Government initiatives to drive Hybrid-Imaging market

The global hybrid-imaging market size was valued at USD 7.3 billion in 2019 and is anticipated to register a CAGR of 4.5 percent over the next six years, estimates Grand View Research. Government initiatives for the development of multimodal or hybrid diagnostic imaging devices are expected to drive the market. For instance, European Cooperation in Science and Technology (COST), a government-funded organization that helps in creating research networks referred to as COST actions, has started a program called Correlated Multimodal Imaging in Life Sciences (COMULIS). This initiative aims to promote correlated multimodal imaging (CMI) in preclinical and biological research. This COST action will be implemented for four years, thereby boosting the adoption of multimodal imaging technology. A significant number of hospitals, research centers, and research institutes are frequently installing hybrid-imaging devices to assess their potential in various applications, a move that has kept market growth steady in recent years. In July 2019, West Virginia University (WVU) Heart and Vascular Institute installed the Alphenix 4D CT machine by Canon Medical Systems. By installing this, the hospital upgraded its interventional radiology equipment for the diagnosis and treatment of heart disease, vascular disease, and cancer. Moreover, this device is infused with multiple diagnostic modalities with various clinical applications, which in turn help in delivering holistic and optimized patient information to healthcare professionals. Similarly, in August 2019, Kawasaki Medical University, Japan, installed the E-Class U-SPECT6/CT for preclinical imaging.

Usage of hybrid imaging in diagnosis of diseases across various disciplines of medicine, including oncology, cardiology, and neurology, has been on a steep rise in recent years. This is resulting into growing demand for skilled professionals for capturing and understanding the data collected by these devices. Therefore, various institutes and research centers are conducting training programs for multimodal imaging.

Multimodal imaging devices face major technological challenges owing to complications pertaining to system integration. For instance, a conventional PET system requires PMTs for the detection of scintillation light, and PMTs are highly sensitive to magnetic fields. Therefore, a standard PET cannot be directly operated inside an MRI machine. In order to avoid this issue, PET and MR require separation via active shield to protect PMTs against the magnetic fields; thereafter an integrated device can be used for medical imaging. This could act as a deterrent to multimodal/hybrid-imaging market growth. PET/CT systems held the largest market share in 2019 primarily due to their growing usage in the field of oncology. Moreover, their 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, US 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. Based on application, oncology held the largest share in 2019 owing 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 US alone.

Leading players present in the market include GE Healthcare, Philips, Siemens Healthineers, Canon Medical Systems, Bruker, Mediso Ltd., MILabs, MR Solutions, TriFoil Imaging, PerkinElmer, Fujifilm VisualSonics Inc., and Cubresa Inc. These players are focusing on developing multimodal imaging devices for preclinical research, in alliance with suppliers and companies. In addition, in order to increase their product reach, these companies are showcasing their products at various conferences and medical trade shows.