Published On : Feb 14,2017
Medical organisations and research institutes will continue to put more efforts towards development of advanced imaging devices. Growing preference to portable point-of-care devices has propelled the scope of using imaging software as one can now view vital stats through smartphone applications. Orthopaedic imaging has also conversed beyond the limits of being an exclusive medical service. Prominence of bone-related ailments, fractures and disorders are prompting individuals towards adoption of handy devices with orthopaedic imaging facilities. A recent study published by Future Market Insights projects that trends as such will continue instrumenting the growth in global demand for orthopaedic imaging.
According to Future Market Insights –
“The global market for orthopaedic imaging, which is currently valued at US$ 7.6 billion, will soar steadily at 4.9% CAGR to reach US$ 12.4 billion valuation by 2026."
Nevertheless, the global orthopaedic imaging market will exhibit a restrictive growth owing to rising cost of clinical trials for such imaging devices, stringent regulations associated with commercialisation of orthopaedic imaging devices, and poor imaging infrastructure in underdeveloped & developing economies.
According to the report, titled “Orthopaedic Imaging Market: Global Industry Analysis and Opportunity Assessment, 2016-2026,” demand for X-ray systems and ultrasound systems as orthopaedic imaging products will remain high. Instead of EOS imaging systems and nuclear imaging systems, orthopaedic patients are more likely to be imaged with CT scanners, ultrasound, an MRI or X-ray imaging systems. In 2016, global sales of these three product types brought in more than US$ 5 billion in revenues. However, efficiency of EOS imaging systems will boost their sales, registering fastest growth at 17.7% CAGR.
Asia-Pacific excluding Japan – Most-Lucrative Region for Orthopaedic Imaging
In terms of revenue share, North America and Western Europe will remain dominant regions for orthopaedic imaging sales through 2026. However, limited healthcare budget in the US is restraining North America’s share in global orthopaedic imaging market to below 30% by the end of forecast period. Western Europe is also expected to incur a marginal decline in terms of global market value share. Key findings in the report, however, project that the orthopaedic imaging market in Asia-Pacific excluding Japan (APEJ) region will expand its global revenue share, reaching a value of US$ 2.72 billion by the end of 2026.
Prevalence of Orthopaedic Imaging Devices in Emergency Care Facilities
Hospitals will remain the largest end-user of orthopaedic imaging devices. Radiology centres, along with hospitals, will collectively account for over two-third of global market value throughout the forecast period. Emergency care facilities, on the other hand, will be demanding more number of orthopaedic imaging systems. By the end of 2026, more than US$ 3.2 billion revenues will be attributed by sales of orthopaedic imaging devices to emergency care facilities.
Additional findings compiled in the report include:
Almost every other orthopaedic imaging device sold in the world is used for treatment of acute injuries
Chronic disorders will account for more than 30% revenue share through 2026
Esaote SpA, Hitachi Ltd., Planmed OY and EOS Imaging are orthopaedic imaging device manufacturers specialising in particular products
Toshiba Medical System Corporation, Koninklijke Philips NV, General Electric Healthcare Limited and Siemens AG are recognised as leading players in the global market for orthopaedic imaging
Queries regarding the report findings can be addressed to Future Market Insights’ analysts at firstname.lastname@example.org