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| Global Spinal Imaging Market Growth |
The global spinal imaging market comprises various
imaging modalities that are used to visualize the spine and surrounding
structures. Advanced imaging modalities such as computed tomography and
magnetic resonance imaging provide high-quality images of the spine to
accurately diagnose spinal deformities, injuries, tumors, and other
abnormalities. Computed tomography offers fast acquisition of images with
excellent bone definition. Meanwhile, magnetic resonance imaging is a
non-invasive technique that can capture soft tissue details without exposing
patients to radiation. These advanced modalities have significantly improved
the detection and diagnosis of various spinal disorders.
The Global spinal imaging market is estimated to be valued at US$ 2.10 BN in 2024 and is expected to
exhibit a CAGR of 5.4% over the forecast
period 2024 to 2031.
Key Takeaways
Key players operating in the Global
Spinal Imaging Market Growth 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 players are focusing on technology advancements and strategic
collaborations to strengthen their market position. For instance, in 2021
Hitachi Ltd launched high-definition ATLAS SPECT-CT system for musculoskeletal
imaging.
The growing geriatric population who are more susceptible to spinal disorders
and injuries is fueling the demand for spinal imaging modalities. According to
the United Nations, the population aged 60 years and above is projected to
double by 2050 and triple by 2100 globally. This would drive the demand for
technologies to diagnose spinal problems at an early stage.
Leading imaging players are expanding their presence across emerging regions
such as Asia Pacific and Latin America to capitalize on high growth
opportunities. For example, in 2023, Siemens Healthineers established a new CT
manufacturing plant in Chennai, India to boost radiology services and address
the rising diseases burden in the country.
Market key trends
One of the key trends gaining traction in the global spinal imaging market is
the adoption of artificial intelligence (AI). AI can help optimize image
acquisition protocols, automate routine interpretation tasks, and improve
accuracy in diagnosing complex cases. Vendors are developing AI-powered
algorithms integrated with imaging modalities to enhance visualization of
spinal structures. For instance, EOS imaging partnered with Anthropic in 2021
to integrate AI into its EOSedge low dose 2D/3D imaging platform to automate
image segmentation and expedite clinical workflows.
Porter's Analysis
Threat of new entrants: High capital requirements for entering the spinal
imaging market pose as a barrier for new companies. Bargaining power of buyers:
Large number of buyers in the form of hospitals and diagnostic imaging centers
allows them to negotiate low prices. Bargaining power of suppliers: The spinal
imaging market has few technology innovators and major players who dominate the
supply with differentiated products. Threat of new substitutes: No major
substitute technologies have emerged that can directly substitute magnetic
resonance imaging and computed tomography for spinal imaging. Competitive
rivalry: Intense competition exists among the key players to gain higher market
share by continuous innovations.
Geographical Regions
North America accounts for the largest share of the global spinal imaging
market in terms of value owing to rising geriatric population, increasing
incidence of spinal disorders, and technological advancements in the region.
Asia Pacific is poised to grow at the fastest CAGR during the forecast period
due to growing healthcare infrastructure, massive patient pool, and rising
awareness regarding early diagnosis of spinal disorders.