Multimodal Imaging Market worth $5.5 billion | MarketsandMarkets

CHICAGO, Sept. 1, 2023 /PRNewswire/ -- In the near future, the multimodal imaging industry is poised to revolutionize various fields such as healthcare, manufacturing, and entertainment by seamlessly integrating data from multiple imaging modalities like MRI, CT, PET, and optical imaging. This convergence of technologies will provide unprecedented insights, allowing for more accurate diagnostics, personalized treatment plans, and enhanced quality control in manufacturing processes. Additionally, the incorporation of augmented reality (AR) and virtual reality (VR) into multimodal imaging platforms will transform how we visualize and interact with complex data, fostering new dimensions of immersive experiences and innovative applications across diverse sectors. As these advancements continue to unfold, the multimodal imaging industry is set to play a pivotal role in shaping the future of technology and human interaction.

Multimodal Imaging Market in terms of revenue was estimated to be worth $4.2 billion in 2023 and is poised to reach $5.5 billion by 2028, growing at a CAGR of 5.7 % from 2023 to 2028 according to a new report by MarketsandMarkets™.  The major factors driving the growth of this market include rising patient population, various chronic diseases, and technological advancements along with the increasing adoption of multimodal for diagnostic imaging.

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Multimodal Imaging Market Scope:

Technology segment to register significant growth rate over the forecast period of 2023-2028

Based on technology, the global multimodal imaging market is segmented into PET-CT, PET-MR, SPECT-CT, OCT/FMT, and other multimodal imaging market. The SPECT/CT segment is anticipated to register the second highest growth rate over the forecast period. The PET/CT multimodal segment accounted for the highest share of the multimodal market in 2022.

Brain & Neurology segment in end user to register significant growth rate over the forecast period of 2023-2028

Based on end use, the global multimodal imaging market is segmented into brain & neurology, cardiology, ophthalmology, oncology, and research application. The brain and neurology segment is anticipated to register the second highest growth rate over the forecast period. The oncology application segment accounted for the highest share of the multimodal market in 2022.

The hospitals segment accounted for the largest share of the multimodal market, by end user, in 2022

Based on end user, the multimodal market is segmented into hospitals, diagnostic imaging centres, research and academia and other end users. The hospitals segment accounts for the largest share of the market in 2022. Factors attributing to the efficiency of conducting multiple scans during a single session reduces patient exposure to radiation and minimizes the need for additional tests, resulting in optimized healthcare delivery and cost-effectiveness, share of this particular are increasing cancer incidences and increasing number of surgeries performed in hospitals are driving the growth of this segment.

The Asia Pacific market to register a significant growth in the market during the forecast period

The Asia Pacific multimodal market is estimated to register a significant growth from 2023 to 2028. The increasing patient population, rising geriatric population, rapid economic growth and increasing disposable income are driving the market growth in APAC countries. This region is having a rise in healthcare investment and expenditure, offering significant growth opportunities for the key players.

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Multimodal Imaging Market Dynamics:

Drivers:

1. Growing application of multimodal imaging systems

Restraints:

1. High cost of multimodal imaging systems

Opportunities:

1. Availability of reimbursement and insurance coverage for multimodal imaging scans

Challenges:

1. Growing end-user preference for refurbished equipment

Key Market Players:

As of 2022, prominent players in the multimodal market are GE healthcare (US), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems Corporation (Japan), Siemens AG (Germany), Neusoft Corporation (China), and Topcon Corporation (Japan).

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Multimodal Imaging Market Advantages:

• Enhanced Diagnostics: Multimodal imaging combines the strengths of different imaging modalities, allowing for more comprehensive and accurate diagnostic information. This can lead to early detection and improved characterization of diseases, enabling better treatment decisions.
• Holistic Insights: By integrating data from various imaging techniques, multimodal imaging provides a more holistic view of the subject, capturing different aspects of the same object or patient. This comprehensive data can lead to a deeper understanding of complex systems and phenomena.
• Personalized Medicine: Multimodal imaging enables healthcare professionals to tailor treatment plans to individual patients based on a more comprehensive assessment of their condition. This personalized approach can lead to more effective treatments with fewer side effects.
• Research Advancements: Researchers can gain a deeper understanding of biological processes, material structures, and other phenomena by combining multiple imaging modalities. This can accelerate scientific discoveries and innovations across various fields.
• Minimally Invasive Procedures: In medical procedures, multimodal imaging can guide minimally invasive surgeries and interventions with greater precision, reducing risks and enhancing patient outcomes.
• Improved Safety and Quality Control: In manufacturing and industrial applications, multimodal imaging can enhance quality control processes by detecting defects, inconsistencies, or structural issues that might not be apparent with a single imaging technique.
• Faster and More Efficient Data Acquisition: Some multimodal imaging setups can acquire different types of data simultaneously or in quick succession, reducing the time required for data collection and improving workflow efficiency.
• Innovative Visualization Techniques: Multimodal imaging allows for the creation of advanced visualization techniques, such as combining structural and functional information, 3D reconstructions, and augmented reality overlays, enabling professionals to interpret data in new and informative ways.
• Economical Solutions: While each imaging modality has its costs and limitations, multimodal imaging optimizes resources by utilizing the strengths of each technique to provide a more cost-effective solution than investing in multiple standalone systems.
• Cross-Disciplinary Applications: The advantages of multimodal imaging extend beyond healthcare and manufacturing, finding applications in fields like neuroscience, environmental monitoring, archaeology, and more, fostering interdisciplinary collaboration and driving innovation.

In essence, the multimodal imaging market's advantages lie in its ability to provide a comprehensive and synergistic approach to data acquisition, analysis, and visualization, leading to improved decision-making, enhanced insights, and innovative applications across various industries.

Recent Developments:

• In March 2023, Philips and the Champalimaud Foundation collaborate to achieve a 50% reduction in the carbon footprint of their diagnostic imaging operations within the next five years.
• In May 2023, St. Luke's University Health Network chooses GE HealthCare for a USD 30 million purchase of state-of-the-art CT technology, incorporating the power of Artificial Intelligence.
• In November 2022, Canon Inc. revealed its plans to form a new subsidiary called Canon Healthcare USA, Inc. With this strategic move, Canon intends to enhance its position within the influential American medical market and expedite the expansion of its medical business.
• In April 2022, The enhanced partnership between GE HealthCare and Sinopharm focuses on the development and commercialization of medical equipment designed to meet the specific healthcare requirements of China.

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