Future Market Insights, in its recent spinal imaging market report predicts a growth trajectory of over 5% between 2020 and 2030.
Increasing volume of spinal cord surgeries to correct various anomalies is acting as the principal growth driver for the market. Over the years, rapid technological advancements in imaging techniques have played a fundamental role in spinal surgeries. Advancements in genomics have spurred healthcare stakeholders to invest in more targeted treatment. This has greatly helped in reducing surgery time as well as enabled surgeons to determine the precise approach for each patient.
The advent of artificial intelligence based imaging equipment has helped personalize imaging procedures, while 3D-printing has enabled better assessment of treatments. Although in their nascent stage, these technologies have the potential to revolutionize spinal surgical procedures in the future.
Based on these trends, the spinal imaging market shall reach a valuation of US$ 3 Bn by 2030-end.
“Surging spinal cord infections and disorders are pushing manufacturers to incorporate technological breakthroughs in surgical procedures, enabling them to carve a niche for themselves in the market,” says an FMI analyst.
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Key Takeaways from FMI’s Spinal Imaging Market Report
- MRI scanners holds dominance, with over 2/5th of the global spinal imaging market
- Spinal Cord and Nerve Compression accounts for the maximum spinal imaging technique applications
- By end-user, hospitals are exhaustively utilizing spinal imaging techniques as a result of high patient inflow
- North America dominates the global spinal imaging market while Asia-Pacific is fast catching-up
- The global spinal imaging market shall be valued at US$ 2 Bn by 2020-end
Spinal Imaging Market- Key Trends
- High prevalence of sedentary lifestyles have induced several spinal cord disorders, prompting patients to seek treatment
- Technological developments such as 3D-modelling will play an ancillary role in the spinal imaging market by making surgical procedures more effective
- Other advancements such as the innovation of multi-detector CT scanners with a high gantry speed have led to an improvement in overall image quality
- Burgeoning investments in healthcare infrastructure such as hospitals will increase advanced spinal imaging adoption in the future
Spinal Imaging Market- Region-wise Analysis
- The United States shall be the dominant spinal imaging technique user due to a large patient pool and advent of novel technologies
- Favorable reimbursement policies are driving the European spinal imaging market to newer heights
- Asia-Pacific shall be the second-most lucrative spinal imaging market due to heightened government spending on healthcare infrastructure
- COVID-19 shall hinder growth prospects across all regions, attributed to postponement of elective surgical procedures in favor of coronavirus patients
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Spinal Imaging Market- Competitive Landscape
Prominent spinal imaging market players are leveraging Industry 4.0 and artificial intelligence capabilities to acquire a stronger market footprint across lucrative regions. Some of these players are: Koninklijke Philips N.V, Shimadzu Corp., and Siemens.
In January 2020, Siemens announced the development of its Spinal Imaging at 7T device to be used for spinal surgeries. Likewise, in 2019, the company was granted approval by the U.S FDA for its MAGNETOM Lumina 3T MRI scanner which speeds up MRI workflow through a unique AI-based matrix technology.
Spinal Imaging Market Taxonomy
- Spinal Infection
- Vertebral Fractures
- Spinal Cancer
- Spinal Cord and Nerve Compression
- Diagnostic Imaging Center
- Ambulatory Care Center
- Rest of LATAM
- Nordic Countries
- Rest of Europe
- Rest of South Asia
- South Korea
- New Zealand
Middle East & Africa
- South Africa
- North Africa
- Rest of MEA