Multimodal Imaging System Market By Technology (PET/MRI, PET/CT, SPECT/CT), By Application (Oncology, Neurology, Cardiology), By End User (Diagnostic Imaging Centres, Academic and Research Institutes, Hospitals), And Region for 2024-2031

Multimodal Imaging System Market Valuation – 2024 – 2031

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The global Multimodal Imaging System Market was valued to be around USD 4.99 Billion in 2023 and this value is projected to reach USD 6.99 Billion by 2031. This significant growth is possible owing to constant advancements in imaging technologies through the integration of MRI, CT, PET, and SPECT into multimodal systems, boosting picture resolution, and expanding diagnostic capabilities.

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The rising prevalence of chronic diseases such as cancer, cardiovascular disease, and neurological disorders increases the demand for improved imaging systems for early detection, diagnosis, and treatment monitoring, enabling the market grow at a CAGR of 6.1% during the forecast period 2024 to 2031.

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Multimodal Imaging System Market: Definition/Overview

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Multimodal imaging helps combine one or more imaging techniques into a single unit to help doctors obtain a comprehensive view of the patient condition. In multimodal imaging, different technologies such as SPECT/CT systems, PET/MR systems, PET/CT systems, and others are used. They are immensely beneficial in the early disease detection and localization of growth or blocks related to oncology, ophthalmology, central nervous system, and neurology, among others. The imaging system corresponds to in-vivo imaging of the biological process at the cellular and molecular levels.

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The system generates deep-tissue quantitative data of a biological system in a non-invasive manner. Multimodal imaging is being used in the process of studying placental functions and structure, as well as other features such as embryo development, which is normally done in transgenic mice. The advancements in multimodal imaging systems will help enhance its accessibility to patients and doctors, leading to efficient diagnosis, treatment, and patient care.

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Which Are The Technological Breakthroughs Contributing to the Growth of Market?

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Technological developments have revolutionized the medical imaging landscape, promoting innovation, increasing patient care, and broadening the spectrum of multimodal imaging applications in clinical and research settings. Continued research and development activities are projected to significantly expand multimodal imaging technologies and drive market expansion in the future years.

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Continuous advances in imaging technology, including improvements in resolution, acquisition speed, and sensitivity and integration of artificial intelligence, have improved the accuracy and user-friendliness of multimodal imaging, resulting in its wider adoption. Companies that invest in and develop cutting-edge technologies improve the performance of their multimodal imaging products. For example, Siemens Healthiness Biograph Vision Quadra PET/CT system features advanced detectors and imaging algorithms for improved resolution and faster scan times.

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High prevalence of chronic diseases, like cancer, cardiovascular disorders, and neurological conditions, is necessitating accurate and comprehensive diagnoses, fueling the demand for multimodal imaging systems for obtaining detailed information from multiple modalities.

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Rising awareness regarding the benefits of multimodal technologies among the healthcare professionals and patients are increasingly improving diagnostic accuracy, treatment procedure, and lowering the number of scans. This is also encouraging the government to increase the healthcare expenditure in the developing regions so as to boost the investment in research and development of multimodal imaging systems.

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Also, the increase in demand for personalized medicines to match up to the patient characteristics is enhancing the use of these systems to offer detailed information. Likewise, the growing inclination minimally invasive procedures demands precise visualization and guidance, thereby surging the application of multimodal imaging in surgical settings. Overall, the factors are enabling the market poise for continuous growth over the forecast period.

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Will High Cost of Multimodal Imaging System Limit Its Adoption?

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Rising demand from healthcare institutions and government for investment in the development of multimodal systems is proving complex and expensive, often limiting its accessibility, especially in resource-constrained businesses. This complex system also requires trained professionals for operating and interpreting the images, hindering its widescale implementation. Thus, the need for robust data management systems or expertise to interpret the large volumes of data, store, secure, and integrate it into the present healthcare IT infrastructure is another restraining factor.

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For example, a study published in the Journal of Medical Imaging and Radiation Sciences (2019) conducted a cost analysis of PET-CT scanners and revealed significant upfront investments and significant operational costs, making them a significant financial burden for healthcare organizations.

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The major shortcoming is the lengthy approval processes for the new technologies due to the presence of complex regulatory frameworks. It is expected to slow down the development and adoption of innovative multimodal imaging systems. In addition to this, the unfavorable reimbursement policies are creating financial uncertainties for the healthcare providers and patients.

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In addition to these, the need to comply with the ethical considerations, such as focusing on privacy, no overdiagnosis, and unnecessary exposure to radiation, need to be addressed before being made accessible to all.

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Category-wise Acumens

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How will Versatility of PET/CT Fare for the Multimodal Imaging System Market?

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As per , the PET/CT segment is estimated to dominate the market during the forecast timeframe. Its versatility such providing insights into both metabolic activity and anatomical structure is enhancing its implementation across wide range of healthcare infrastructure and various clinical applications, particularly in oncology.

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The minimum operation cost of PET/CT compared to MR/PET, PET/CT is projected to boost its global accessibility and adoption to research institution and healthcare infrastructures. It is not just the cost but the years of reliability and value that is solidifying its position among the patients as well as healthcare providers.

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On the other hand, MR/PET is an emerging technology offering simultaneous metabolic and anatomical information, enhancing its application that will exceed and impact the PET/CT solution. Despite its existing high cost and limitations regarding availability, the constant advancements is likely to improve its availability.

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Will Incidences of Cancer Drive the Oncology Segment?

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Rising prevalence of cancer such as head and neck, lung, brain, and others are demanding efficient diagnosing, staging, and treatment monitoring across the globe, creating a conducive environment for growth of the market.

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Oncology is the current leader of the global Multimodal Imaging System Market. The complexity associated with cancer is necessitating vast generation of data using multiple multimodal imaging systems. This system is necessary for evaluating treatment response and detecting recurrence to obtain timely adjustments and inhibit unnecessary interventions.

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Ongoing advancements and research and development is likely to supports the efficacy of multimodal imaging in various oncological applications, thereby strengthening its adoption in healthcare professionals and sector. The oncology segment is projected to hold a dominant position compared to the other clinical segments, helping create a huge demand for the Multimodal Imaging System Market.

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Country/Region-wise Acumens

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How will the Flourishing Healthcare Industry Boon the Multimodal Imaging System Market?

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According to Market Research Market analyst, North America is projected to hold a dominant position in the global Multimodal Imaging System Market. The support and investments offered by the government and healthcare infrastructure in adding cutting-edge technology like multimodal imaging systems in the well-equipped hospitals, clinics, and research institutions is a primary factor boosting the growth of the market in this region.

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Growing demand for accurate and comprehensive diagnostic tools like multimodal imaging to diagnose and treat prevalent chronic diseases like cancer, cardiovascular diseases, and neurological conditions is resulting in early adoption of technology as well as strong research and development in North America.

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In addition to this, the complete coverage offered for multimodal imaging procedures during the reimbursement is enhancing the application of this technology.

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Moreover, the presence of prominent players including GE Healthcare, Siemens Healthineers, and Philips Healthcare, contribute to market dominance.

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Will Growing Geriatric Population Upsurge the Sales of Multimodal Imaging System?

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Asia Pacific is estimated to exhibit rapid growth over the forecast period. This growth is attributable to the patients willing to invest in the advanced diagnostic technologies to help in the early detection of chronic diseases.

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The increasing susceptibility among the all age groups, especially aging demographics, to chronic diseases, like cancer, is compelling the healthcare authorities and government to invest in advanced medical equipment like multimodal imaging systems.

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Besides the increased healthcare expenditure, the presence of supportive policies in the diverse Asia Pacific region is a supportive environment for the adoption of advanced medical technologies.

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Also, the local manufacturers in this region are striving to develop affordable and accessible imaging systems to meet the surging demand for minimally invasive procedures, which requires accurate imaging guidance.

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Competitive Landscape

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Some of the prominent players operating in the Multimodal Imaging System Market include:

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Bruker Corp., Spectrum Dynamics Medical Inc., Neusoft Medical Systems, Nipro Corp., PerkinElmer Inc., Shanghai United Imaging Healthcare, Engineering GmbH, Koninklijke Philips NV, Mediso Ltd., Mindray, Shimadzu Medical Imaging, Canon Inc., Carl Zeiss AG, MILabs BV, MR Solutions Ltd., General Electric Co., Heidelberg Engineering, Simens AG, Topcorn Corp, TriFoil Imaging.

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Latest Developments:

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• In July 2021, Topcon Corporation announced that it has acquired VISIA Imaging S.r.l, an ophthalmic device manufacturer headquartered in suburban Florence, Italy.

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• In April 2022, Mediso Ltd announced the acquisition of Bartec Technologies Ltd, a UK based company specialized in the supply, installation and support of Nuclear Medicine and Molecular Imaging equipment and accessories. The acquisition strengthens market position in the UK and Ireland. Financial details of the acquisition were not disclosed.

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• 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.

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• 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.

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• In October 2022, Spectrum Dynamics announced its newest development in digital nuclear medicine imaging, the capability to image high energy isotopes using solid-state detector technology in a 3600-CZT based, wide-bore SPECT/CT configuration. This functionality is available in the new VERITON-CT 400 Series Digital SPECT/CT scanners, enabling total body, brain, heart, and other imaging applications.

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Report Scope

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Multimodal Imaging System Market, By Category

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Technology:

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• PET/MRI

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• PET/CT

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• SPECT/CT

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• MR/Optical Imaging

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• Others

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Application:

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• Oncology

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• Cardiology

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• Neurology

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• Others

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End User:

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• Hospitals

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• Diagnostics Imaging Centers

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• Research Institutes and Academia

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• Clinics

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Region:

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• North America

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• Europe

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• Asia Pacific

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• Latin America

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• Middle East & Africa

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