The global spinal imaging market offers various advantages such as providing detailed anatomical images of the spine, detecting spinal defects and tumors, and effectively guiding spinal surgeries. Spinal imaging techniques like MRI, CT scan, X-ray, and ultrasound play a vital role in diagnosing spinal conditions like herniated discs, fractures, deformities, infections and tumors. The increasing prevalence of spinal disorders such as spondylolisthesis, spine fractures, and herniated discs is driving the demand for spinal imaging modalities.
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. The rising investments by these players to develop technologically advanced spinal imaging systems like high field MRI will create new opportunities in the market. Moreover, rising healthcare expenditure in developing countries of Asia Pacific and Latin America will drive the global expansion of spinal imaging market in the coming years. Demand is also expected to be high in emerging economies owing to growing medical tourism activities.
Key opportunities in the market include growing adoption of minimally invasive spine surgeries and the increasing use of intraoperative imaging systems for improving surgical accuracy. Moreover, the surging geriatric population who are more prone to spinal disorders and the growing awareness regarding early diagnosis are fueling the demand. The advantage of non-invasive diagnosis of complex spine disorders without invasive procedures through imaging systems is boosting their adoption globally.
Market drivers:
The growing geriatric population is one of the major drivers of the global spinal imaging market. Older individuals are more susceptible to spinal problems like arthritis, spondylitis, spinal stenosis, and fractures due to natural aging and wear and tear changes in the spine. According to the United Nations, the global population aged 60 years and older is expected to reach 2.1 billion by 2050. This surging geriatric demographic will significantly increase the incidence of spinal disorders and drive the need for spinal imaging. Moreover, the advancements in imaging technologies like high-resolution MRI and multi-detector CT are supporting early and accurate diagnosis of complex spinal conditions, thereby propelling market growth.
PEST Analysis
Political: Changes in healthcare policies and reimbursement guidelines imposed by regulatory bodies across various countries affect the adoption of spinal imaging modalities.
Economic: Economic downturns influence healthcare spending which in turn impacts market growth. Simultaneously, growing per capita incomes boost diagnostic imaging investments.
Social: Aging population and rising incidence of degenerative spinal conditions including disc herniation and stenosis drive market demand. Meanwhile, awareness about early diagnosis supports market trends.
Technological: Advancements in modalities such as CT, MRI and X-ray along with software upgrades for improved visualization and workflow efficiency augment the market. New technologies also help address unmet needs.
Global regions of value concentration
Being major economic powers, North America and Europe currently account for over 65% of the global market in terms of value. Developed healthcare infrastructures and supportive reimbursement schemes aid high diagnostic imaging adoption in these regions. Meanwhile, Asia Pacific is witnessing rapid market growth led by China, India and Japan. Rising healthcare expenditures paired with growing medical tourism are factors stimulating the Asia Pacific market.
Fastest growing regional market
The Asia Pacific region, excl. Japan and China particularly, is poised to demonstrate the highest growth rate through the forecast period. This can be attributed to increasing investments toward modernizing healthcare systems, expanding medical insurance coverage and a swelling middle-class population that can afford quality care. In addition, technological advancements are making advanced modalities increasingly accessible even in smaller towns and cities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
