The global spinal imaging market is expected to rise at over 5% compound annual growth rate (CAGR) between 2020 and 2030. Spurred by increasing volume of spinal surgeries and the advent of cutting-edge imaging technologies,a recent study forecasts that the spinal imaging market will reach an estimated valuation of nearly US$3 billion (€2 billion) by the end of 2030.
A new report called, Spinal Imaging Market by Future Market Insights, says rising demand for spinal imaging is expected, especially on account of rising cases of spinal injuries. Often resulting from conditions such as spinal stenosis, herniated disks, cauda equine syndrome among others, incidence of spinal disorders is on the rise as well.
Spinal cord compression is identified as one of the chief causes leading to spinal surgeries. Besides this, vertebral fracture and spinal cancer might fuel demand for advanced imaging technologies to facilitate personalised care.
Rising cases of spinal infections due to intravenous drug abuse
Study reveals that the spinal imaging application will rise particularly due to an increasing number of cases of spinal infections such as vertebral osteomyelitis, discitis, and epidural abscess. The risk of these conditions is surging due to the higher prevalence of risk factors such as diabetes, cancer, and intravenous drug abuse.
According to NCBI, the U.S. is home to more than 2 million intravenous drug users. This invariably increases the risk of contracting spinal infections. Magnetic resonance imaging (MRI) currently leads the spinal imaging market as the primary imaging modality used for examining spinal infections.
The demand for spinal CT is rising as well especially in post-operative care due to its inherent advantages such a metallic body compatibility and low cost. Study offers in-depth insights into the key factors fuelling demand across various product categories in the market.
In its study it uncovers hidden opportunities as well as cautions market players against potential threats. Some of the exclusive insights into the market included in the report are:
- Spinal cord and nerve compression accounts for the leading number of spinal imaging surgeries. It constitutes the leading segments among applications in the market and will remain dominant through the course of the report’s forecast period
- Hospitals account for the leading share in the spinal imaging market among end users. Presence of a high patient pool will seal hospitals’ position as the dominant segment through the forecast period
- North America dominates the global spinal imaging market among regions however Asia Pacific is slated to report a higher CAGR backed by rising demand from India and China
“Demand for advanced imaging technologies is expected to rise especially on account of the rising incidence of spinal infections and disorders. The advent of AI and 3D printing in spinal imaging will prove to be a key game-changer, speeding the transformation of the market,” says a lead analyst.
Who is winning?
Study profiles some of the leading companies operating in the global spinal imaging market. Some of these are Canon Medical Systems Corp., GE Healthcare, FUJIFILM, Siemens Healthineers, Koninklijke Philips N.V., Bruker, Shimadzu Corp., Mediso Ltd., Toshiba Medical Systems, Inc., Hitachi, Ltd.
Market players are primarily stressing on leveraging their research and development capabilities to underpin growth. From seeking approval from international organisations to developing more portable and low cost equipment, an increasing number of companies are riding the wave of innovation to gain competitive edge in the market.
These insights are based on a report on Spinal Imaging Market by Future Market Insights.
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