The multimodal imaging market was expected to expand with a CAGR of nearly 5.2% during the forecast period. The major factors attributing to the growth of the multimodal imaging market are the growing incidence of chronic diseases like cancer, cardiac disorders, etc., and the increasing geriatric population globally.
According to the United Nations, the number of people aged above 60 years is expected to double by the year 2050, rising from 962 million globally in 2017 to 2.1 billion in 2050. Furthermore, the advancements in the diagnostic imaging, like using artificial intelligence in CT scans and growing health expenditure is a constructive sign for any medical device market including multimodal imaging systems, the adoption of advanced tools and equipment comprising multimodal imaging systems for diagnostics and research applications is growing in developing regions, which drive the market growth.
However, the high cost of multimodal imaging systems and lack of appropriate healthcare infrastructure are the factors restraining the market.
Key Market Trends
PET/CT Systems Segment is Expected to be the Fastest Growing Segment During the Forecast Period
PET scan can be used to inspect the blood flow, oxygen intake, or the metabolism of organs and tissues. PET scans reveal problems at the cellular level, giving the best view of complex systemic diseases. It is majorly used to detect malignancies.
The PET/CT systems segment is expected to be the fastest-growing segment of the multimodal imaging techniques market. This can be credited to the increasing demand for early and accurate cancer diagnosis, expanding clinical evidence for the early diagnosis of Alzheimer’s disease, increasing the use of PET/CT systems in cardiology, and many other diseases. Furthermore, good reimbursement situations and technological improvements in the field of PET/CT are a few other reasons for the segment to lead the market.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall multimodal imaging market, throughout the forecast period. The market growth is due to factors such as the high prevalence of chronic diseases like cancer, cardiovascular diseases in the region, and well-established insurance policies and the availability of advanced healthcare infrastructure are some of the key factors accountable for its large share in the market.
In the North America region, the United States holds the largest market share due to factors such as an increasing number of geriatric populations, a large patient pool in the country, is anticipated to stimulate the demand in this region. According to the American Cancer Society, about 606,880 Americans are expected to die of cancer in 2019, which means 1,660 deaths per day. With the growing incidence of chronic diseases and due to the rapid adoption of technologically advanced imaging systems, the market flourishes in the region.
The multimodal imaging market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Mediso Ltd., Neusoft Medical Systems Co., Ltd., Spectrum Dynamics Medical and others.
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