Multimodal Imaging Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Multimodal Imaging Market is segmented By Product Type (Multimodal Imaging Devices, Software) By Application (Neurology, Cardiovascular, Oncology, Ophthalmology, Others) By End User (Hospital & Clinics, Diagnostic Centers, Others) and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Multimodal Imaging Market Size

The global multimodal imaging market reached US$ 4.30 billion in 2023 and is expected to reach US$ 6.74 billion by 2031, growing at a CAGR of 5.8% during the forecast period 2024-2031.

Multimodal imaging refers to combining two or more imaging modalities to produce an improvised image for comprehansive analysis. Usually the imaging in clinical practice or research setting is done using a single modality such as MRI, CT, X-Ray, PET, SPECTS etc, which can only provide limited details regarding the subject. With multimodal imaging, multidimensional data of the subject relating its macroscopic and microscopic structure, dynamics, function, and chemical composition can be generated. 

Also known as Multimodal Medical Image Fusion (MMIF), multimodal imaging combines imaging modalities such as CT/PET, MRI/PET-SPECT, MRI-CT etc. Currently multimodal imaging has been revolutionizing drug discovery by assissting in preclincal and clinical diagnostics. Several market leaders have developed multimodal imaging instrument modalities which are currently being used for diagnosing chronic condition such as cancer, cardiovascular diseases etc. 

Multimodal Imaging Market Summary

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Multimodal Imaging Market Dynamics

Rising applications of multimodal imaging

In the current scenario, the imaging diagnostics market is majorly dominated by modalities such as MRI scan, CT scan, X-Ray, PET, SPECT etc. These imaging modalities provide comprehansive images of the subject with emphasis on a specific parameter. These imaging modalities are used in clinical setting to diagnose cancer, neurological conditons, degenerative conditions, musculoskeletal conditons, fractures etc. None of these imaging modalities provide information in multiple angles or multiple parameters. 

With the advent of technology multimodal imaging has come into limelight wich combines images generated from two or more imaging modalities and provide multidimensional data that can be utilized for accurate diagnostics, research and development, personalizing the therapy etc. In recent times, multimodal imaging has aquired center of attention when it comes to imaging diagnostics.

Many preclinical and clinical studies were being conducted to evaluate the efficacy of multimodal imaging in diagnositics and therapeutics. Integrating multimodal imaging with artificial intelligence to generate conclusion is one of a practice that is expected to boost the market growth. Moreover, the application of multimodal imaging is rising in various conditions related to onclology, neurology, ophthalmology, cardiovadscular system which is expected to majorly boost the market growth.

For instance, on August 31, 2022, a research study published in Elsevier has provided the methodology for gene mutation detection in non-small cell lung cancer using deep learning and multimodal images of lung cancer patients. In the study, scientists have utilized PET/CT scans of lung cancer patients that are generated over time and did a correlative analysis using modals such as EfficientNets, SENet, and ResNeXt WSL. This multimodal imaging analysis has predicted gene mutations that takes place in non-small cell lung cancer with an accuracy of 94%. 

On January 11, 2024, NIDEK Inc. had launched its proproitery ophthalmology imaging platform Mirante Scanning Laser Ophthalmoscope in the U.S. market. Mirante is a multimodal imaging platfrom that combines scanning lsaser opthalmoscopy (SLO) and  optical coherance tomoraphy (OCT) to get high quality colured images of the eye.

Also, on February 13, 2023, SOPHiA GENETICS SA had announced a partnership with AstraZeneca to incorporate multimodal technology into AstraZeneca's oncology portfolio. The multimodal approach will incorporate radiomics analysis, molecular data, digital pathology, and clinical data, with the goal of accelerating clinical trials and improving clinical decision making.

Moreover rising prevalance of chronic diseases, rising investments in healthcare infrastructure, rising emphasis on personalized medicine are expected to drive the market growth.

Restraints

Factors such as high cost which includes the initial investment on the complex equipment and the ongoing maintance costs is expected to restrain the market. Moreover, lack of professionals who are skilled enough to do the complex analysis of the results put forth by the software is another factor which is expected to  to restrain the market growth.

Multimodal Imaging Market Segment Analysis

The global multimodal imaging market is segmented based on product type, application, end user and region.

The software in the product type segment accounted for approximately 65.22% of the global multimodal imaging market share

Multimodal imaging is based on culminating the images generated by various imaging modalities such as MRI, CT, X-ray etc. The major goal of multimodal imaging is to analyse these images and provide a diagnostic or therapeutic conclusion. This analysis can done by using several softwares which process the input data. 

This input data doesn’t necessarily have to be derived from a multimodal instrument like MRI-CT, PET-CT, MRI-SPECT etc, but can be derived from a single instrument with only one function. i.e., either CT scans, MRI images, radiographic images etc. For multimodal imaging analysis the software plays a crucial rule as it should contain specific features such as streamling the data, image fusion, image countouring,  automation etc. Moreover, these softwares work irrespective of the imaging modality, implying their versitality. 

The necissity of new multimodal imaging device is less, as the input images from the software can be derived from already existing devices. In addition, considering the replacement ratio, the softwares used for multimodal imaging anlaysis come with subscription basis which needs to be renewed from time to time making it indispensible. Whereas only one time investment is made in multimodal imaging devices and its replacement ratio is very low as they have higher lifetime. 

For instance, the mutimodal workspace software offered by Koninklijke Philips N.V. is compatible to philips imaging devices and non-philips imaging devices providing vendor neutral support for multimodality image fusion. 

Siemens Healthineers AG another major company in the market has been offering multimodal imaging software syngo.via that can be streamlined with imaging devices in hospital settings for oncology, cardiovascular care, neurology, and neuclear medicine. The software can analyse images generated from CT scanner, MRI, PET//CT, SPECT/CT and mammography.

Multimodal Imaging Market Geographical Share

North America is expected to dominate the market with 46.70% share in the global multimodal imaging Market

North America is expected to dominate the market due to its advanced healthcare infrastructure and well equipped state of the art diagnostic centers and hospital settings. Majority of the companies that have revolutionized the medical diagnositc imaging industry have originated from North America and have established a stronghold market position in the region. Moreover, North America expenditure in healthcare is far higher than any other high-income countries.

In addition, major countries in North America such as U.S. and Canada have become hub for companies that are driving innovation in the medical imaging. Since, multimodal imaging is currently revolutionizing preclinical and clinical studies, North America spends higher than any other region for research activities. In addition, strategic alliances by academia, industry and healthcare settings are higher in U.S. which is another parameter contributing to major market share for North America.

For instance, on November 27, 2023, Cleveland Clinic a major hospital in the U.S. has collaborated with Canon Inc., to bring innovative imaging and healthcare IT technologies with the aim to improve diagnosis, and care for patients. This collaboration focuses on cardiology, neurology and musculoskeletal conditions in three main aspects such as pre-clinical imaging, clinical imaging and image analysis.

In September 2022, a report published by United States Government Accountability Office in collaboration with National Academy of Medicine has stated that U.S. is well equipped with technology such as deep learning, machine learning in the healthcare setting, which is making the diagnosis easier and faster. These technologies were found to be mostly integrated with X-ray and MRI imaging modalities. 

Multimodal Imaging Companies

The major players in the multimodal imaging market include GE HealthCare., Koninklijke Philips N.V., Siemens Healthineers AG, ZEISS Group, CANON MEDICAL SYSTEMS CORPORATION, Mediso Ltd., NIDEK CO., LTD. and SOPHiA GENETICS. among others. 

Why Purchase the Report?

• To visualize the global multimodal imaging market segmentation based on product type, application, end user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development
• Excel data sheet with numerous data points of multimodal imaging market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global multimodal imaging market report would provide approximately 56 tables, 51 figures, and 187 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies