The Global Orthopaedic Imaging Equipment Industry is on track for continued expansion, fueled by rising demand for accurate diagnoses of musculoskeletal conditions. According to a recent study by Future Market Insights (FMI), a leading market research firm, the market reached an estimated value of US$9.8 billion in 2021. This growth trajectory is expected to persist, with the market projected to climb to US$14.6 billion by 2031, reflecting a healthy Compound Annual Growth Rate (CAGR) of 4.0%.
Orthopaedic imaging equipment is the medical imaging equipment used for bone scanning, and implant scanning and is utilized for diagnosis purposes. Different imaging technologies such as X-rays, MRI, ultrasound, EOS, and nuclear imaging are included in Orthopaedic imaging equipment.
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Rising prevalence of Orthopaedic diseases and bone injuries, technological advancement in Orthopaedic imaging equipment devices, and rise in research and development activities by key manufacturers are factors driving the Global Orthopaedic Imaging Equipment Industry.
Numerous medical imaging modalities enable three-dimensional (3D) visualization with accuracy, and rapid diagnoses. Advancements in 3D imaging have led to development in computer-assisted detection (CAD) and image analysis applications. This is expected to boost the market for modality, primarily in tomographic imaging techniques.
Moreover, surgeons are using 3D imaging to plan surgeries, which has led to increased application of these systems. This is expected to increase the utilization of imaging equipment, especially across the U.S. and the U.K.
Consequently, these devices are also gaining high traction in Asia such as China and India due to the growing demand for better healthcare infrastructure. Improving healthcare infrastructure and technological developments in these countries will increase the demand for 3D medical imaging equipment.
Key Takeaways from Global Orthopaedic Imaging Equipment Industry Study
- In terms of product type, the X-ray systems is expected to account for 28.0%, expanding at a CAGR of 3.3% during the forecasted period.
- By indication, the acute injuries segment will contribute over 56.6% of sales in the Global Orthopaedic Imaging Equipment Industry.
- Hospitals and radiology centers will, collectively, account for 68.2% of the market share in 2021.
- With the advancements in technologies as well as the increasing geriatric population, North America held the largest share of over 30.5% in 2021.
- India and China are expected to lead the growth of South and East Asia in the Global Orthopaedic Imaging Equipment Industry.
Who is winning?
The key market players covered by FMI include General Electric Healthcare Limited, Siemens AG, Esaote SPA, Hitachi Ltd, Koninklijke Philips N.V, PLANMED OY, EOS Imaging, Canon Medical Systems Corporation, Carestream Health and Neusoft Corporation.
Some of the leading manufacturers of the Global Orthopaedic Imaging Equipment Industry are focusing on the development of advanced and cost-effective products establishing distribution agreements, collaborations, and partnership strategies for global expansion objectives, thereby, enhancing their market presence.
- In September 2021, GE Healthcare acquired BK Medical for $1.45Bn to expand its $3bn ultrasound business from diagnostics to surgical and therapeutic interventions.
- In April 2016, Hitachi Ltd Company integrated Hitachi Medical Corporation and Hitachi Aloka Medical into Hitachi Ltd to strengthen its manufacturing operations and to develop low-cost medical devices.
Global Orthopaedic Imaging Equipment Industry by Category
By Product:
- X-Ray Systems
- CT-Scanner
- MRI Systems
- EOS Imaging Systems
- Ultrasound
- Nuclear Imaging Systems
By Indication:
- Acute injuries
- Sports injuries
- Trauma cases
- Chronic Disorders
- Osteoarthritis
- Osteoporosis
- Prolapsed Disc
- Degenerative joint diseases
- Others
By End-User:
- Hospitals
- Radiology Centers
- Emergency Care Facility
- Ambulatory Surgical Centers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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