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The multimodal imaging market size is forecast to increase by USD 645.8 million, at a CAGR of 4.5% between 2023 and 2028. In the healthcare industry, telemedicine has emerged as a key offering that addresses several pressing needs. With the growing prevalence of chronic diseases and an aging population, telemedicine enables remote monitoring and timely intervention, improving patient outcomes and reducing healthcare costs. Furthermore, significant opportunities exist in developing economies, where access to quality healthcare is limited. A favorable reimbursement scenario in many regions, including the US and Europe, also bolsters the growth of telemedicine. This technology enables remote consultations, diagnosis, and treatment, making healthcare more accessible and convenient for patients while reducing the burden on healthcare systems.
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The market is witnessing significant growth due to the rising prevalence of chronic diseases, particularly cancer and cardiac disorders, among the geriatric population. Diagnostic imaging plays a crucial role in the early detection and treatment of these conditions, leading to a surge in demand for advanced imaging modalities. Artificial intelligence is revolutionizing the imaging industry by enhancing the accuracy and efficiency of CT scans and other imaging techniques. Health expenditure and the medical device market are key drivers for the market, with clinicians increasingly relying on point-of-care imaging solutions in ambulatory care settings, emergency departments, and remote areas.
In addition, PPrecision medicine and treatment strategies are also fueling the market's growth, with the development of contrast agents, detectors, computer-aided programmes, and pathogenic targets. Brain illnesses, such as Alzheimer's and Parkinson's, are a significant focus area, with optoacoustic imaging and fluorescence properties offering new possibilities for diagnosis and treatment. Chemical dyes and advanced detectors are also playing a crucial role in the detection of various diseases and conditions. Overall, the market is expected to continue its growth trajectory in the coming years, driven by technological advancements and increasing healthcare expenditure.
Growing prevalence of chronic diseases is notably driving market growth. The market is experiencing significant growth due to the increasing prevalence of chronic diseases, such as cancers, cardiovascular diseases (CVDs), and neurological problems, in the ageing population. According to Statistics Canada, the number of Canadians aged 65 and above is projected to rise from 6.5 million in 2022 to 9.2 million by 2036. Similarly, the American Cancer Society estimates that the number of new cancer cases in the US will increase by 40% by 2030. To address the diagnostic needs of these patients, there is a growing demand for advanced multimodal imaging systems that can provide accurate and timely diagnoses. These systems utilize various imaging modalities, such as X-rays, CT scans, MRI, and ultrasound, in combination with contrast agents, detectors, and computer-aided programmes, to identify pathogenic targets with high precision. Moreover, the development of new imaging technologies, such as optoacoustic imaging, fluorescence properties, and hybrid contrast agents, is expanding the capabilities of multimodal imaging systems. For instance, optoacoustic imaging uses ultrasound waves to detect the absorption and scattering of light, providing high-resolution images of tissue structures. Fluorescence properties, on the other hand, enable the detection of specific biomolecules, making them useful in tumour characterisation.
Hybrid contrast agents, which combine the advantages of multiple imaging modalities, offer improved diagnostic accuracy and reduced radiation exposure. The use of chemical dyes and nanoparticles as contrast agents in multimodal imaging systems is also gaining popularity due to their photostability and variable spectrum properties. These agents enhance the contrast and improve the diagnostic accuracy of imaging techniques, making them essential tools in the diagnosis and treatment of various diseases, including heart disease and brain illnesses. Overall, the global market is expected to continue its growth trajectory, driven by the increasing prevalence of chronic diseases, the ageing population, and the ongoing research and development in imaging technologies. Thus, such factors are driving the growth of the market during the forecast period.
Technological advancements in diagnostic imaging equipment is the key trend in the market. The market is witnessing significant growth due to the increasing prevalence of ageing population, rising healthcare costs, and the need for early and accurate diagnosis of various diseases. Advanced imaging technologies, such as optoacoustic imaging, fluorescence properties, and nanoparticle-based contrast agents, are being developed to address the challenges of detecting pathogenic targets in brain illnesses, heart disease, and CVDs. Vendors are investing in research and development to create hybrid contrast agents with variable spectrum and improved photostability. The integration of computer-aided programmes and advanced detectors is enhancing the diagnostic capabilities of multimodal imaging systems.
Furthermore, the emergence of 3D, 4D, and 5D technologies is enabling more accurate diagnoses and better patient care. Companies like GE Healthcare are upgrading their multimodal imaging equipment with advanced software solutions to cater to the evolving needs of the healthcare industry. Chemical dyes and contrast agents are being replaced with safer and more effective alternatives, such as nanoparticles, to minimize the risks associated with diagnostic procedures. Thus, such trends will shape the growth of the market during the forecast period.
High cost of multimodal imaging equipment is the major challenge that affects the growth of the market. The market faces a significant challenge due to the high costs of equipment and related procedures. The expense of multimodal imaging systems, such as PET/CT scans, which can cost between USD 75,000 and USD 500,000, and gamma cameras, priced between USD 400,000 and USD 600,000, poses a significant financial burden on healthcare facilities and patients. In developing nations like India, where affordability is a major concern, the preference for refurbished products negatively impacts market growth. Furthermore, the need for annual maintenance services adds to the overall cost. Multimodal imaging plays a crucial role in detecting various pathogenic targets, including brain illnesses, heart disease, and CVDs.
Advanced imaging techniques, such as optoacoustic imaging and fluorescence properties, employ contrast agents and hybrid nanoparticles to enhance image quality. These agents, often made of chemical dyes, can be sensitive to variable spectrum and photostability, necessitating careful handling and storage. Computer-aided programmes and detectors are integral components of multimodal imaging systems, enabling accurate diagnosis and treatment planning. Despite these benefits, the high costs of multimodal imaging equipment and procedures remain a significant barrier to widespread adoption. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Canon Inc. - The company offers multimodal imaging products such as Xephilio OCT-S1.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The hospitals segment is estimated to witness significant growth during the forecast period. Chronic diseases, including cancer and cardiac disorders, are prevalent among the geriatric population, necessitating advanced diagnostic imaging techniques for accurate diagnosis and treatment. The global diagnostic imaging market is experiencing significant growth due to the increasing health expenditure and the development of medical device technologies. Artificial intelligence (AI) is revolutionizing diagnostic imaging with its ability to analyze CT scans and PET scans for early detection of malignancies and assessment of blood flow, oxygen intake, and metabolism in organs and tissues.
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The hospitals segment was the largest and was valued at USD 1.10 billion in 2018. Advanced imaging modalities, such as magnetic resonance imaging and molecular imaging techniques, are essential in cardiology for the diagnosis and monitoring of cardiac disorders. Imaging modalities are being developed for point-of-care settings and ambulatory care, enabling clinicians to make precise treatment strategies and improve patient outcomes. Healthcare resource utilization is optimized through the use of AI algorithms and miniaturization technologies in imaging solutions. PET multimodal imaging is a promising area of research for the diagnosis and monitoring of diseases such as Alzheimer's disease. Radiopharmaceutical development is crucial for the diagnostic capabilities of these advanced imaging techniques. The medical device market for diagnostic imaging modalities is expected to grow significantly in developing regions due to the increasing prevalence of chronic diseases and the need for improved healthcare infrastructure.
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North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Chronic diseases, including cancer and cardiac disorders, are major health concerns, particularly among the geriatric population. Diagnostic imaging plays a crucial role in identifying malignancies and assessing the health of organs and tissues. Advanced imaging modalities, such as CT scans and PET scans, provide valuable insights into blood flow, oxygen intake, metabolism, and treatment strategies. Artificial intelligence algorithms are increasingly being integrated into these systems to enhance diagnostic capabilities and improve patient outcomes. The medical device market for multimodal imaging solutions is experiencing significant growth due to rising healthcare expenditure and the need for precision medicine. Point-of-care imaging solutions and ambulatory care settings are key areas of focus, enabling clinicians to make informed decisions in emergency departments and remote areas.
Further, magnetic resonance imaging, molecular imaging techniques, and radiopharmaceutical development are also gaining traction in this field. Miniaturization technologies are enabling the development of more compact and portable imaging systems, making diagnostic capabilities more accessible. These advancements have the potential to revolutionize patient care, particularly in developing regions where access to healthcare resources is limited. Overall, the integration of advanced imaging modalities and AI algorithms is transforming the diagnostic landscape, leading to improved patient outcomes and more effective treatment strategies.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market is witnessing significant growth due to the increasing prevalence of chronic diseases, including cancer and cardiac disorders, and the growing geriatric population. This market encompasses various diagnostic imaging modalities, such as CT scans, PET scans, and magnetic resonance imaging (MRI), which provide valuable insights into the functioning of organs and tissues, helping clinicians in early detection and precise treatment strategies. Artificial intelligence (AI) algorithms are increasingly being integrated into multimodal imaging systems to enhance diagnostic capabilities and improve patient outcomes. Advanced imaging modalities, like PET multimodal imaging, offer a more comprehensive understanding of malignancies by assessing blood flow, oxygen intake, and metabolism.
In addition, the healthcare sector's increasing investment in medical devices and health expenditure is fueling the market growth. Point-of-care imaging solutions and ambulatory care settings are gaining popularity, especially in developing regions and remote areas, where access to advanced diagnostic facilities is limited. The integration of precision medicine and treatment strategies in multimodal imaging is expected to revolutionize patient care. Miniaturization technologies and the development of radiopharmaceuticals are also contributing to the market's growth by expanding diagnostic capabilities and clinical applications. In summary, the market holds immense potential in transforming the diagnostic landscape, improving patient care, and enhancing healthcare resource utilization.
Market Scope |
|
Report Coverage |
Details |
Page number |
137 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
Market growth 2024-2028 |
USD 645.8 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.23 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 33% |
Key countries |
US, Germany, France, Japan, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bruker Corp., Canon Inc., Carl Zeiss AG, General Electric Co., Heidelberg Engineering GmbH, Koninklijke Philips N.V., Mediso Ltd., MILabs BV, MR Solutions Ltd., Neusoft Medical Systems Co. Ltd., Nipro Corp., Perkin Elmer Inc., Shanghai United Imaging Healthcare Co. Ltd., Siemens AG, Spectrum Dynamics Medical Inc., Topcon Corp., and TriFoil Imaging |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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