Multimodal Imaging Market Trends

Growth Drivers

• Increasing Cases of Cancer Globally – Multimodal imaging technology are effective in the detection of tumor lesions in the human body. With the growing cases of cancer among the global population, the multimodal imaging market is expected to boost in the forecast period. According to data from the Centers for Disease Control and Prevention, there were approximately 1,752,735 new cancer cases in the United States in 2019.
• Rise in Prevalence of Rare Diseases – With the population shifting towards an unhealthy lifestyle, rare diseases are being discovered every day. Proper detection, diagnosis, and treatment of such diseases require advanced medical products such as multimodal imaging. Thus, the rise in the prevalence of rare diseases is anticipated to bring lucrative growth opportunities for market growth in the analysis period. For instance, all over the world, around 300 million people are living with a rare disease and it affects nearly 4% to 6% of the total world population.
• High Expenditure in the Research & Development Sector – As per data from World Bank, global research and development expenditure in proportion to gross domestic product (GDP) was around 2.63% in 2020, up from 2.2% in 2018.
• Growth of Healthcare Expenditure – Major key players and government are focused on developing novel multimodal imaging systems for proper diagnosis and treatment. Thus, companies have been investing in the research & development sector to introduce technological advanced multimodal imaging products in the healthcare industry. According to recent data, in 2020 total healthcare expenditure was about USD 4 trillion, about 19% of the GDP of the United States.
• Increasing Growth of the Biotechnology Industry – For instance, the Indian biotechnology industry is projected to reach USD 145 billion by the end of 2025.

Challenges

• High Cost of Multimodal Imaging Systems and Availability of Substitute – The use of multimodal imaging methods for defining the extent of spread and the hemodynamic impact, timely diagnosis, and monitoring responses is becoming common in the treatment of malignant cardiac tumors. Yet, the availability of other alternatives such as biopsy analysis which is warranted by many healthcare practitioners to obtain an accurate histologic diagnosis in cases of suspected malignant cardiac tumors is expected to lower the adoption rate of multimodal imaging in the upcoming years. Also, the high costs associated with it are estimated to hinder market growth during the forecast period.
• Dearth of Skilled Professionals
• Stringent Rules and Regulation Are Hindering Clinical Multimodal Imaging Technologies