Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Orthopedic Imaging Market – Insights
Orthopedic imaging is an innovative medical technique used for the visual representation of bone, ligaments, and other interior part of body in order to diagnose various orthopedic diseases. This process revels internal body structures hidden by the layers of skin. The modalities used for the visualization of such hidden body parts includes X-ray systems, CT-scanner, MRI systems, ultrasound, EOS imaging systems, positron emission tomography (PET) and single-photon emission computed tomography (SPECT). In orthopaedic imaging, these modalities are used for the detection for fractures, bone dislocation, ligament tear, arthritis, post-surgical complications, and surgical intervention.
The global orthopedic imaging market is estimated to account for US$ 13,061.1 Mn in terms of value by the end of 2027.
Global Orthopedic Imaging Market: Drivers
Increasing prevalence of orthopedic diseases and bone injuries is expected to propel growth of the global orthopedic imaging market over the forecast period. For instance, according to the Centers for Disease Control and Prevention (CDC)’s May 2019 report, an estimated 54.4 million US adults have diagnosed arthritis, which accounted for around 1 in 4 people in the U.S.
Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015.
North America region held dominant position in the global orthopedic imaging market in 2019, accounting for 31.2% share in terms of volume, followed by Europe.
Figure 1. Global Orthopedic Imaging Market Share (%), by Region, 2019
Global Orthopedic Imaging Market: Restraints
High expenses in clinical trials and stringent regulations are expected to hinder growth of the global orthopedic imaging market. Clinical trials should be conducted one year prior to the product launch. However, due to the regulatory restrictions, it has become difficult for the manufacturers to conduct early stage trails and establish partnership with local players.
Moreover, increasing pressure on healthcare budgets in the U.S is expected to hamper growth of the global orthopedic imaging market. The usage of medical imaging in the U.S. has increased significantly over the last decade. As a result, certain reductions in Medicare payments have been observed in the last decade.
Global Orthopedic Imaging Market: Opportunities
Increasing volume of patient data is generated from healthcare systems and storage of such vital data has become of significant concern. In addition to storage-related concerns, healthcare systems are facing challenges accessing and sharing this data in order to reduce the cost of duplication. Therefore, cloud storage services for medical imaging and information management is likely to offer major opportunities to hospitals in terms of better resource and cost management and easy access to medical images and related records in and across organizations and departments.
Currently, the global orthopedic imaging market is facing intense competition from re-manufactured and low cost equipment manufacturers in developing nations. The rising price-sensitivity in the healthcare system has created an opportunity for new low scale equipment to replace with new systems. Similarly, China made low-cost medical devices have put downward price pressure. Thus, growing adoption of low-cost and low-end imaging devices is limiting access to advanced imaging platforms.
X-Ray System segment in the global orthopedic imaging market was valued at US$ 2,526.8 Mn in 2019 and is expected to reach US$ 3,505.2 Mn by 2027 at a CAGR of 4.2% during the forecast period.
Market Trends/Key Takeaways
Fusion and multimodality of diagnostic equipment is one of the important trend in global orthopedic imaging market. MRI and CT imaging can be integrated to offer the full range of imaging scans and comfort level to patients.
Currently, in the global orthopedic imaging market, new opportunities are emerging for various imaging modalities, which are being adopted by many e-health workers and mobile doctors. Portable imaging equipment allows doctors to diagnose the image on patient location and in desired time without waiting. This also allows healthcare practitioner to identify critical medical issue in short time and decide the priorities for the patient’s treatment.
Global Orthopedic Imaging Market: Competitive Landscape
Major players operating in the global orthopedic imaging market include, GE Healthcare, Siemens AG, Esaote SpA, Hitachi Ltd., Koninklijke Philips N.V., Planmed OY, EOS Imaging, and Toshiba Corporation.
Global Orthopedic Imaging Market: Key Developments
Major players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in December 2019, EOS imaging SA received 510(k) clearance from the U.S. FDA for its EOSedge – a general X-ray system powered by a high-resolution photon counting detector.
Major players in the market are also focused on adopting collaboration and partnership strategies to expand their product portfolio. For instance, in December 2019, DePuy Synthes, a division of Johnson & Johnson, announced partnership with Zebra Medical Vision, the deep learning medical imaging analytics company, to supplement its artificial intelligence and imaging analytics efforts for joint reconstruction procedures.