CHICAGO, Sept. 13, 2019 /PRNewswire/ -- According to the new market research report "Multimodal Imaging Market by Technology (PET-CT, SPECT-CT, PET-MR, OCT, Trimodal), Application (Oncology, Cardiology, Brain, Ophthalmology, Musculoskeletal), End User (Hospitals, Diagnostic Centers, Academia, Pharma-Biotech) - Global Forecast to 2024", published by MarketsandMarkets™, the Multimodal Imaging Market is projected to reach USD 2.9 billion by 2024 from USD 2.3 billion in 2019, at a CAGR of 4.4%.
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Growing applications of multimodal imaging systems, technological advancements in diagnostic imaging modalities, availability of funding for research, favorable reimbursement scenario, growing insurance coverage, and increasing R&D into radiotracers are some of the key factors driving the Multimodal Imaging Market.
The PET/CT segment accounted for the largest share of the Multimodal Imaging Market, by technology, in 2018
Based on technology, the Multimodal Imaging Market is broadly segmented into PET/CT systems, PET/MR systems, SPECT/CT systems, OCT/Fundus Imaging systems, and other multimodal imaging systems (tri-modality systems such as SPECT/CT/PET, PET/CT + MR, and IVUS + NIRS systems, among others).
The PET/CT systems segment accounted for the largest share of the Multimodal Imaging Market in 2018. This can be attributed to the increasing demand for early and accurate cancer diagnosis, growing clinical evidence for the early detection of Alzheimer's disease, increasing applications of PET/CT systems in cardiology, favorable reimbursement scenario, and the technological advancements in the field of PET/CT.
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The oncology segment registered the highest CAGR in the Multimodal Imaging Market in 2018
On the basis of application, the Multimodal Imaging Market is segmented into brain & neurology, cardiology, oncology, ophthalmology, and other applications. The oncology segment registered the highest CAGR in 2018. This can be attributed to the expanding use of multimodal imaging systems in oncology diagnosis, increasing demand for the early & accurate diagnosis of cancer, and growing clinical evidence on the use of multimodal imaging in the diagnosis of novel cancer types.
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North America accounted for the largest share of the Multimodal Imaging Market in 2018
The Multimodal Imaging Market is segmented into four regional segments, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the Multimodal Imaging Market owing to factors such as the increasing availability of radiotracers, technological advancements in diagnostic imaging modalities, high incidence/prevalence of diseases such as breast cancer and colorectal cancer, large number of multimodal imaging procedures performed, growing awareness about the benefits of early diagnosis of diseases, and the rapid adoption of technologically advanced imaging systems.
The major players operating in the Multimodal Imaging Market are GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), United Imaging Healthcare Co., Ltd. (China), Canon Medical Systems Corporation (Japan), Mediso Medical Imaging Kft (Hungary), Neusoft Medical Systems Co., Ltd. (China), Spectrum Dynamics Medical (Switzerland), Infraredx, Inc. (Japan), Topcon Corporation (Japan), Carl Zeiss AG (Germany), and Heidelberg Engineering (Germany).
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