Analysis

Table 26: GE Healthcare Business Overview

Table 27: Heidelberg Engineering Financial Analysis

Table 28: Heidelberg EngineeringBusiness Overview

Table 29: Bruker Corporation Financial Analysis

Table 30: Bruker Corporation Business Overview

Table 31: Infraredx, Inc.Financial Analysis

Table 32: Infraredx, Inc.Business Overview

Table 33: Siemens HealthineersFinancial Analysis

Table 34: Siemens HealthineersBusiness Overview

Table 35: Canon, Inc. Financial Analysis

Table 36: Canon, Inc. Business Overview

Table 37: MILabs B.V. Financial Analysis

Table 38: MILabs B.V. Business Overview

Table 39: Mediso Medical Imaging Systems Kft Financial Analysis

Table 40: Mediso Medical Imaging Systems Kft Corporation Business Overview

Table 41: Koninklijke Philips N.V.Financial Analysis

Table 42: Koninklijke Philips N.V.Business Overview

Table 43: Topcon Corporation Financial Analysis

Table 44: Topcon Corporation Business Overview

Table 45: Spectrum Dynamics MedicalFinancial Analysis

Table 46: Spectrum Dynamics Medical Financial Analysis

Table 47: Northridge Tri-Modality Imaging, Inc. Financial Analysis

Table 48: Northridge Tri-Modality Imaging, Inc. Business Overview

Table 49: United Imaging Healthcare Co., Ltd. Financial Analysis

Table 50: United Imaging Healthcare Co., Ltd. Business Overview

Table 51: Mediso Ltd. Financial Analysis

Table 52: Mediso Ltd. Business Overview

Table 53: Carl Zeiss AG Financial Analysis

Table 54: Carl Zeiss AG Business Overview

Table 55: Neusoft Medical Systems Co. LtdFinancial Analysis

Table 56: Neusoft Medical Systems Co. Ltd Business Overview

Table 57: MR Solutions Ltd. Financial Analysis

Table 58: MR Solutions Ltd. Business Overview

Table 59: Optovue, Inc.Financial Analysis

Table 60: Optovue, Inc. Business Overview

Table 61: PerkinElmer, Inc.Financial Analysis

Table 62: PerkinElmer, Inc. Business Overview