Dublin, June 07, 2024 (GLOBE NEWSWIRE) -- The "Global Orthopedic Imaging Equipment Market Size, Share & Trends Analysis Report By End-use (Hospitals, Diagnostic Imaging Centers, and Others), By Modality, By Indication, By Regional Outlook and Forecast, 2024 - 2031" report has been added to ResearchAndMarkets.com's offering.
The Global Orthopedic Imaging Equipment Market is expected to reach $7.5 billion by 2031, rising at a market growth of 5.7% CAGR during the forecast period.
Patient and healthcare provider preferences for less invasive treatment alternatives are propelling the growing popularity of minimally invasive surgery (MIS), which constitutes a substantial segment of the market.
Additionally, the elderly population is increasing dangerously quickly in every nation on Earth. Its population is projected to reach approximately 1.5 billion people by 2050. Seniors are expected to make up 16% of the world's population by 2050. Thus, the growing geriatric population drives the demand for it by increasing the prevalence of musculoskeletal conditions and age-related injuries.
The high cost of procuring and maintaining equipment is a significant restraint within the orthopedic imaging equipment market. Orthopedic imaging technologies, such as magnetic resonance imaging (MRI), computed tomography (CT), and advanced X-ray systems, involve substantial initial capital investments for healthcare facilities. Hence, all these factors may hamper the growth of the market.
Athletic-related harm comprises an extensive spectrum of musculoskeletal disorders, such as dislocations of joints, strains of ligaments and muscles, tears of tendons, and fractures. Thus, the sport injuries segment captured 13.3% revenue share in the market 2023. Athletic activities, by their inherently high-impact and physically taxing characteristics, render athletes vulnerable to sports-related injuries across the board, encompassing both recreational enthusiasts and professional athletes.
End Use Analysis
By end-use, the market is fragmented into hospitals, diagnostic imaging centers, and others. The hospitals segment procured 47.7% revenue share in the market in 2023. The hospital segment is a vital component of the market, representing healthcare facilities that provide comprehensive orthopedic care to patients.
Modality Analysis
Based on modality, the market is characterized into X-ray, CT, MRI, ultrasound, and nuclear imaging. In 2023, the MRI segment recorded 21.5% revenue share in the market. MRI (Magnetic Resonance Imaging) is a critical component of musculoskeletal diagnostics, offering detailed visualization of soft tissues, joints, and bones.
Indication Analysis
On the basis of indication, the market is classified into trauma cases, sport injuries, spinal injuries, arthritis, bone disorders, musculoskeletal cancer, muscle atrophy, and others. The spinal injuries segment procured 19.3% revenue share in the market in 2023. In spinal injuries, timely and accurate diagnosis is crucial for initiating appropriate treatment and preventing further neurological compromise.
Regional Analysis
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment garnered 28.3% growth rate in market in 2023. Along with its rapidly expanding population, the Asia-Pacific region also has a sizeable elderly demographic.
COVID-19 Impact Analysis
Firstly, the resumption of elective procedures and imaging exams contributed to increased demand for this, as patients sought diagnosis and treatment for musculoskeletal conditions that had been deferred during the height of the pandemic. Secondly, the adoption of telemedicine and remote imaging services surged during the pandemic, driving the demand for portable and mobile imaging devices that could be used in home-based or remote healthcare settings. Thus, the pandemic had an overall positive impact on the market.
List of Key Companies Profiled
- GE HealthCare Technologies, Inc.
- Koninklijke Philips N.V.
- Siemens Healthineers AG (Siemens AG)
- Canon, Inc. (Canon Medical Systems Corporation)
- Esaote S.p.A.
- Carestream Health, Inc. (Onex Corporation)
- Shenzhen Mindray Bio-Medical Electronics Co. Ltd.
- Shimadzu Corporation
- Hologic, Inc.
- Planmeca Oy
Market Competition and Attributes
The market is fiercely competitive, with major players like GE Healthcare, Siemens Healthineers, and Koninklijke Philips N.V leading the fray. Innovation is paramount, with a focus on advanced imaging modalities like MRI, CT scans, X-rays, and ultrasound systems tailored for orthopedic applications. Technological advancements such as AI and 3D imaging are reshaping the landscape. Regulatory compliance, market consolidation, and evolving healthcare trends also significantly influence market dynamics, driving companies to continuously adapt and innovate.
Recent Strategies Deployed in the Market
- Apr-2024: Shimadzu Corporation took over California Imaging Services, a US-based medical equipment manufacturing company. Through this acquisition, Shimadzu Corporation would strengthen customer connections, enhance service quality, and support SMS's future growth in the region. Working together, both entities are ready to combine their strengths for the advantage of their customers.
- Jan-2024: Canon, Inc. came into partnership with Olympus Corporation, a Japanese manufacturer of optics and reprography products. Through this partnership, Canon would enhance patients' quality of life by providing early diagnoses facilitated by endoscopic ultrasound systems.
- 2024-Mar: Siemens Healthineers AG launched an automated, self-guiding C-arm system engineered for intraoperative imaging in surgical procedures. This system incorporates holonomic, omnidirectional wheels for precise movement in confined areas, aiding accurate positioning. With a remote-control interface, users can easily maneuver the system to predetermined positions, reducing manual effort.
- Nov-2023: Carestream unveils the cost-effective HORIZON X-ray System, equipped for digital readiness. It provides top-notch imaging capabilities to enhance clinical results and incorporates user-friendly functionalities to boost productivity. Additionally, it is tailored for small-to-midsize imaging centers, orthopedic facilities, urgent care centers, and hospitals, this cost-effective system is designed to meet diverse needs.
- Oct-2023: GE HealthCare Technologies, Inc. collaborated with Axial3D, a medical device company in Ireland. Through this collaboration, GE Healthcare would facilitate personalized orthopedic 3D printing based on MRI scans.
Market Segmentation
By End-use
- Hospitals
- Diagnostic Imaging Centers
- Others
By Modality
- X-ray
- MRI
- Ultrasound
- CT
- Nuclear Imaging
By Indication
- Trauma Cases
- Arthritis
- Bone Disorders
- Sport Injuries
- Musculoskeletal Cancer
- Muscle Atrophy
- Spinal Injuries
- Others
For more information about this report visit https://www.researchandmarkets.com/r/hse0ge
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