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| Global Spinal Imaging Market Size |
Spinal imaging enables visualization of the spine and surrounding tissues using
various medical imaging techniques such as X-ray, computed tomography, magnetic
resonance imaging, and ultrasound. It plays a vital role in the diagnosis and
detection of spinal disorders and injuries, as well as for determining the
appropriate course of treatment. Rising incidence of spinal disorders including
spondylolisthesis, spinal stenosis, scoliosis, herniated discs, and fractures
due to trauma or osteoporosis is driving the demand for spinal imaging
solutions globally.
The Global
Spinal Imaging Market Size is estimated to be valued at US$ 2.10 billion in 2024 and is
expected to exhibit a CAGR of 5.4%
over the forecast period between 2024 to 2031.
Key Takeaways
Key players operating in the Global Spinal Imaging market are Shimadzu Corp.,
FUJIFILM, Hitachi, Ltd., Toshiba Medical Systems, Inc., GE Healthcare,
Koninklijke Philips N.V., Siemens Healthineers, Canon Medical Systems Corp.,
Bruker, and Mediso Ltd. These companies are focusing on new product launches
and enhancements as well as strategic collaborations to strengthen their market
share. For instance, in 2021, Hitachi unveiled its Short Bore CT system to
facilitate spinal imaging procedures.
The growing geriatric population and associated increase in spinal disorders
present significant opportunities in the market. According to the United
Nations, over 16% of the global population will be aged 65 years and older by
2050. Moreover, the development of advanced 3D and 4D imaging techniques is
also expected to drive the market growth.
Major players are engaging in international expansion activities through
partnerships and acquisitions to leverage growth opportunities in emerging
markets. For example, in 2020, Philips acquired Corindus Vascular Robotics,
Inc. to expand its robotic-assisted vascular surgery capabilities in key
international markets.
Market Drivers
Rising prevalence of spinal disorders worldwide has increased the demand for advanced
spinal imaging modalities for diagnosis and evaluation of such conditions.
According to the American Association of Neurological Surgeons, over 80% of the
global population is affected by back pain at some point in their lifetime.
This in turn is a major factor propelling the spinal imaging market growth
during the forecast period.
Market Restrains
High cost of advanced imaging systems can restrain the market growth. For
instance, a high-end MRI system for spinal imaging ranges between US$ 1.5-3 million
which can hinder adoption rates in cost-sensitive regions. Moreover, lack of
skilled radiologists for operating and interpreting spinal imaging scans is
another challenge faced by market participants. This requires continuous
training and educational programs which increases the overall cost of imaging
services.
Segment Analysis
The global spinal imaging market is dominated by magnetic resonance imaging
(MRI) sub segment as it provides high quality images of soft tissues like
intervertebral discs and spinal cord and can detect abnormalities that are
difficult to identify on other imaging like X-rays. MRI doesn’t involve use of
ionizing radiation making it preferred mode of imaging in the market. The
computed tomography (CT) sub segment is second largest as it provides detailed
imaging of bones. CT scanners are widely available and less expensive as
compared to MRI scanners. Ultrasound imaging sub-segment holds the least share
due to its limitations in investigating deep spinal structures or bone anatomy.
Regional Analysis
North America is the fastest growing region in the global spinal imaging market
attributed to rising incidences of spinal disorders, improved access to
healthcare and availability of advanced imaging technology. The region has
presence of all key market players and majority of clinical trials are
conducted in the United States. Europe holds the second largest share due to
government support for research & development and growing demand for
advanced diagnostic modalities. Asia Pacific is expected to witness highest
growth rate during forecast period with increasing healthcare spending,
awareness regarding spinal disorders and establishment of diagnostic centers.
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