Spinal Imaging Market Projected To Exhibit Robust CAGR of 5.2% For The Forecast Period From 2020 To 2027: Grand View Research Inc.

 

The global spinal imaging market size is estimated to reach USD 2.3 billion by 2027 registering a CAGR of 5.2%, according to a new report by Grand View Research, Inc. The increasing cases of spinal surgeries and rising number of installations of MRI scanners are the major factors expected to drive the market during the forecast period. Growing geriatric population and increasing cases of lower back pain due to obesity are also expected to boost the market growth in coming years.

Increasing number of healthcare projects, rising need for the replacement of obsolete imaging equipment in developed countries, and rapidly expanding private healthcare sector are also anticipated to play a significant role in the market growth. Major market players are focusing on various business strategies gain competitive advantage and to strengthen their market positions. These strategies include mergers & acquisitions, partnerships, joint ventures, and development of low-cost equipment, especially for the developing economies.

 The rising global burden of spinal disorders, improving patient’s accessibility to medical imaging services, and the growing procedural volume of spinal surgeries is anticipated to drive the product demand over the forecast period. According to the WHO, lower back pain is the second leading reason for medical consultation, only outnumbered by upper respiratory infections. Moreover, it is estimated that 80% of the world’s population is subjected to back pain at least once in their lifetime. Thus, rising number of the target population is expected to boost the growth of the market.

Sedentary lifestyle, rising geriatric population, and increasing prevalence of obesity, anxiety, and depression are also projected to boost the demand for spinal imaging tools. The intervertebral discs deteriorate over time, increasing susceptibility towards developing spinal disorders. Moreover, these spinal discs are complex structures and lack visibility through conventional imaging modalities, due to which the procedural volume of spinal CT & MRI has increased.

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Sedentary lifestyle, rising geriatric population, and increasing prevalence of obesity, anxiety, and depression are also projected to boost the demand for spinal imaging tools. The intervertebral discs deteriorate over time, increasing susceptibility towards developing spinal disorders. Moreover, these spinal discs are complex structures and lack visibility through conventional imaging modalities, due to which the procedural volume of spinal CT & MRI has increased.

Spinal Imaging Market Report Highlights

• MRI held the largest market share in 2020 and is expected to be the fastest-growing product segment over the forecast period owing to the advantages, such as high soft tissue contrast and excellent spatial resolution coupled with multiplanar imaging capabilities
• The spinal cord and nerve compression application segment accounted for the largest revenue share in 2020 and is anticipated to maintain its dominance over the forecast period due to rising prevalence of spinal disorders, such as herniated disc, spinal stenosis, cauda equina syndrome, and radiculopathy
• The demand for imaging tool in diagnosis of spinal infections, such as vertebral osteomyelitis, epidural abscess and discitis, is anticipated to increase due to increasing prevalence of intravenous drug abuse, cancer, and diabetes
• The Hospital end-use segment accounted for the largest revenue share in 2020 and will retain the leading position over the forecast years as hospitals have the largest patient pool due to availability of advance imaging tools
• Asia Pacific is anticipated to be the fastest-growing regional market during the forecast period due to improving healthcare infrastructure and favorable government initiatives in the region, especially in India and China

Most of the companies are stressing on R&D to develop technologically advanced products to gain a competitive edge. For instance, in Jan 2020, Siemens Healthineers receives U.S. FDA approval for its MRI scanner called “MAGNETOM Lumina 3T”. The product features a unique Artificial Intelligence (AI)-based biomatrix technology that fastens the entire MRI workflow. Companies are also adopting various strategies, such as mergers and acquisitions, joint ventures, and the development of low-cost equipment, especially for developing economies. For instance, TATA Foundation in India develops high-tech portable MRI scanners that consume less electricity and produce three to four times faster scans. Some of the prominent players in the spinal imaging market include:

• GE Healthcare
• Koninklijke Philips N.V.
• Siemens Healthineers
• Canon Medical Systems Corp.
• Bruker
• Mediso Ltd.
• Shimadzu Corp.
• FUJIFILM
• Hitachi, Ltd.
• Toshiba Medical Systems, Inc.