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.
Future Looks buoyant for multimodal imaging
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”.
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.
Finally, the report states that North America is currently the home of most of the multimodal imaging systems market companies. However, Asia-Pacific is named as the area expected to grow most by 2024. Reasons cited for this include accelerated growth of the economies; improving healthcare infrastructure; growing accessibility to healthcare services & advanced products; quick embracing of new technologies, and increasing research activities in the region.
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The key players operating in the global multimodal imaging market 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., among others.
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicated market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth. Meticulous Research® produces global reports and custom studies for North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa regions. These reports are used by our clients for marketing and strategic planning in various sectors.
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