Multimodal Imaging Market (2018-2024)
The Multimodal Imaging Market is expected to grow at a CAGR of 5.3% from 2018 to reach $1.6 billion by 2024.
- Published
- Mar 2019
- Pages
- 180
- Format
- PDF + Excel
- Report ID
- MRHC - 10487
- Base year
- 2017
- 2015 · HISTORICAL
- $1.24B
- 2024
- $1.60B
- CAGR 2018–2024
- 5.3%
2015–2017 baseline · 2018–2024 forecast at 5.3% CAGR · hover a bar for the value
Key highlights
Growing aging population coupled with chronic illnesses such as cancer, cardiovascular disorders, and neurological disorders are driving the adoption of multimodal imaging equipment. For instance, according to American College of Cardiology, in 2015, 42.7 million cases of cardiovascular diseases were reported globally. Similarly, according to WHO, every year, CVDs take the lives of 17.7 million people, which accounts for 31% of all the global deaths. Therefore, increasing incidence of chronic illness supports the demand for multimodal imaging equipment.
PET/CT commanded the largest share of the global multimodal imaging systems market in 2017 due to high sensitivity, specificity, and accuracy in characterization of tumors. Owing to these, the adoption of PET/CT technology is consistently increasing worldwide. In addition, most of the key players are engaged in the development of PET/CT systems, which led to the increase in the installation of PET/CT systems worldwide.
Clinical applications commanded the largest share of the global multimodal imaging market, mainly due to growing prevalence of chronic illness, which is leading to increasing volume of diagnostic examinations.
Hospitals commanded the largest share of the global multimodal imaging market with the growing healthcare expenditure across the globe, and increasing prevalence of various chronic diseases resulting in rising demand for early diagnosis and treatment in hospitals.
Report summary
| Particulars | Details |
|---|---|
| Base Year | 2017 |
| Estimated Year | 2018 |
| Forecast Period | 2018–2024 |
| Market Size (2024) | USD 1.60 billion |
| CAGR (2018–2024) | 5.3% |
| Format | PDF, Excel & Cloud Portal · 180 pages |
| Segments Covered | By Product: Multimodal imaging equipment, Reagents, Software · By Technology: PET/CT, SPECT/CT, PET/MRI, Others · By Application: Clinical applications, Oncology, Cardiology, Neurology, Orthopedics, Others, Research applications · By End User: Hospital, Diagnostic centers, Academic & research institutes, Others |
| Countries Covered | Europe (RoE), Asia-Pacific (RoAPAC) |
Report overview
Segments covered: product, technology, application, end user. Regions: Europe, Asia-Pacific.
Multimodal imaging is the combination of the innate advantages two or more imaging technologies synergistically to form more powerful imaging modality. Owing to rapid increase in geriatric population and technological advancements in the development of imaging systems, this industry has witnessed a steady growth. Further, significant opportunities from emerging economies have helped to improve adoption of multimodal imaging systems.
According to the United Nations, in 2017, population aged 60 years or over reached 962 million, which is expected to increase to 2.1 billion by 2050. Also, the number of people aged 80 years or above is projected to increase threefold between 2017 and 2050, rising from 137 million to 425 million. Also, according to Canadian Cancer Society, in Canada, it is estimated that by 2030, new cancer cases are expected to increase by about 40%. It is projected that by 2030, ~77,000 people will be diagnosed with cancer each year.
The multimodal imaging systems play an important role in addressing the issues for the treatment of chronically ill and aged population. The multimodal imaging is used in early detection of disease in areas such as oncology, neurology, cardiology, urology, and more. Multimodal imaging is widely used in the detection of tumor lesions for precise delivery of therapy.
According to Organization for Economic Co-operation and Development (OECD), health expenditure ($/capita) is consistently growing in developing regions. The growing health expenditure is a positive indicator for any medical device market including multimodal imaging systems. Also, according to the Pharmaceutical Research and Manufacturers of America (PhRMA) and National Venture Capital Association, the corporate funding by established biopharmaceutical companies in emerging biotechnology firms has increased from $533 million in 2006 to $1,239 million in 2015. Therefore, owing to aforementioned reasons, the adoption of advanced tools and equipment including multimodal imaging systems for diagnostic and research applications is increasing in developing regions.
The report includes competitive landscape based on extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 5 years (2014-2018). The key players profiled in the global multimodal imaging systems market research report are GE Healthcare, Mediso Ltd., Siemens AG, Koninklijke Philips N.V., MR Solutions Ltd., Bruker Corporation, Canon Inc., Shanghai United Imaging Healthcare Co., Ltd., PerkinElmer, Inc., Northridge Tri-Modality Imaging, Inc., and MILabs B.V.
Report infographic
Table of contents
12 chapters · 78 sections · 180 pages · click to expandGeographic analysis
Asia-Pacific
Fastest growthAsia-Pacific: Fastest growing regional market
North America
Largest shareNorth America commanded the largest share of the global multimodal imaging market; however, Asia-Pacific will be the fastest growing regional market due to accelerated economic growth of many countries in this region; growing government focus on healthcare sector; and rising pharmaceutical research activities. In addition, government initiatives towards the development of healthcare facilities and increasing health insurance penetration are the key factors propelling the growth of the Asia-Pacific multimodal imaging market.
Cite this report
Meticulous Research. (2019). Multimodal Imaging Market - Global Opportunity Analysis And Industry Forecast (2018-2024) (Report No. MRHC - 10487). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/multimodal-imaging-market-4876