Multimodal Imaging Market Expected to Reach $7.9 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Multimodal Imaging Market," The multimodal imaging market size was valued at $4.4 billion in 2022, and is estimated to reach $7.9 billion by 2032, growing at a CAGR of 6.1% from 2023 to 2032. Multimodal imaging refers to the use of multiple imaging modalities or techniques to obtain a comprehensive and integrated view of a biological structure or process. Multimodal imaging has gained paramount significance in diverse research domains, including cancer research, cardiovascular disease, neurology applications, infectious diseases, immunology, and developmental biology. Both equipment manufacturers and researchers have actively embraced the integration of available imaging modalities. In certain instances, bi- or even tri-modal systems have emerged, showcasing the industry's commitment to offering comprehensive solutions. 

The increase in incidence of chronic diseases, including cancer, cardiovascular disorders, and neurological conditions, drives the demand for precise diagnostic tools such as multimodal imaging to facilitate early detection, accurate diagnosis, and effective treatment planning which contributes toward the market growth. For instance, American Cancer Society, in 2022, estimated around 1.9 million new cancer cases were diagnosed in U.S. The global aging population is associated with a higher prevalence of age-related diseases and conditions, leading to an increased need for diagnostic imaging for early detection and monitoring which further supports the multimodal imaging market trends. 

In addition, ongoing advancements in imaging technologies, such as improved resolution, faster imaging speeds, and the incorporation of artificial intelligence (AI) for image analysis, enhance the overall performance of multimodal imaging systems. For instance, Canon Inc. offers the Cartestion Prime Mobile Digital PET-CT system has compact room design, air cooling technologies and easy installation features. Imaging techniques be combined with other imaging techniques for better assessment of diseases. For instance, single-photon emission computed tomography/computed tomography (SPECT/CT) is gaining traction, owing to increase in clinical applications such as nuclear medicine. 

Furthermore, multimodal imaging is finding applications beyond traditional medical fields, such as in neuroscience, cardiology, orthopedics, and research. The broadening scope of applications contributes to the growing adoption of multimodal imaging technologies. The expanding scope of applications in both preclinical and clinical research contributes to the multimodal imaging market growth. Moreover, growing awareness among patients and healthcare professionals about the benefits of multimodal imaging for accurate diagnosis and treatment planning leads to fuel multimodal imaging industry growth. 

However, the high cost of the imaging systems hampers market growth. Moreover, the rise in technological advancements and high growth rate exhibited by developing economies are expected to present lucrative opportunities for key players in the multimodal imaging market during the forecast period.  

The multimodal imaging market size is segmented on the basis of technology, application, end user, and region. On the basis of technology, the market is categorized PET/CT systems, PET/MR systems, SPECT/CT systems, and others. The PET/CT systems segment accounted for the largest market share in 2022 is also expected to register the highest CAGR during multimodal imaging market forecast period. This is attributed to the continuous 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 position PET/CT systems. 

On the basis of application, the market is classified brain &neurology, cardiology, oncology, ophthalmology, and others. The oncology segment accounted for the largest multimodal imaging market share in 2022, owing to increase in demand for precise and comprehensive cancer diagnostics, and growing incidence of cancer, coupled with advancements in multimodal imaging technologies. However, cardiology segment expected to register the highest CAGR during the forecast period. This is attributed to the increase in prevalence of cardiac disorders such as coronary artery disease, heart failure, and arrhythmias drives the demand for imaging techniques.

On the basis of end user, the multimodal imaging market analysis is categorized into hospitals, diagnostic imaging centers, and others. The hospitals segment accounted for the largest multimodal imaging market share in 2022, owing to the adaptability and versatility of multimodal imaging technologies along with the multifaceted healthcare needs addressed by hospitals, making them central to the widespread adoption and utilization of these advanced imaging techniques. However, diagnostic imaging centers segment expected to register the highest CAGR during the forecast period. This is attributed to the increase in demand for comprehensive and advanced diagnostic imaging services, and the role of these centers in early disease detection.

Region wise, North America dominated the multimodal imaging industry, owing to well-established healthcare system, rise in prevalence of chronic diseases such as cancer, technological advancement in imaging systems, and rise in number of product approvals. For instance, in December 2020, Spectrum Dynamics Medical, Inc., has received Canadian Medical Device License from Health Canada for its premium digital SPECT/ 64-sliceCT scanner, VERITON-CT64. VERITON-CT64 is designed for both total body and organ-focused, hybrid imaging with shorter scan times, at lower injected activity when compared to current analog dual-detector technology.

However, Asia-Pacific is anticipated to witness notable growth owing to rise in prevalence of chronic diseases, growing demand for the advanced imaging systems, and rise in awareness about early diagnosis. In addition, growing healthcare infrastructure, rise in awareness of advanced diagnostic technologies, and a rising prevalence of chronic diseases in the region are fostering a robust demand for multimodal imaging solutions.

Key Findings of the Study 

• On the basis of technology, the PET/CT systems segment was largest contributor to the market in 2022.  
• On the basis of application, oncology segment was largest contributor to the market in 2022. 
• On the basis of end user, the hospitals segment was largest contributor to the market in 2022. 
• Region wise, North America generated the largest revenue in 2022. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.