Selbyville, Delaware, Oct. 03, 2024 (NEWSIC) —
Spinal Imaging Market size was valued at USD 2.1 billion in 2023 and is projected to grow at a CAGR of 5.7% from 2024 to 2032, driven by the rising incidence of spinal disorders, such as herniated discs, spinal stenosis, and spondylolisthesis.
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Factors like sedentary lifestyles, obesity, and an aging population are contributing to the increasing prevalence of these conditions, thereby boosting the demand for diagnostic imaging tools.
A World Health Organization report from April 2024 reported that over 15 million people globally live with spinal cord injuries, mostly due to preventable causes like falls, road accidents, or violence.
The overall spinal imaging market is divided into product type, application, end-use, and region
Based on product type, the market includes x-ray, magnetic resonance imaging (MRI), computed tomography (CT), and ultrasound. The MRI segment, which is further divided into open MRI and closed MRI, dominated the market with a revenue of USD 853.6 million in 2023. Continuous innovations in MRI technology have significantly enhanced imaging resolution. Developments in high-field MRI systems, multi-parametric imaging techniques, and software enhancements have also made it easier to visualize spinal structures and pathologies.
In terms of application, the spinal imaging market is segmented into spinal stenosis, spinal tumors, spinal infections, fractures, and other conditions. The spinal stenosis segment held the largest market share at 29.3% in 2023. As the global population ages, the incidence of degenerative spine conditions like spinal stenosis increases. Aging leads to wear and tear on the spine, contributing to the prevalence of these conditions.
North America captured a significant 43.6% share in the global spinal imaging market in 2023. The presence of robust reimbursement frameworks in countries like the U.S. and Canada encourages healthcare providers to invest in advanced spinal imaging technologies. Additionally, the region benefits from the presence of key market players who continuously innovate new spinal imaging technologies. These advancements focus on improving diagnostic accuracy, patient comfort, and operational efficiency in healthcare settings.
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Major players in spinal imaging market include Canon Medical System Corporation, Esaote S.p.A, Fujifilm Corporation, GE HealthCare Technologies, Inc., Hitachi Ltd., Hologic Inc., Koninklijke Philips N.V., Medtronic plc, Rivanna Medical Inc., Siemens Healthineers, Shimadzu Corporation and Ziehm Imaging among others.