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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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
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
Myelogram
Discogram
X-ray (without contrast media)
CT
Myelogram
Discogram
X-ray (without contrast media)
MRI
Ultrasound
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)
Hospitals
Diagnostic Imaging Centers
Ambulatory Care Centers
Spinal Imaging Regional Outlook (Revenue, USD Million, 2016 - 2027)
North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
The Netherlands
Switzerland
Russia
Belgium
Sweden
Asia Pacific
China
Japan
India
Thailand
South Korea
Indonesia
Philippines
Taiwan
Singapore
Malaysia
Latin America
Brazil
Mexico
Argentina
Colombia
Chile
Middle East & Africa
South Africa
Saudi Arabia
UAE
Kuwait
Qatar
List of Key Players of Spinal Imaging Market
GE Healthcare
Koninklijke Philips N.V.
Siemens Healthineers
Canon Medical Systems Corp.
Bruker
Mediso Ltd.
Shimadzu Corp.
FUJIFILM
Hitachi, Ltd.
Toshiba Medical Systems, Inc.
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