Multimodal Imaging Market is Expected to Reach $5.5 billion | MarketsandMarkets.
Chicago, Oct. 03, 2023 (GLOBE NEWSWIRE) -- The multimodal imaging industry is poised for remarkable growth in the near future as technological advancements continue to converge and enhance diagnostic capabilities. Innovations in medical imaging, such as the integration of artificial intelligence and machine learning algorithms, are revolutionizing the field by enabling more accurate and efficient disease detection and monitoring. This synergy of modalities, including MRI, CT, PET, and ultrasound, promises to provide clinicians with comprehensive, real-time insights into patient health, fostering earlier disease detection and personalized treatment strategies. Furthermore, the industry's expansion into fields beyond healthcare, such as autonomous vehicles and industrial inspection, is set to usher in a new era of safety and efficiency across various sectors. As multimodal imaging technologies continue to evolve, their widespread adoption will undoubtedly redefine the way we perceive and interact with the world around us.
*Multimodal Imaging market* in terms of revenue was estimated to be worth $4.2 billion in 2023 and is poised to reach $5.5 billion by 2028, growing at a CAGR of 5.7% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. Technological advancements and an increasing number of diseases, coupled with the adoption of more accurate imaging systems, are the key factors driving the adoption of multimodal market globally. Multimodal imaging systems find versatile applications across diverse fields, encompassing medicine, neuroscience, biomedical research, environmental sciences, robotics, security, AI, and materials science. By merging two or more imaging modalities, such as PET-CT, MRI-PET, and fMRI-EEG, these systems deliver comprehensive and complementary information for improved diagnosis, treatment planning, and research. Additionally, they enhance perception and decision-making capabilities in robotics and autonomous vehicles, bolster security and surveillance systems, enable advanced AI algorithms, and aid in materials research. The wide-ranging use of multimodal imaging systems continues to drive innovation and breakthroughs in various domains, benefiting humanity in numerous ways.
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*Multimodal Imaging** Market** Scope:*
*Report Coverage* *Details*
Market Revenue in 2023 $4.2 billion
Estimated Value by 2028 $5.5 billion
Growth Rate Poised to grow at a CAGR of 5.7%
Market Size Available for 2021–2028
Forecast Period 2023–2028
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Technology, application, end user, and region
Geographies Covered North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunities Availability of reimbursement and insurance coverage for multimodal imaging scans
Key Market Drivers Growing application of multimodal imaging systems
*Multimodal Imaging market major players covered in the report, such as:*
· GE Healthcare (US)
· Koninklijke Philips N.V. (Netherlands)
· Canon Medical Systems Corporation (Japan)
· Siemens AG (Germany)
· Topcon Corporation (Japan)
· Neusof. (China)
· and Among Others
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*This report has segmented the global multimodal market based on technology, application, end user, and region.*
*Global Multimodal Market, by Technology*
· PET/CT
· PET/MR
· SPECT/CT
· OCT/FMT
· Other multimodal imaging
*Global Multimodal Market, by Application*
· Brain & Neurology
· Cardiology
· Oncology
· Ophthalmology
· Research Applications
· Other Applications
*Global Multimodal Market, by End User*
· Hospitals
· Diagnostic Imaging Centers
· Research and Academic Institutes
· Other End Users
*Multimodal Market, by region*
· North America
· US
· Canada
· Europe
· Germany
· France
· UK
· Italy
· Spain
· Rest of Europe
· Asia Pacific
· Japan
· China
· India
· Australia
· South Korea
· Rest of Asia Pacific
· Latin America
· Brazil
· Mexico
· Rest of Latin America
· Middle East and Africa
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*The key stakeholders in the Multimodal Imaging market include:*
· Multimodal product manufacturers
· Original equipment manufacturers (OEMs)
· Suppliers, distributors, and channel partners
· Healthcare service providers
· Hospitals and academic medical centers
· Radiologists
· Research laboratories
· Health insurance providers
· Government bodies/organizations
· Regulatory bodies
· Medical research institutes
· Business research and consulting service providers
· Venture capitalists and other public-private funding agencies
· Market research and consulting firms
*Recent Developments:*
· In March 2023, Philips and the Champalimaud Foundation collaborate to achieve a 50% reduction in the carbon footprint of their diagnostic imaging operations within the next five years.
· In May 2023, St. Luke's University Health Network chooses GE HealthCare for a USD 30 million purchase of state-of-the-art CT technology, incorporating the power of Artificial Intelligence.
· In November 2022, Canon Inc. revealed its plans to form a new subsidiary called Canon Healthcare USA, Inc. With this strategic move, Canon intends to enhance its position within the influential American medical market and expedite the expansion of its medical business.
· In April 2022, the enhanced partnership between GE HealthCare and Sinopharm focuses on the development and commercialization of medical equipment designed to meet the specific healthcare requirements of China.
*Frequently Asked Questions (FAQs) of Multimodal Imaging Market:*
Question 1: What is the expected addressable market value of the global multimodal market over a six-year period?
Answer: The global multimodal market is expected to reach USD 5.5 billion by 2028 from USD 4.2 billion in 2023, at a CAGR of 5.7 % from 2023 to 2028.
Question 2: Which segment based on technology is expected to garner the highest traction within the multimodal market?
Answer: Based on the technology, the PET-CT segment is expected to grow at the highest rate.
Question 3: What strategies are top market players adopting to penetrate emerging regions?
Answer: The major players in the market use partnerships, expansion, and acquisitions, product launches as important growth tactics.
Question 4: What are the major factors expected to limit the growth of the multimodal market?
Answer: High cost of multimodal imaging systems is expected to limit the growth of the multimodal market.
Question 5: Which are the major companies in the multimodal market?
Answer: The major companies in the market are GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems Corporation (Japan), Siemens AG (Germany), Topcon Corporation (Japan), and Neusoft. (China).
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*Report Objectives:*
· To define, describe, and forecast the multimodal market based on technology, application, end user, and region
· To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
· To strategically analyze micro markets with respect to individual growth trends, prospects, and contributions to the total market
· To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
· To forecast the revenue of the market segments with respect to four regions, namely, North America, Europe, the Asia Pacific, Latin America, Middle East and Africa
· To profile the key players and comprehensively analyze their market ranking and core competencies
· To benchmark players within the market using a proprietary competitive leadership mapping framework, which analyzes market players on various parameters within the broad categories of market share and product footprint
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