Burlingame, Aug. 12, 2024 (GLOBE NEWSWIRE) -- The global Spinal Imaging Market, valued at $2.10 billion in 2023, is on a trajectory of rapid expansion, with projections indicating it will soar to $3.19 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.4% from 2023 to 2031, as per a recent report by Coherent Market Insights. Increasing demand for advanced medical imaging technologies for accurate diagnosis and monitoring of diseases. Secondly, rising prevalence of chronic and lifestyle diseases is also fueling market growth. Diseases like cancer, heart diseases, diabetes etc. have increased manifold over last few decades. Medical imaging helps in effective diagnosis and staging of chronic diseases which drives their adoption. On advanced spinal imaging to properly manage serious spinal trauma cases. As risks of spinal injuries increase due to more high-risk recreational activities, imaging demand is projected to keep growing over the coming years.
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Market Dynamics:
The growth of the global spinal imaging market is attributed to the increasing incidence of spinal disorders and rise in geriatric population. Spinal disorders such as herniated discs, spinal stenosis and spondylolisthesis are common among the elderly population, thereby contributing to the market growth. It is estimated that approximately 80% of the population suffers from back pain at some point in their lifetime. This has increased the demand for advanced spinal imaging modalities for accurate diagnosis and treatment planning. Moreover, technological advancements in spinal imaging such as high resolution imaging and 3D/4D imaging is also expected to support the market growth over the forecast period.
Global Spinal Imaging Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2023 | $2.10 billion |
| Estimated Value by 2031 | $3.19 billion |
| Growth Rate | Poised to grow at a CAGR of 5.4% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, By Application, By End Use |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Rising incidence of spine disorders • Technological advancements in imaging modalities |
| Restraints & Challenges | • High cost of imaging systems • Strict regulatory framework |
Market Trends:
Growing adoption of hybrid imaging systems: Integration of advanced technologies such as CT, MRI, and PET in a single system allows anatomical as well as functional assessment of the spinal region. This has gained significant popularity among healthcare providers due to advantages such as high resolution images, shorter scan time and better clinical outcomes. Rise in minimally invasive spinal surgeries: Increased adoption of percutaneous vertebroplasty and kyphoplasty procedures over traditional surgeries is expected to support the market growth. Precise pre-operative imaging enables surgeons to perform these procedures with minimally invasive techniques resulting in shorter hospital stays and recovery times.
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X-ray imaging accounts for the largest share of the global spinal imaging market owing to its low cost and wide availability. X-rays are commonly used as the first-line imaging test to diagnose conditions affecting the bones and soft tissues of the spine. It allows detection of fracture, dislocations, tumors and infections of the spine. Though it does not provide high resolution images of soft tissues like MRI, it is widely used for initial assessment and screening purposes.
CT imaging is expected to witness steady growth at a CAGR of 5% during the forecast period. CT scanning provides very detailed images of bones, soft tissues and blood vessels. It is particularly useful for evaluating bone implants or hardware after spine surgery. Advanced CT technologies like CT myelography and CT arthrography are being increasingly used for detailed evaluation of spinal discs, nerves and facet joints.
Key Market Takeaways:
The global spinal imaging market is anticipated to witness a CAGR of 5.4% during the forecast period 2023-2030, owing to rising incidences of spinal disorders and growing geriatric population.
On the basis of product, the X-ray segment is expected to hold a dominant position, owing to its widespread availability and low cost.
On the basis of application, the spinal infection segment is expected to dominate the market due to increasing cases of spinal infections.
On the basis of end user, the hospital segment is expected to hold a dominant position over the forecast period, due to availability of advanced imaging facilities.
On the basis of region, North America is expected to hold a dominant position over the forecast period, due to well developed healthcare infrastructure and rising healthcare spending.
Key players operating in the global spinal imaging market include Shimadzu Corp., FUJIFILM, Hitachi, Lts., Toshiba Medical Systems, Inc., GE Healthcare, Koninklijke Philips N.V. Siemens Healthineers, Canin Medical System Corp, Bruker, and Mediso Lrd. Technological advancements and new product launches are shaping the competitive landscape.
Recent Developments:
In June 2023, GE Healthcare and digital solutions innovator entered into a distribution agreement with DePuy Synthes.
In May 22023, Hoag Spine Center, become the first in Orange County, U.S. to adopt the EOSedge System, a cutting-edge technology that combines multiple imaging techniques to better diagnose and treat back pain in adults.
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Detailed Segmentation:
By Product:
- X-ray
- Myelogram
- Discogram
- X-ray (without contrast media)
- CT
- Myelogram
- Discogram
- X-ray (without contrast media)
- MRI
- Ultrasound
By Application:
- Spinal Infection
- Vertebral Fractures
- Spinal Cancer
- Spinal Cord & Nerve Compressions
By End Use:
- Hospital
- Diagnostic Imaging Center
- Ambulatory Care Center
By Region:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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