Multimodal Imaging Market to Reach $7.9 Billion, Globally, by 2032 at 6.1% CAGR: Allied Market Research

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Nov 29, 2023, 10:01 ET

Rise in prevalence of chronic diseases, advancements in diagnostic imaging modalities, and surge in application of multimodal imaging systems drive the growth of the global multimodal imaging market.

PORTLAND, Ore., Nov. 29, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Multimodal Imaging Market by Technology (PET/CT Systems, PET/MR Systems, SPECT/CT Systems, and Others), Application, (Brain &Neurology, Cardiology, Oncology, Ophthalmology, and Others), and End User, (Hospitals, Diagnostic imaging centers, and others.): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global multimodal imaging industry generated $4.4 billion in 2022, and is anticipated to generate $7.9 billion by 2032, witnessing a CAGR of 6.1% from 2023 to 2032.

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Prime determinants of growth

Rise in prevalence of chronic diseases such as cancer, rise in advancements in diagnostic imaging modalities, and growing application of multimodal imaging systems drive the growth of the global multimodal imaging market. However, the high cost of multimodal imaging systems restricts market growth. Moreover, the growth opportunities in emerging markets presents new opportunities in the coming years.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$4.4 billion
Market Size in 2032	$7.9 billion
CAGR	6.1 %
No. of Pages in Report	260
Segments covered	Technology, Application, End User, and Region.
Drivers	Rise in prevalence of chronic diseases Advancements in diagnostic imaging modalities Growing application of multimodal imaging systems
Opportunity	Growth opportunities in emerging markets
Restraint	High cost of multimodal imaging systems

Economic Downturn Analysis: Impact of Recession in 2023 on the Multimodal Imaging Market

During a recession, individuals and governments might tighten their budgets, leading to reduced healthcare spending. This could affect patients' ability to access and afford multimodal imaging, potentially leading to decreased demand for imaging systems. In addition, economic downturns often lead to reduced healthcare budgets, impacting the purchasing power of healthcare facilities. This results in delayed or scaled-down investments in expensive multimodal imaging technologies.
However, the rise in prevalence of chronic diseases, rise in technological advancements and growing awareness about early diagnosis and treatment. This could boost the need for specific types of multimodal imaging that is experiencing a moderate positive impact from the global recession.

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The PET/CT systems segment to maintain its leadership status throughout the forecast period

By technology, the PET/CT systems segment held the largest market share in 2022, accounting for around half of the global multimodal imaging market revenue and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 6.6% from 2023 to 2032. This is attributed to the rise in technological advancements, such as improved image resolution, faster scan times, and the integration of artificial intelligence for image analysis and rise in demand for precise diagnostic tools such as PET/CT systems.

The oncology segment to maintain its leadership status throughout the forecast period

By application, the oncology segment held the largest market share in 2022, accounting for more than two-fifths of the global multimodal imaging market and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the surge in demand for precise and comprehensive cancer diagnostics, and growing incidence of cancer, along with advancements in multimodal imaging technologies.

However, the cardiology segment is projected to manifest the highest CAGR of 7.2% from 2023 to 2032. This is attributed to the increase in prevalence of cardiovascular diseases and the growing demand for advanced diagnostic techniques in the field of cardiology.

The hospitals segment to maintain its lead position during the forecast period

By end user, the hospitals segment accounted for the largest share in 2022, contributing to around half of the global multimodal imaging market revenue, and is projected to maintain its lead position during the forecast period. This is attributed to wide adaptability and versatility of multimodal imaging technologies along with the multifaceted healthcare needs addressed by hospitals, making them central and utilization of these advanced imaging techniques in hospitals.

However, the diagnostic imaging centers segment is projected to manifest the highest CAGR of 6.7% from 2023 to 2032. This is attributed to the rise in demand for comprehensive diagnostic services, technological advancements in imaging modalities, and the rise in prevalence of complex medical conditions.

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North America to maintain its dominance by 2032

By region, North America held the largest market share in terms of revenue in 2022, accounting to nearly two-fifths of the global multimodal imaging market revenue and is likely to dominate the market during the forecast period. This is attributed to the well-established healthcare system, rise in prevalence of chronic diseases, technological advancement in imaging systems, and high awareness about early diagnosis and treatment.

However, the Asia-Pacific region is expected to witness the fastest CAGR of 7.0% from 2023 to 2032. Rise in awareness about early diagnosis and treatment, increase in prevalence of chronic diseases such as cancer, and growing demand for advanced imaging systems, is expected to drive the growth of the multimodal imaging market.

Leading Market Players: -

GE Healthcare
Koninklijke Philips N.V.,
Canon Inc.
Siemens
Topcon Corporation
Bruker Corporation
Spectrum Dynamics Medical
Mediso Ltd.
MR Solutions
Neusoft Corporation

The report provides a detailed analysis of these key players in the global multimodal imaging market. These players have adopted strategies such as expansion, acquisition, product approval, partnership, and agreement to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

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