The Multimodal Imaging Market is expected to grow at a CAGR of 5.3% from 2018 to reach $1.6 billion by 2024. Multimodal imaging is the combination of the innate advantages two or more imaging technologies synergistically to form more powerful imaging modality. Owing to rapid increase in geriatric population and technological advancements in the development of imaging systems, this industry has witnessed a steady growth. Further, significant opportunities from emerging economies have helped to improve adoption of multimodal imaging systems.
Growing prevalence of chronic illness is propelling the growth of multimodal imaging systems market
According to the United Nations, in 2017, population aged 60 years or over reached 962 million, which is expected to increase to 2.1 billion by 2050. Also, the number of people aged 80 years or above is projected to increase threefold between 2017 and 2050, rising from 137 million to 425 million. Also, according to Canadian Cancer Society, in Canada, it is estimated that by 2030, new cancer cases are expected to increase by about 40%. It is projected that by 2030, ~77,000 people will be diagnosed with cancer each year.
The multimodal imaging systems play an important role in addressing the issues for the treatment of chronically ill and aged population. The multimodal imaging is used in early detection of disease in areas such as oncology, neurology, cardiology, urology, and more. Multimodal imaging is widely used in the detection of tumor lesions for precise delivery of therapy.
Significant opportunities from developing economies support the market growth
According to Organization for Economic Co-operation and Development (OECD), health expenditure ($/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.
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Key findings in the global multimodal imaging systems market study:
Multimodal imaging equipment generated large proportion of revenue compared to reagents and software
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 to witness the largest demand through 2024
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 to dominate the multimodal imaging market in 2024
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 to dominate the global multimodal imaging systems market
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.
Asia-Pacific: Fastest growing regional market
North 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.
Multimodal Imaging Market Key Players
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.
Scope of Multimodal Imaging Market Report:
Market by Product
- Multimodal imaging equipment
- Reagents
- Software
Market by Technology
- PET/CT
- SPECT/CT
- PET/MRI
- Others
Market by Application
- Clinical applications
- Oncology
- Cardiology
- Neurology
- Orthopedics
- Others
- Research applications
Market by End user
- Hospital
- Diagnostic centers
- Academic & research institutes
- Others
Market by Geography
- North America
- Europe
- Germany
- France
- U.K.
- Spain
- Italy
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Japan
- China
- India
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
Key questions answered in Multimodal Imaging Market report:
Growing penetration of multimodal imaging systems in developing countries will propel the overall multimodal imaging systems market
- How does the penetration of multimodal imaging systems in developed regions differ from developing countries like India, and China?
- How is the competition between the major global and prominent local players in this market?
- Which are the high growth market segments in terms of product, technology, application, end users, regions, and countries?
Hospitals account for the largest share of the multimodal imaging systems market globally
- What factors contribute to the frequent usage of multimodal imaging systems in hospitals?
- Which geographic segment is expected to experience the fastest growth in the usage of multimodal imaging systems in hospitals, diagnostic centres, academic and research institutes, and other end users?
- How does the penetration of multimodal imaging systems in hospitals differ from other end users such as diagnostic centres, academic and research institutes, and other end users?
Multimodal imaging systems market favours both larger and local manufacturers that compete in multiple segments
- What are the top competitors in this market and what strategies do they employ to gain shares?
- What is driving growth and which market segments have the most potential for revenue expansion over the forecast period?
- What strategies should new companies look to enter this market use to compete effectively?
- What are the major drivers, restraints, challenges, and opportunities in the multimodal imaging systems market?
- Who are the major players in various countries and what share of the market do they hold?
- What are the geographical trends and high growth regions/ countries?
Recent partnerships, acquisitions, and expansions have taken place in the global multimodal imaging systems market
- What companies have recently merged/acquired and how will these unions affect the competitive landscape of the multimodal imaging systems market?
- What companies have created partnerships and how will these partnerships promote a competitive advantage?
- Who are the major players in the global multimodal imaging systems market and what share of the market do they hold?
- What are the local emerging players in the global multimodal imaging systems market and how do they compete with the global players?