Global Multimodal Imaging Market Size & Share is Projected to Grow at a CAGR of 4.5% in the Forecast Period | BlueWeave

A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global multimodal imaging market was worth USD 2.5 billion in the year 2020. The data generated by the data reveals that the market is further estimated to grow at the CAGR of 4.5%, earning revenue of around USD 3.4 billion by the end of 2027. The growing prevalence of chronic diseases like cancer, Alzheimer’s, epilepsy, and seizures, etc., is one of the major factors propelling the growth of the market. Moreover,the rising healthcare expenditure and awareness surrounding the importance of early diagnosis are prompting people to take regular health checkups as a precautionary method, which in turn is driving the market growth. Nevertheless, high prices of multimodal imaging will pose an obstacle to the growth of the global multimodal imaging market.

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Surging Research Activities Is Projected to Drive theGrowth of the Global Multimodal Imaging Market Growth

The growth in research activities related to the multimodal imaging market is being driven by advances in understanding diseases and the development of potent drugs.The government and private institutions are also investing huge amounts to support and boost research activities in this particular domain. The research activities revolve around magnetic resonance imaging sequence development, complex imaging processing, metabolic imaging of cardiac and peripheral vascular diseases, and much more.

Favorable Reimbursement Policies in Developed Countries Is Expected to Boost the Market during The Forecast Period

CT scans cost on average USD 51 to 1565, x-rays and ultrasounds cost around USD 55 to 410, and MRI tests cost USD 165 to USD 2048.Since developed countries have structured reimbursement policies for bearing such costs, the demand for multimodal imaging technologies is being driven by the demand for diagnostics and therapeutics.For instance, the Centers of Medicare & Medicaid Services (CMS) of the US Department of Health & Human Services offers a 10% decrease in diagnostic radiology, 5% decrease in radiation oncology and therapy centers, which encourages patients to undergo such expensive diagnoses procedures.

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Global Multimodal Imaging Market - By End-User

Based on end-users, the global multimodal imaging market is segmented into hospitals, diagnostic imaging centers, and other end-users. The hospital segment accounted for the largest market share in 2020.In hospitals, the adoption of advanced medical equipment and techniques is very common due to the high number of diagnostic tests and treatments they perform. Furthermore, the use of multimodal imaging techniques during various surgical procedures also plays a crucial factor in propelling the demand for multimodal imaging technologies in hospitals.

Global Multimodal Imaging Market - Regional Insights

Geographically, the global multimodal imaging market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America held the largest market share in 2020. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. The developing healthcare infrastructure in emerging economies such as India, China, South Korea, Japan, etc., is one of the major factors propelling the growth of the multimodal imaging market. These countries are attracting global industry players who are enhancing their distribution channels to establish their presence there. Because of this, the multimodal imaging market is gaining significant traction in APAC countries.

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Impact of COVID-19 on Global Multimodal Imaging Market

The global multimodal imaging market had to face negative consequences because of the sudden breakout of the COVID-19 pandemic. As a result of the lockdown imposed by the countries, diagnostic and therapeutic procedures hadto experience a sharp decline, and this has directly influenced the adoption rate of multimodal imaging technologies.Furthermore, the healthcare facilities were spending heavily on COVID-19 management medical devices such as respiratory devices, life support devices, PPE kits, surgical masks, and protective glasses. Due to this, the demand for multimodal imaging witnessed a sharp decline, affecting the market growth.

Competitive Landscape

The leading market players in the global Multimodal Imaging market are GE Healthcare, Heidelberg Engineering, Bruker Corporation, Infraredx, Inc., Siemens Healthineers, Canon, Inc., MILabs B.V., Mediso Medical Imaging Systems Kft, Koninklijke Philips N.V., Topcon Corporation, Spectrum Dynamics Medical, Northridge Tri-Modality Imaging, Inc., United Imaging Healthcare Co., Ltd., Mediso Ltd., Carl Zeiss AG, Neusoft Medical Systems Co. Ltd, MR Solutions Ltd., Optovue, Inc., PerkinElmer, Inc., and other prominent players.

The market is considered dense and highly consolidated with a handful of major players holding most of the market share such as GE Healthcare, Canon, Inc., etc.Innovation in the products is driven largely by research and development activities and technological advancements by the companies. Furthermore, the adoption of competitive strategies like partnerships, mergers, acquisitions, product approvals, and launches is also very prominent in this market.

Don’t miss the business opportunity of the global multimodal imaging market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global multimodal imaging market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global multimodal imaging market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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