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| Global Spinal Imaging Market Growth |
Paragraph: The global spinal imaging market comprises several products and technologies for visualizing the spine and associated structures. These include X-ray systems, CT scanners, MRI systems, ultrasound scanners, and nuclear imaging systems. Each technology provides unique diagnostic capabilities. For instance, X-rays can image bone details but not soft tissues. CT scans provide high resolution bone and soft tissue images. MRI is considered the gold standard modality for imaging the spine as it enables excellent visualization of discs, ligaments, spinal cord and nerves without exposing patients to radiation. Advancements in MRI technologies like high field scanners (3T and above), parallel imaging, metal artifact reduction and newer coils have further improved diagnostic capabilities. With aging populations and rising incidence of spine injuries and disorders, the demand for spinal imaging is growing rapidly.
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.
Rising incidence of back pains, disc disorders, spinal fractures and tumours are driving significant growth in the demand for spinal imaging procedures globally. According to recent studies, low back pain isamong the top ten causes for disability worldwide. As populations age and life expectancy rises in major markets, age-related spinal disorders will continue to rise rapidly.
Key players are expanding their international presence through acquisitions and partnerships to gain access to high growth markets. For example, in 2021, GE Healthcare completed the acquisition of BK Ultrasound providing it access to the fast growing musculoskeletal ultrasound market. Similarly, Philips has partnered with several hospitals across Asia, Latin America and Africa to supply MRI systems as part of their expansion plans in emerging markets.
Market key trends
One of the key trends in the global spinal imaging market is the increased adoption of low and ultra-low field MRI systems. Traditional high field MRI systems above 1.5T require expensive infrastructure and have limited portability. Recent technological advancements have enabled the development of portable low field MRI systems ranging from 0.35T to 1T. These systems offer several advantages like lower costs, greater accessibility in rural areas and suitability for use in operation theatres and field hospitals. Their demand is growing rapidly worldwide especially in emerging markets.
Porter’s Analysis
Threat of new entrants: High capital requirements to enter the global spinal
imaging market makes threat of new entrants moderate. Bargaining power of
buyers: Large number of existing brands and minimal product differentiation
results in moderate bargaining power of buyers. Bargaining power of suppliers:
Specialized components and technology required limits the bargaining power of
suppliers. Threat of new substitutes: No major substitute products exist for
spinal imaging making threat of substitutes low. Competitive rivalry: Large
number of global and regional vendors leads to high competitive rivalry.
Geographical Regions
North America is currently the largest market for spinal imaging, accounting
for approximately 35-40% of the global market value. This is primarily due to
large patient population, growing incidence of spinal disorders, and increasing
adoption of advanced imaging technologies in the region.
Asia Pacific region is expected to witness the fastest growth during the
forecast period. This can be attributed to growing healthcare expenditure,
increasing awareness about spine disorders, rapidly improving healthcare
infrastructure and rising medical tourism in countries such as China, India and
Japan.