Brain tumor, is one of the major causes for the increase in mortality among children and adults. Detecting the regions of brain is the major challenge in tumor detection. In the field of medical image processing, multi sensor images are widely being used as potential sources to detect brain tumor. In this paper, a wavelet based image fusion algorithm is applied on the Magnetic Resonance (MR) images and Computed Tomography (CT) images which are used as primary sources to extract the redundant and complementary information in order to enhance the tumor detection in the resultant fused image. The main features taken into account for detection of brain tumor are location of tumor and size of the tumor, which is further optimized through fusion of images using various wavelet transforms parameters. We discuss and enforce the principle of evaluating and comparing the performance of the algorithm applied to the images with respect to various wavelets type used for the wavelet analysis. The performance efficiency of the algorithm is evaluated on the basis of PSNR values. The obtained results are compared on the basis of PSNR with gradient vector field and big bang optimization. The algorithms are analyzed in terms of performance with respect to accuracy in estimation of tumor region and computational efficiency of the algorithms.