Hybrid Imaging Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2028

Published Date : Dec 2020 | No. of Pages : 250 Pages | Category : Healthcare

The global Hybrid Imaging market size is expected to be worth around US$ 9.11 billion by 2028, according to a new report by Vision Research Reports.

The global Hybrid Imaging market size was valued at US$ 6.12  billion in 2020 and is anticipated to grow at a CAGR of 4.7% during forecast period 2021 to 2028.

Growth Factors

Increasing demand for accurate diagnostic techniques for cancer and cardiac disorders is expected to drive the market. Rising government initiatives for creating awareness regarding multimodal imaging devices are also expected to contribute toward market growth.

Increasing installation of such devices in research centers and institutions to enhance diagnostics in the field of oncology, cardiology, neurology, and others is expected to boost market growth. Leading players in the market are showcasing various multimodal imaging devices at medical conferences to increase their product reach. However, high cost and complications associated with these devices is expected to impede market growth during the forecast period.

Hybrid imaging devices require skilled professionals to understand the data collected by these combined devices. Therefore, various training programmes are conducted by several non-profit and government funded organizations to increase the adoption of hybrid imaging devices for the diagnosis of a disease.

Report Highlights

Based on type, the market is segmented into PET/CT systems, SPET/CT systems, PET/MR systems, OCT/Fundus imaging, and others. PET/CT systems held the largest market share in 2020 primarily due to its growing usage in the field of oncology. Moreover, its usage is expanding in the field of cardiology and neurology. In addition, the penetration of PET/CT hybrid imaging device over standalone PET is increasing, which in turn, is contributing to segment growth. For instance, U.S. has the highest concentration of about four PET and PET/CT units per million inhabitants, followed by Japan with approximately two units per million inhabitants.

The SPET/CT segment is expected to grow at the fastest pace during the forecast period. Standalone SPET devices were widely used for nuclear medicine; however, data captured by the standalone device was not sufficient to provide accurate anatomic localization of the abnormality. SPECT integrated with other imaging devices such as CT results in better diagnosis of a disease as it helps in effectively determining the morphological abnormality and pathogenesis of the disease. This hybrid imaging device is mainly used for the diagnosis of cardiac diseases.

The OCT/Fundus Imaging System segment is also expected to grow at a significant pace over the coming years. This multimodal imaging device is mainly used in the field of ophthalmology for clinical and preclinical procedures. Fundus camera increases the visibility of retinal vasculature, pigmentation, nerve fiber arrangement, and optic nerve head. On the other hand, OCT helps in capturing a defined image to measure the inner and outer thickness of the retina, thereby enhancing the diagnosis of ophthalmic disorders.

Based on application, the hybrid imaging systems market is segmented into oncology, ophthalmology, cardiology, brain and neurology, and others. Oncology held the largest share in 2020 due to increasing number of cancer cases. As per the National Cancer Institute, in 2018, approximately 1,735,350 new cancer cases were diagnosed in the U.S. alone. Various imaging modalities are used for the diagnosis, staging, re-staging, treatment, and monitoring of cancer. Standalone devices such as CT, MRI, PET, and SPECT help in providing anatomical and functional detail of the cancer; however, they lack in providing insights about tumor morphology. Therefore, various hybrid imaging devices such as PET/CT, SPET/CT, and PET/MR are being effectively used in the field of oncology to gather accurate data for proper diagnosis. This is expected to boost segment growth during the forecast period.

The cardiology segment is expected to grow at the fastest pace during the forecast period mainly due to increasing prevalence of coronary atherosclerosis and adoption of multimodal imaging for diagnosis. These devices, mainly computed tomography coronary angiography (CTCA) with SPECT or PET, are largely used in the field of cardiology. This is because these multimodal devices help in diagnosing coronary artery disease by accurately visualizing coronary atherosclerotic lesions and their hemodynamic consequences. CTCA along with MRI and PET/MRI are upcoming hybrid imaging devices for the diagnosis of cardiac diseases and are expected to drive the segment during the forecast period.

The brain and neurology segment is also expected to grow at a lucrative through 2028. Dual modality imaging devices such as PET/MRI are effectively used for the detection of neurological disorders such as dementia, epilepsy, and psychiatric disorders. This combined modality device helps in effective diagnosis of neurological disorders as it can generate soft tissue contrast of brain tissue, without excessive exposure to radiation.

Based on end use, the multimodal imaging market is segmented into hospitals, diagnostic centers, and others. Others include research centers and academies. Hospitals held the largest market share in 2018 mainly due to increasing installation of multimodal imaging devices in hospitals. Presence of trained medical professionals to operate technologically advanced devices such as these is also expected to boost segment growth.

North America held 24.0% of the global hybrid imaging systems market in 2020. Growing prevalence of cancer and cardiovascular diseases in the region is expected to boost market growth. Growing awareness regarding this technology in the U.S. and increasing training programs for the same is also expected to contribute toward the growth of this regional market. In the U.S., radiology residents have to complete one year of fellowship to fulfil the eligibility criteria of the American Board of Radiology. Under this fellowship, residents need to be certified in nuclear radiology, which involves nuclear imaging, radiopharmaceuticals usage, and quality control of nuclear imaging instruments. Such growing initiatives are expected to boost the market in North America.

Europe accounted for the second largest share in the hybrid imaging market. Growing focus on developing multimodal imaging in the region is expected to drive the market in Europe. The European Society for Hybrid, Molecular and Translational Imaging (ESHIᴹᵀ) is a non-profit organization developed in Europe for promoting and coordinating professional activities of people working in the field of hybrid imaging. This organization arranges various educational and training programs for physicians, scientists, physicists, technologists, radiographers, and others in the field.

Key Players

GE Healthcare; Koninklijke Philips N.V.; Siemens Healthineers; CANON MEDICAL SYSTEMS CORPORATION; Bruker; Mediso Ltd.; MILabs B.V.; MR Solutions; TriFoil Imaging; PerkinElmer Inc.; FUJIFILM VisualSonics Inc.;

Market Segmentation

  • Type Outlook 

    • PET/CT systems

    • SPET/CT systems

    • PET/MR systems

    • OCT/Fundus Imaging System

    • Others

  • Application Outlook

    • Oncology

    • Ophthalmology

    • Cardiology

    • Brain & Neurology

    • Others

  • End-use Outlook 

    • Hospitals

    • Diagnostic Imaging Centers

    • Others

  • Regional Outlook 

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

      • Spain

      • Russia

      • Netherlands

      • Switzerland

      • Turkey

      • Poland

    • Asia Pacific

      • China

      • Japan

      • India

      • Thailand

      • South Korea

      • Indonesia

      • Taiwan

      • Hong Kong

      • Philippines

      • Malaysia

    • Latin America

      • Brazil

      • Mexico

      • Argentina

      • Chile

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • UAE

      • Iran

The Hybrid Imaging market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Hybrid Imaging market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Hybrid Imaging market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Hybrid Imaging market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Hybrid Imaging market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Hybrid Imaging capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Hybrid Imaging by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Hybrid Imaging market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Hybrid Imaging market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Hybrid Imaging market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Hybrid Imaging industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Hybrid Imaging market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Hybrid Imaging market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Hybrid Imaging market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Hybrid Imaging market. These factors have benefited the growth of the global market for Hybrid Imaging. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Hybrid Imaging. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Hybrid Imaging are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2020
  • Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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