Global Spinal Imaging Market by Application (Spinal Cord & Nerve Compressions, Spinal Infection), by Product (MRI, CT) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global spinal imaging market was valued at USD1.6 billion in 2019. It is projected to grow at a compound annual rate (CAGR of 5.2%) between 2020 and 2027. Over the forecast period, the market will be driven by the rising global burden of spine disorders, increasing patient access to medical imaging services, as well as the increasing volume of procedures for spinal surgeries. The WHO states that lower back pain is second in the list of reasons for seeking medical attention, behind only upper respiratory infections. It is estimated that at least 80% of the world’s population has experienced back pain at some point in their lives. The market is expected to grow as the target population increases.

The demand for spine imaging tools will rise due to a rising number of geriatrics, sedentary lifestyles, and increased prevalence of anxiety, depression, and other conditions. As the intervertebral disks age, they become more susceptible to developing spinal disorders. These complex structures are difficult to see through standard imaging modalities. This has led to an increase in the volume of spinal CT & MRI.

Market growth is expected to be driven by recent technological advances in hardware and software, as well as the use of machine learning concepts for spinal imaging. Multidetector CT has improved the quality of images and provided a better experience for examinations. Toshiba, for example, introduced an automatic alignment tool called EasyTech in its MRI units. This feature uses machine learning to reduce examination time.

Other key factors that will play a major role in market growth include the increasing number of healthcare projects, rising demand for imaging equipment replacement in developed countries, and an expanding private healthcare sector. According to the Clinical Imaging Board around 30% of all MRI scanners in the United Kingdom are at risk due to aging and technical problems.

Product Insights

MRI occupied the largest market share at over 40% in 2019. MRI has high soft-tissue contrast and excellent spatial resolution. This enables it to provide valuable diagnostic and prognostic information for spinal imaging. The advent of advanced MRI scanners that have a higher magnetic strength (3.0T) as well as a lower signal-to-noise ratio (SNR), has significantly reduced the imaging time and improved patient compliance.

Because of their accessibility and affordability, patients with lower back pain are often referred to conventional imaging technologies such as CT or an X-ray. These imaging technologies are able to provide information on a few common spine conditions such as tumors and spinal fractures. Given the rising healthcare costs and high out-of pocket expenditures in countries like Sri Lanka, Pakistan, Bangladesh and Bangladesh, it is expected that the segment of spinal CT will grow at a healthy CAGR over the next few years.

Patients with an implanted pacemaker or metallic foreign body, such as screws, pedicles, and aneurysm clips are not recommended for spinal MRI. The strong magnetic field could dislodge any implants. In such cases, spinal CT or CT myelography is the best option. This will boost its growth. With the rising demand for ultrasound technology in spinal imaging, it is expected that this will continue to rise.

Application Insights

The market leader in 2019 was the segment of nerve compression and spinal cord. It is expected to grow at the fastest rate over the forecast period. This segment is expected to grow due to the rising incidence of spinal disorders such as herniated disk, spinal stenosis and cauda-equina syndrome. Because of its superior soft-tissue images, MRI is the best imaging tool for diagnosing spinal nerve compression. Spinal cord compression is a major reason for spinal surgery. This has led to an increase in demand for spinal imaging tools.

Other segments such as spinal cancer and vertebral fracture are expected to see significant growth over the forecast period. Spinal imaging is immediately recommended for patients suffering from acute back pain and those with a history. Market growth will be encouraged by the increasing acceptance of advanced imaging tools such as MRA or PET in diagnosing, treating, and managing spinal cancer.

In the next few years, the number of spinal infections such as discitis, epidural abscess and vertebral osteomyelitis will increase. This can be attributed to an increase in risk factors like intravenous drug abuse and cancer. The NCBI report estimates that there are more than 2 million intravenous drug addicts in the United States. MRI is the most common imaging modality for diagnosing spinal problems. However, spinal CT is becoming more popular in post-operative care due to its low cost and compatibility with metallic bodies.

End-use Insights

The hospital segment held the largest market share at over 45% in 2019, and it will continue to dominate the future years due to its largest patient base, thanks to the availability advanced imaging tools. The segment will also grow due to the growing number of PPP programs (public-private participation) in the development of healthcare infrastructure, especially in countries like Chile, Dubai and Saudi Arabia.

The forecast period will also see significant growth in diagnostic imaging centers. The forecast period will see segment growth due to the following factors: lower cost CT/ MRI scans, shorter wait time, presence of diagnostics accreditation board, developing reimbursement framework.

The fastest CAGR for the segment of ambulatory care centers is expected to be driven by growing acceptance of ambulatory imaging in order to provide advanced healthcare to rural areas. In Southeast Asian countries like Thailand and Malaysia, ambulatory care centres are a popular choice.

Regional Insights

North America held the largest market share, with more than 32% in 2019, and will continue to dominate the market over the forecast period. This is due to the high demand for products and the rising number of spinal surgery cases. The second most common reason for disability in the United States is spinal disorders. They are also the third most frequently cited cause of surgery and fifth most common reason for hospital admissions. This region is also experiencing a growing demand for spine imaging services.

Europe is forecast to experience a significant increase in growth over the forecast period. This region is expected to see significant market growth due to rising procedures in spinal imaging, effective reimbursement policies, and improved access to healthcare services. Asia Pacific will be the fastest growing region market over the forecast period. This is due to factors such as a large patient base and improved healthcare facilities. Also, favorable government initiatives in the developing markets of India or China. The cost of a spinal MRI in India is much lower than that at private hospitals.

Market Share Insights & Key Companies

To gain an edge in the market, most companies focus on R&D. Siemens Healthineers has received FDA approval in January 2019 for the MRI scanner "MAGNETOM Lumina 3T". This product is equipped with an AI-based biomatrix technology which speeds up the entire MRI workflow. Many companies are now adopting different strategies such as mergers and acquisitions and joint ventures. They also develop low-cost equipment for developing countries. TATA Foundation, an Indian company that develops portable MRI scanners with high-tech features, produces scans three to four times faster and consumes less electricity. The following are some of the major players in the market for spinal imaging:

• GE Healthcare

• Koninklijke Philips N.V.

• Siemens Healthineers

• Canon Medical Systems Corp.

• Bruker

• Mediso Ltd.

• Shimadzu Corp.

• FUJIFILM

• Hitachi, Ltd.

• Toshiba Medical Systems, Inc.

Up Market Research published a new report titled “Spinal Imaging Market research report which is segmented by Application (Spinal Cord & Nerve Compressions, Spinal Infection), by Product (MRI, CT), By Players/Companies Bruker, Siemens Healthineers, FUJIFILM, Mediso Ltd, Shimadzu Corp, Hitachi Ltd, Canon Medical Systems Corp, Koninklijke Philips NV, Toshiba Medical Systems Inc, GE Healthcare”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Spinal Imaging Market Report Segments:

The market is segmented by Application (Spinal Cord & Nerve Compressions, Spinal Infection), by Product (MRI, CT).

Spinal Imaging Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Spinal Imaging Market

Overview of the regional outlook of the Spinal Imaging Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Spinal Imaging Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Spinal Imaging Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Spinal Cord & Nerve Compressions

                2. Spinal Infection

                1. MRI

                2. CT

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Spinal Imaging Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Spinal Imaging Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.