Multimodal Image Fusion Software Market Size and CAGR by 2031
The multimodal image fusion software market size is projected to reach US$ 671.2 million by 2031 from US$ 354.3 million in 2023. The market is expected to register a CAGR of 8.3% during 2023–2031. The rising prevalence of chronic and acute diseases is likely to remain a key trend in the market.
Multimodal Image Fusion Software Market Analysis
Multimodal image fusion software can produce a more full and accurate view of the scene by fusing numerous characteristics of imaging data, which aids in decision-making and enhances end-to-end system performance. Furthermore, multimodal imaging data can aid decision-making and system performance. The need for multimodal image fusion technology is continually expanding due to its wide range of applications. For example, in medical imaging, multimodal image fusion can aid in enhancing diagnosis and treatment planning by merging information from various imaging modalities.
Multimodal Image Fusion Software Market Overview
Multimodal image fusion software tries to combine important information from images captured by several sensors into a single image. The fused images are expected to maintain all of the critical information from the original photos while introducing no distortions or artifacts. Multimodal image fusion software is projected to play an important role in several applications, including autonomous driving, surveillance systems, and robotics. Integrating data from many sources enables these systems to operate in complex and dynamic contexts, increasing efficiency, reliability, and safety.
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Multimodal Image Fusion Software Market: Strategic Insights
Market Size Value in US$ 298.29 Million in 2020 Market Size Value by US$ 552.30 Million by 2028 Growth rate CAGR of 8.1% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Multimodal Image Fusion Software Market: Strategic Insights
| Market Size Value in | US$ 298.29 Million in 2020 |
| Market Size Value by | US$ 552.30 Million by 2028 |
| Growth rate | CAGR of 8.1% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Multimodal Image Fusion Software Market Drivers and Opportunities
Growing Government And Private Spending On Healthcare Sector to Favor Market
The government and private spending on the healthcare sector is growing continuously in response to better public health. For example, according to the U.S. Centers for Medicare & Medicaid Services, National National Health Expenditure (NHE) grew 4.1% to US $4.5 trillion in 2022, or $13,493 per person. It accounted for 17.3% of Gross Domestic Product (GDP). Medicare spending grew 5.9% to $944.3 billion in 2022, or 21 percent of total NHE. 2021. Further, the largest shares of total health spending in the US were sponsored by the federal government (33 %) and households (28 %). The private business share of health spending accounted for 18 % of total healthcare spending, state and local governments accounted for 15 %, and other private revenues accounted for 7 %. Multimodal image fusion plays a vital role in the medical industry. It is designed exclusively for medical imagery. This strategy aims to make medical imaging more clinically relevant for the examination and assessment of health conditions by decreasing unnecessary work and enhancing quality. It allows for a more accurate diagnosis and streamlines the diagnostic process. In medical image fusion (MIF), an intuitionistic fuzzy set (IFS) helps to improve image quality, which is useful for medical diagnosis. Thus, the growing spending by government and private spending on the healthcare sector is driving the growth of the market.
Rising Technological Developments in Medical Imagining
Medical imaging technologies are constantly evolving, resulting in new applications for illness diagnosis and treatment. New medical imaging technologies promise to directly enhance patient outcomes. Innovative medical imaging technologies promise to enhance patient outcomes in a variety of ways. For example, mobile imaging devices can monitor and diagnose elderly patients without requiring an in-person medical session. Wearable medical gadgets that include imaging components make it easier and more convenient for patients to report vital facts due to which Medical researchers are leveraging artificial intelligence (AI), virtual reality (VR), wearable computers, and other technological advancements to improve healthcare. Computers may imitate real-world circumstances in ways that allow humans to gain fresh ideas and views that are beyond their sensory awareness. Furthermore, multimodal image fusion can assist in detecting and treating complex disorders by merging information from multiple imaging modalities such as computed tomography (CT) and magnetic resonance imaging (MRI).
Multimodal Image Fusion Software Market Report Segmentation Analysis
Key segments that contributed to the derivation of the multimodal image fusion software market analysis are type and application.
- Based on type, the multimodal image fusion software market is segmented into preclinical multimodal imaging and clinical multimodal imaging.
- In terms of application, the market is segmented into hospitals, diagnostic centers, and academic and research institutes.
Multimodal Image Fusion Software Market Share Analysis by Geography
The geographic scope of the multimodal image fusion software market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. As hospitals and healthcare providers across North America work to digitize their procedures, the demand for skilled healthcare software development businesses grows. This post includes a list of notable healthcare software development organizations that are ready to achieve transformational change. The North American region dominates the software adoption in healthcare and others, owing to its high adoption rate of innovative medical software solutions and a big patient population, ensuring its dominance during the projection period. Such instances create lucrative opportunities for the growth of the market.
Multimodal Image Fusion Software Market Report Scope
Multimodal Image Fusion Software Market News and Recent Developments
The multimodal image fusion software market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the multimodal image fusion software market are listed below:
- Intrasense SA has released a new version of Myrian 2.9, which has been released. The new version of the medical imaging software had a more focus on new clinical features. (Source: Intrasense SA, April 2021)
- Bruker Corporation (Nasdaq: BRKR) announced the launch of a novel, high-performance MALDI-TOF/TOF system, the neofleX Imaging Profiler for mass spectrometry-based tissue imaging. It enables facile OME-TIFF file output via the new SCiLS Scope software. The transformative neofleX MALDI-TOF/TOF MSI system now conveniently fits on a benchtop. (Source: Bruker Corporation, June 2024)
Multimodal Image Fusion Software Market Report Coverage and Deliverables
The “Multimodal Image Fusion Software Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Multimodal image fusion software market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Multimodal image fusion software market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Multimodal image fusion software market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the multimodal image fusion software market
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The market is expected to register a CAGR of 8.3% during 2023–2031
The global multimodal image fusion software market is expected to reach US$ 671.2 million by 2031.
The leading players operating in the global multimodal image fusion software market are Aycan Medical Systems, LLC, Brainlab AG, Bruker Corporation, FUJIFILM VisualSonics, Inc., INFINITT North America Inc., Mediso Ltd, PerkinElmer, Inc., Carl Zeiss Meditec, MR Solutions Ltd., and Intrasense SA.
The rising prevalence of chronic and acute diseases to play a significant role in the global multimodal image fusion software market in the coming years.
Growing government and private spending on the healthcare sector is the major factors that propel the global multimodal image fusion software market.
North America region dominated the multimodal image fusion software market in 2023.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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