Multimodal medical image fusion is extracting the necessary information from the source images into a single image which could be more informative for resourceful clinical study. This paper presents multimodal medical image fusion framework using the stationary wavelet transform (SWT) for medical images (i.e., magnetic resonance imaging and computed tomography scan) acquired using two distinct medical imaging sensors. The main objectives of the proposed approach are to improve the quality of the image from the point of view of clinical diagnosis, to optimize the performance and reduce complexity. The main advantage of proposed methodology is improvement upon the directionality, contrast, and phase information in the fused image. In the proposed fusion methodology, principal component analysis is employed in SWT domain, to improve upon redundancy. Maximum fusion rule is also applied to enhance the contrast of the image features. Detailed study of fused images is carried out using different wavelet families and various fusion metrics. The comparative analysis of different fusion quality parameters of the improved approach with other state-of-the-art fusion methods is carried out.