Multimodal Imaging Market - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous ResearchÂ®
(I-BusinessNews.Com, August 03, 2022 ) According to a new market research report titled, “Multimodal Imaging Market by Product (Equipment, Reagent, Software), Technology (PET-CT, SPECT-CT, PET-MRI), Application [Clinical (Oncology, Orthopedic, Cardiology), Research], End User (Hospitals, Diagnostic Centers, Academia)- Global Forecast to 2024,” the global multimodal imaging market is expected to grow at a CAGR of 5.3% from 2018 to reach $1.6 billion. The growth of this market will be driven by factors such as rising prevalence of chronic diseases, growing number of hospitals and imaging centers, technological advancements in the development of imaging systems, and increasing adoption of preclinical imaging in drug discovery. Moreover, significant opportunities from developing economies further support the growth of this market.
Multimodal imaging combines the innate advantages of the fused imaging technologies synergistically, forming more powerful imaging modality. It combines techniques such as such as Computed Tomography (CT), Magnetic Resonance Imaging (MRI), and Positron Emission Tomography (PET) to accurately identify the diseased and the normal tissues. For instance, combination of PET or Single-Photon Emission Computed Tomography (SPECT) and CT imaging, overcomes the low resolution of the PET or SPECT image with the high resolution of CT image. In addition, this combination provides high sensitivity to the procedure, enabling accurate diagnosis. Due to these benefits, the leading players are consistently launching new systems in the market.
In addition to diagnosis, this technique is also used in small animal imaging for drug discovery and development procedures. The technique helps in understanding dynamic biological processes, gene expression, enzyme and protein activity, progression, treatment of diseases, biodistribution, and pharmacodynamics or pharmacokinetics of drug molecule in model organisms. Such imaging data assist researchers in the study of the fundamental aspects of human system function and dysfunction. Key players like Bruker Corporation (U.S.), MR Solutions Ltd. (U.K.), and PerkinElmer, Inc. (U.S.) are providing pre-clinical multimodal imaging systems for research applications.
The global multimodal imaging systems market is segmented by product (multimodal imaging equipment, reagents, and software), technology (PET/CT, SPECT/CT, PET/MRI, and others), application (clinical applications and research applications), end user (hospitals, diagnostic centers, academic & research institutes, and others), and geography.
Based on the technology type, PET/CT segment is estimated to command the largest share of the overall multimodal imaging market in 2019, mainly attributed to its greater adoption due to high resolution, sensitivity, and efficiency in detection of tumor lesions.
Based on the application type, clinical applications segment is estimated to hold the largest share of the overall multimodal imaging market in 2019. The large share of this application segment is due to rise in volume of imaging services, increased demand by patients and physicians, and technological advances in imaging technologies.
Geographically, this market is segmented into North America (U.S. and Canada), Europe (Germany, France, U.K., Spain, Italy, and RoE), Asia-Pacific (Japan, China, India and RoAPAC), Latin America, and Middle East & Africa. North America region is estimated to dominate the global multimodal imaging market in 2019, followed by Europe and Asia-Pacific. The large share of the North America is primarily attributed to the well-established healthcare system in the region, greater adoption of advanced technologies, growing prevalence of chronic diseases, presence of large number of hospitals, growing aging population, and relatively greater access to healthcare.
The global multimodal imaging systems market is concentrated with leading companies occupying one-third of the global market share. The key players operating in the global multimodal imaging market are GE Healthcare (U.S.), Siemens AG (Germany), Koninklijke Philips N.V. (the Netherlands), Mediso Ltd. (Hungary), Canon Inc. (Japan), PerkinElmer, Inc. (U.S.), Bruker Corporation (U.S.), MR Solutions Ltd. (U.K.), Northridge Tri-Modality Imaging, Inc. (U.S.), Shanghai United Imaging Healthcare Co., Ltd. (China), and MILabs B.V. (the Netherlands) among others.
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