Global Multimodal Imaging Market accounts for largest share and is expected to grow at a CAGR of 5.5% by 2024
A report into the projected growth of the current multimodal imaging systems market by Meticulous Research has produced lucrative forecasts for the industry. By 2024, it’s expected to have grown at a CAGR of 5.3%, reaching $1.6 Billion.
In a report published today, Meticulous Research has stated that the size of the global multimodal imaging systems market will reach an impressive $1.6 billion by 2024.
The researchers believe that explosive growth will be driven by a variety of factors. These include: increasing prevalence of chronic illness, technological advancements in imaging systems, and increasing adoption of preclinical imaging in drug discovery.
The report states that the multimodal imaging equipment accounts for the largest share of the total market and is expected to grow at a CAGR of 5.5% from 2018 to 2024. Meticulous Research speculated as to why this area is emerging as the largest and fast-growing segment: “Due to continuous advancements in imaging systems, incessant product launches, and growing prevalence of various chronic diseases”.
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Multimodal imaging is a technology that combines the innate advantages of the fused imaging technologies synergistically, to form more powerful imaging modality. This modality has the capability to generate high resolution images with high sensitivity for accurate diagnosis. The process combines techniques such as such as computed tomography (CT), magnetic resonance imaging (MRI), and positron emission tomography (PET) to accurately identify and characterize the diseased and the normal tissues.
Based on technology, PET/CT systems are cited as the most efficient diagnostic tools with its capabilities extended beyond treatment with the delivery of targeted therapies as well. The technique produces higher resolution images with the high-definition and accuracy. Also, this technology has shortened acquisition times and improved the dose management as compared to standalone procedures. In this way, this technology has boosted the ability to improve localization of lesions and overall clinical confidence in routine scans and research applications leading to market growth.
Based on application, clinical applications segment commanded the largest share of the global multimodal imaging market. The high share of this segment is attributed to large volume of diagnostic procedures performed for detection of various diseases, high incidence of chronic illness, and incessant technological advancements in the equipment used for the detection of such diseases. Oncology is the fastest growing segment attributed to rising aging population, growing number of cases & deaths associated with cancer, and technological advancements in oncology imaging products.
Based on end users, hospitals were the largest end users of multimodal imaging products mainly due to high volume of diagnostic procedures being performed in the hospitals.
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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 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?
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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.
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