The global hybrid imaging market size is expected to reach USD 9.8 billion by 2026, registering a 4.5% CAGR over the forecast period. Increasing demand for accurate diagnostic techniques for cancer and cardiac disorders is expected to drive the market. Also, major investments in R&D of new devices with better accuracy by key players along with its showcasing by key players at medical conferences to increase products’ reach is expected to keep the demands in the market buoyant for the upcoming years.
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. However, high cost and complications associated with these devices is expected to impede market growth during the forecast period. Apart from this, when it comes to the regional market, North America dominated the hybrid imaging market in 2018 and is expected to keep growing at a significant rate in the upcoming years. Moreover, increasing awareness regarding nuclear medicine and molecular diagnostics in the region is expected to contribute toward the growth in this region. Furthermore, Asia pacific is also anticipated to register the strongest growth rate and Thriving medical tourism in numerous countries has piqued the interest of global market players, who are looking to invest in the development and launch of advanced software in the region.
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Hybrid Imaging Market Report Highlights
• Merger & Acquisitions is preferred as one of the best strategies for market expansion by key players. For instance, in august 2020, Philips expanded its image-guided therapy devices portfolio through acquisition of Intact Vascular
• COVID-19 pandemic played a major role in the market growth, as it created more demands and increased the usage of imaging while monitoring patients and diagnosing them, leading to major market expansion during the pandemic
• New innovative technologies and advancements boost the market growth like no other thing. For example, in December 2019, GE Healthcare launched more than 30 new, imaging intelligent applications and smart devices designed to drive efficiency in radiology departments, aiming to double productivity and cost savings for systems by 2025
• On the basis of type, PET/CT systems held the largest share in 2018 based on type, and the segment is expected to grow at a significant pace due to increasing development and installation of these devices in various end users such as hospitals and diagnostic centers
• On the basis of applications, in 2018, the oncology segment held the dominant share of hybrid imaging systems market by application, largely due to increasing number of cancer cases and growing awareness for cancer diagnosis
• On the basis of End-use, hospitals held the largest market share in 2018 on the basis of end use, mainly due to higher installation of technologically advanced devices for early diagnosis and treatment of a disease
• Some of the major players of the market are 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.; and Cubresa Inc.
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Hybrid Imaging Market Segmentation
Grand View Research has segmented the global hybrid imaging market on the basis of type, application, end use, and region:
Hybrid Imaging Type Outlook (Volume, Units; Revenue, USD Million, 2015 – 2026)
• PET/CT systems
• SPET/CT systems
• PET/MR systems
• OCT/Fundus Imaging System
Hybrid Imaging Application Outlook (Revenue, USD Million, 2015 – 2026)
• Brain & Neurology
Hybrid Imaging End-use Outlook (Revenue, USD Million, 2015 – 2026)
• Diagnostic Imaging Centers
Hybrid Imaging Regional Outlook (Revenue, USD Million, 2015 – 2026)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• South Korea
• Hong Kong
• Latin America
• Middle East & Africa
• Saudi Arabia
• South Africa
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