The global spinal imaging market size is estimated to reach USD 2.3 billion by 2027 registering a CAGR of 5.2%, according to a new report by Grand View Research, Inc. The increasing cases of spinal surgeries and rising number of installations of MRI scanners are the major factors expected to drive the market during the forecast period. Growing geriatric population and increasing cases of lower back pain due to obesity are also expected to boost the market growth in coming years.
Increasing number of healthcare projects, rising need for the replacement of obsolete imaging equipment in developed countries, and rapidly expanding private healthcare sector are also anticipated to play a significant role in the market growth. Major market players are focusing on various business strategies gain competitive advantage and to strengthen their market positions. These strategies include mergers & acquisitions, partnerships, joint ventures, and development of low-cost equipment, especially for the developing economies.
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Spinal Imaging Market Report Highlights
- MRI held the largest market share in 2019 and is expected to be the fastest-growing product segment over the forecast period owing to the advantages, such as high soft tissue contrast and excellent spatial resolution coupled with multiplanar imaging capabilities
- The spinal cord and nerve compression application segment accounted for the largest revenue share in 2019 and is anticipated to maintain its dominance over the forecast period due to rising prevalence of spinal disorders, such as herniated disc, spinal stenosis, cauda equina syndrome, and radiculopathy
- The demand for imaging tool in diagnosis of spinal infections, such as vertebral osteomyelitis, epidural abscess and discitis, is anticipated to increase due to increasing prevalence of intravenous drug abuse, cancer, and diabetes
- The Hospital end-use segment accounted for the largest revenue share in 2019 and will retain the leading position over the forecast years as hospitals have the largest patient pool due to availability of advance imaging tools
- Asia Pacific is anticipated to be the fastest-growing regional market during the forecast period due to improving healthcare infrastructure and favorable government initiatives in the region, especially in India and China
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Spinal Imaging Market Segmentation
Grand View Research has segmented the global spinal imaging market on the basis of product, application, end use, and region:
Spinal Imaging Product Outlook (Revenue, USD Million, 2016 - 2027)
- X-ray (without contrast media)
- X-ray (without contrast media)
Spinal Imaging Application Outlook (Revenue, USD Million, 2016 - 2027)
- Spinal Infection
- Vertebral Fractures
- Spinal Cancer
- Spinal Cord & Nerve Compressions
Spinal Imaging End-use Outlook (Revenue, USD Million, 2016 - 2027)
- Diagnostic Imaging Centers
- Ambulatory Care Centers
Spinal Imaging Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- The Netherlands
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Key Players of Spinal Imaging Market
- GE Healthcare
- Koninklijke Philips N.V.
- Siemens Healthineers
- Canon Medical Systems Corp.
- Mediso Ltd.
- Shimadzu Corp.
- Hitachi, Ltd.
- Toshiba Medical Systems, Inc.
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About Grand View Research
Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.
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