global multimodal imaging market was worth USD 2.5 billion in 2020 and is further projected - PDF document

Global Multimodal Imaging Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 4.5% in the Forecast Period Global Multimodal Imaging Market Industry Trends & Forecast Report 2027 Summary Global Multimodal Imaging Market, By Technology (PET/CT Systems, SPECT/CT Systems, PET/MR Systems, OCT/Fundus Imaging Systems, Other Multimodal Imaging Systems), By Application (Cardiology, Brain & Neurology, Oncology, Ophthalmology, Other Applications), By End User (Hospitals, Diagnostic Imaging Centers, Other End Users), By Region (North America, Europe, Asia - Pacific ( APAC), Latin America (LATAM), Middle - East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017 - 2027 . A recent study conducted by the strategic con sulting and market research firm BlueWeave Consulting revealed that the global multimodal imaging market was worth USD 2.5 billion in the year 2020. The data genera ted by the data reveals that the market is further estimated to grow at the CAGR of 4.5%, earning revenue of around USD 3.4 billion by the end of 2027. The growing prevalence of chronic diseases like cancer, Alzheimer’s, epilepsy, and seizures, etc., is on e of the major factors propelling the growth of the market. Moreover,the rising healthcare expenditure and awareness surrounding the importance of early diagnosis are prompting people to take regular health checkups as a precautionary method, which in turn is driving the market growth. Nevertheless, high prices of multimodal imaging will pose an obstacle to the growth of the global multimodal imaging market . View report Press release Sample report Global Multimodal Imaging Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 4.5% in the Forecast Period Report Overview The global multimodal imaging market is gaining traction due to the growing prevalence of various chronic diseases among adults as well as the geriatric population, along with the various technological advancements like the introduction of AI and cloud in the imaging modalities . The global multimodal imaging market was worth USD 2.5 billion in 2020 and is further projected to reach USD 3.4 billion by the year 2027, growing at the CAGR of 4.5% in the forecast period. The growing prevalence of various chronic diseases among adults a s well as the geriatric population is propelling the demand for diagnostics and treatment. Furthermore, various technological advancements like the introduction of AI and cloud in the imaging modalities are expected to drive the market in the forecast peri od . Global Multimodal Imaging Market - Overvie w When more than one imaging method is being used in conjunction, it is referred to as multimodal imaging or multiplexed imaging.Multimodal imaging aims to improve cancer detection and localization through early detection and multiplexed imaging. For instance, a combination of imaging techniques, such as MRI, PET, SPECT,can be used for the diagnosis of cancer or its growth. Medical multimodal imaging modalities include various techni ques such as magnetic resonance imaging (MRI), ultrasound, medical radiation, angiography, computed tomography (CT) scan, etc., which are applied to the human body for diagnosis and treatment purposes . Global Multimodal Imaging Market Forecast and Trend s G rowth Driver s Increasing Prevalence of Chronic Disease s The use of imaging technologies is a very effective and non - invasive method of diagnosing and treating various chronic diseases.Multimodal imaging technologies are widely used for the diagnosis of dis eases like cancer, cardiovascular diseases, chronic respiratory diseases, diabetes, and so on. The early detection of such diseases is essential to the proper treatment, especially for cancer.Therefore, the diagnostic rate has amplified significantly over the past few years. It has been estimated that there have been around 3.6 billion radiology tests performed annually worldwide, which is contributing significantly to the growth of the global multimodal imaging market . Technological Advancements in The Mul timodal Imaging Technologie s In multimodal imaging technologies, the industry players are continually advancing their products and introducing innovations such as artificial intelligence and cloud computing.For example, the introduction of photoacoustic im aging Global Multimodal Imaging Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 4.5% in the Forecast Period which is used simultaneously with ultrasound imaging is capable of providing functional and cellular information regarding the tissues in the anatomical markers of the imaging. The key industry players are also collaborating to merge their resources for technological advancements in multimodal imaging technologies. For instance, GE Healthcare recently announced its collaboration with Spectronic Medical to make AI - based software for MR - based radiotherapy planning . Restraint s High Cost of Multimodal Imaging Modalitie s The high cost of multimodal imaging modalities may act as an obstacle for the growth of its global market especially in developing and low - income countries. The average price of a PET/CT scan system ranges from US D 75,000 to USD 500,000. For instance, ASPECT gamma camera costs around USD 400,000 to USD 600,000. This price range is deemed expensive especially for developing economies like India which is highly - priced sensitive. Due to this, the healthcare facilities resort to accumulating refurbished products which affect the market revenue . Impact of COVID - 19 on Global Multimodal Imaging Marke t The global multimodal imaging market has been severely damaged by the sudden outbreak of the COVID - 19 and pandemic situatio ns.This is because patients suffering from chronic diseases like cancer were more prone to COVID - 19 infection due to weak immunity. As a result, they were recommended to avoid visiting healthcare facilities for diagnosis or treatment purposes. As a result, the adoption of multimodal imaging technologies dramatically fell, affecting the market. However, the market is anticipated to flourish in the post - COVID - 19 period as the prevalence of various chronic and lifestyle diseases has jumped significantly in the lockdown period . Global Multimodal Imaging Market - By Technolog y Based on technologies, the global multimodal imaging market is segmented into PET/CT systems, SPECT/CT systems, PET/MR systems, OCT/fundus imaging systems, and other multimodal imaging syst ems. Among these, the PET/CT systems captures the largest market share. In clinical terms, PETCT scanners are best examples of multimodality imaging.Its market is gaining significant traction because of the increasing demand for the early diagnosis of canc er. CT scans are used for the visualization of organs and tissues inside the body while PET scan is used for the detection of abnormal activities inside the body. PET/CT systems are widely used in detecting early signs of heart disease and brain disorders . Global Multimodal Imaging Market - By Applicatio n Based on applications, the global multimodal imaging market is segmented into cardiology, brain & neurology, oncology, ophthalmology, and other applications. Among these, the oncology segment accounts for the largest market share. This Global Multimodal Imaging Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 4.5% in the Forecast Period is because multimodal imaging techniques are highly proficient for the diagnosis as well as the tracking the progression of cancer treatment. With the increasing prevalence of cancer worldwide, the demand for multimodal imagi ng techniques is also flourishing. Furthermore, such techniques are also increasingly being used in cancer research purposes, further driving the market growth . Global Multimodal Imaging Market - Regional Insight s Geographically, the global multimodal imag ing market is segmented into North America, Europe, Asia - Pacific, Latin America, Middle - East & Africa. Due to the high prevalence of cancer and chronic diseases such as stroke, bone cancer, and fractures, North America accounts for the largest share of the global multimodal imaging market.The American Cancer Society estimates that there will be around 1.9 million new cancer cases diagnosed and 608,570 cancer deaths in the United States in 2021. As a result, the diagnosis and treatment through the applicatio n of multimodal imaging modalities are surging, thereby driving the market growth . Competitive Landscap e The leading market players in the global multimodal imaging market are GE Healthcare, Heidelberg Engineering, Bruker Cor poration, Infraredx, Inc., Siemens Healthineers, Canon, Inc., MILabs B.V., Mediso Medical Imaging Systems Kft., Koninklijke Philips N.V., Topcon Corporation, Spectrum Dynamics Medical, Northridge Tri - Modality Imaging, Inc., United Imaging Healthcare Co., L td., Mediso Ltd., Carl Zeiss AG, Neusoft Medical Systems Co. Ltd, MR Solutions Ltd., Optovue, Inc., PerkinElmer, Inc., and other prominent players . The global multimodal imaging market is considered dense and highly consolidated with a few giant companies like GE Healthcare, Canon, Inc., etc., holding major market share. Several companies invest heavily in research and development activities as well as technological advancements for the purpose of innovation.In addition, the adoption of competitive strategi es such as partnerships, mergers, acquisitions, product approvals, and launches is also very prevalent in this market . Recent Developmen t  In July 2021, GE Healthcare announced its collaboration with SOPHiA GENETICS for advancing cancer care by deploying GE Healthcare’s extensive medical imaging and monitoring capabilities .  In January 2021, Solis Mammography announced the acquisition of Progressive Radiology to expand its state - of - the - art multimodality medical imaging capabilities . Global Multimodal Imaging Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 4.5% in the Forecast Period Scope of the Repor t Attribute s Detail s Years Considere d Historical data – 2017 - 202 0 Base Year – 202 0 Forecast – 2021 – 202 7 Facts Covere d Revenue in USD Millio n Market Coverag e U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabi a Product Service/Segmentatio n By Technology, By Application, By End - User, By Regio n Key Player s GE Healthcare, Heidelberg Eng ineering, Bruker Corporation, Infraredx, Inc., Siemens Healthineers, Canon, Inc., MILabs B.V., Mediso Medical Imaging Systems Kft, Koninklijke Philips N.V., Topcon Corporation, Spectrum Dynamics Medical, Northridge Tri - Modality Imaging, Inc., United Imagin g Healthcare Co., Ltd., Mediso Ltd., Carl Zeiss AG, Neusoft Medical Systems Co. Ltd, MR Solutions Ltd., Optovue, Inc., PerkinElmer, Inc., and other prominent players . Global Multimodal Imaging Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 4.5% in the Forecast Period By Technolog y  PET/CT System s  SPECT/CT System s  PET/MR System s  OCT/Fundus Imaging System s  Other Multimodal Imaging System s By Applicatio n  Cardiolog y  Brain & Neurolog y  Oncolog y  Ophthalmolog y  Other Application s By End - Use r  Hospital s  Diagnostic Imaging Center s  Other End User s By Regio n  North Americ a  Europ e  Asia - Pacific (APAC )  Latin America (LATAM )  Middle - East & Africa (MEA ) Global Multimodal Imaging Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 4.5% in the Forecast Period About us Blueweave Consulting offers a one - stop solution for your market intelligence needs for any service or product. You get well - researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well informed and tim ely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk - return trade - off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavours successful. For more information, kindly visit our Website www.blueweaveconsulting.com contact us info@blueweaveconsulting.com Global Multimodal Imaging Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 4.5% in the Forecast Period Global Multimodal Imaging Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 4.5% in the Forecast Period