Global Spinal Imaging is Estimated to Witness High Growth Owing to Advances in MRI Technology
The global spinal imaging market involves the use of various diagnostic imaging technologies such as X-ray, CT, MRI, ultrasound, and nuclear imaging procedures to evaluate spinal health and diagnose spinal disorders. Spinal imaging provides high-resolution images of the spine and helps detect vertebral abnormalities, herniated discs, spinal stenosis, fractures, and tumors. It plays a crucial role in determining the appropriate treatment plan for patients suffering from back and neck pain. The rising prevalence of spinal disorders due to lack of physical activity, obesity, and lengthening lifespans has boosted the demand for spinal imaging technologies.
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. Advancements in MRI technology have enabled high-resolution 3D imaging of spinal structures without using ionizing radiation. This is expected to drive the adoption of MRI over other traditional imaging modalities.
The rising geriatric population prone to age-related spinal disorders creates significant growth opportunities. Furthermore, increasing healthcare expenditures in emerging economies provide access to advanced spinal imaging modalities. Technological advancements focus on developing open and upright MRI systems for claustrophobic patients. AI and computer-assisted diagnosis help radiologists detect subtle anomalies.
Market Drivers
The growing global prevalence of spinal disorders due to lifestyle changes and longevity is a key driver for the market. Sedentary jobs and lack of exercise have contributed to a rise in back pain contributing to 25% of global disability. There is also growing awareness about early diagnosis and treatment of spinal disorders to prevent disability. Furthermore, advancements in healthcare infrastructure and reimbursement support the adoption of high-cost spinal imaging systems in developed markets. This will continue aiding the market growth through 2031.
Current challenges in the Global Spinal Imaging Market
The Global Spinal Imaging Market is facing various challenges currently which include the high cost of advanced spinal imaging systems. As modern technology like CT, MRI provide better image quality and accuracy, the prices of these devices are very high which limits widespread adoption. Furthermore, the running costs of these devices in terms of maintenance, upgradation, and skilled professionals also add to the financial burden.
Lack of skilled radiologists is another challenge as advanced imaging systems require experienced radiologists to analyze the scans properly. Though teleradiology services are growing, shortage of trained personnel persists in many regions. Affordability is a major issue in developing nations where majority of population has limited or no health insurance. This restricts access to important diagnostic tests. Added to this, lack of awareness about benefits of early detection and management of spinal disorders pose challenges.
SWOT Analysis
Strength: Advanced technology provides high resolution images for accurate diagnosis. Equipment from major brands have high reliability and consistency.
Weakness: High capital and operational costs of modern systems. Dependence on imported technologies and parts increases expenses.
Opportunity: Growing geriatric population and risk of spinal issues raises demand. Investments in training and expansion to rural areas can boost access.
Threats: Price wars and competitive intensity from local and regional players. Stringent regulations over radiation exposure and data security.
Geographical regions with highest market share
North America currently dominates the global spinal imaging market in terms of value, holding over 35% share. This is attributed to factors like availability of reimbursement, higher healthcare spending and widespread adoption of advanced technologies. Presence of leading industry players and large patient base with risk of back problems further support market growth in the region.
Fastest growing region
The Asia Pacific region is poised to exhibit fastest gains during the forecast period. This is mainly due to rising healthcare expenditure, growing awareness, increasing incident of lifestyle diseases, expanding base of private healthcare facilities and entry of major global players. Growing geriatric population susceptible to spinal disorders also boosts market expansion. Initiatives to modernize hospitals and diagnostic centers especially in India and China will augment demand.
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