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Orthopaedic Imaging Equipment Market

Orthopaedic Imaging Equipment Market by Product (X-Ray System, CT-Scanner, MRI System, EOS Imaging Systems, Ultrasound, Nuclear Imaging Systems), Indication (Brain Acute injuries, Chronic Disorders), End User & Regions - for 2021 – 2031

Orthopaedic Imaging Equipment Market by Product (X-Ray System, CT-Scanner, MRI System, EOS Imaging Systems, Ultrasound, Nuclear Imaging Systems), Indication (Brain Acute injuries, Chronic Disorders), End User & Regions - for 2021 – 2031

Orthopaedic Imaging Equipment Market - Analysis, Outlook, Growth, Trends, Forecasts

Orthopedic Imaging Equipment Market Outlook - 2021-2031

[174 Pages Report] The global Orthopedic Imaging Equipment Market was valued at US$ 9.8 Bn in 2021 and is expected to reach US$ 14.6 Bn by 2031. The increasing number of accidents and sports injuries resulting in fractures and bone injuries is boosting the need for orthopedic diagnostic imaging.

Data Points

Market Insights

Orthopedic Imaging Equipment Market Value 2020

US$ 9.3 Bn

Orthopedic Imaging Equipment Market Market Value 2031

US$ 14.6 Bn

CAGR 2021-2031

4.0%

Share of Top 5 Countries

58.6%

Key Players

General Electric Healthcare Limited, Siemens AG, Esaote SPA, Hitachi Ltd, Koninklijke Philips N.V, PLANMED OY, EOS imaging

Imaging technologies such as magnetic resonance imaging (MRI), computed tomography (CT or CAT), and ultrasound have opened new therapy possibilities with little morbidity. Increasing prevalence of orthopedic diseases such as osteoporosis, arthritis, elbow pain and others has increased the demand for diagnosis and diagnostic equipment across the globe.

According to the Centers for Disease Control and Prevention (CDC), in the U.S., around 72 million people will be affected by arthritis by 2030. Against this backdrop, demand for orthopaedic imaging equipment is expected to bolster in the U.S., making it one of the most lucrative pockets in the global market.

Orthopedic imaging equipment market holds nearly 31% of the medical imaging equipment market, totalling US$ 29.5 Bn by the end of 2031. There has been significant developments in the medical imaging technology and orthopedic imaging equipment devices.

Subsequently, increased rates of bone disease and accidents resulting in bone injuries are driving the need for effective orthopedic diagnostic imaging.

Orthopedic Imaging Equipment Market Analysis 2016-2020 Vs Demand Outlook for 2021-2031

According to Future Market Insights, sales of orthopedic imaging equipment grew at a CAGR of 4.0% between 2016 and 2020. With rising incidence of orthopedic diseases and bone injuries coupled with growing geriatric population, sales are expected to reach US$ 14.6 Bn by the end of 2031.

According to a UN report, the geriatric population will increase from 9.3 % in 2020 to around 16% in 2050. This increase in population will result in more acute and chronic injuries. Hence, demand for orthopedic imaging equipment is expected to increase, boosting the market.

Additionally, the global prevalence of osteoarthritis (OA) is rapidly increasing. Also, there has been a noticeable increase in obesity ratio across the globe. Being overweight increases the pressure exerted on joints such as knee, causing tension and speeding up cartilage breakdown.

Hence, risk of bone and chronic injuries is expected to accelerate over the coming years. This is expected to create growth opportunities for the orthopedic imaging equipment market players.

Consequently, there is also significant shift in doctors’ preference towards innovative and advanced technologies such as advanced MRI and CT imaging techniques. Development in these techniques will result in increased demand in the market.

Further, the orthopedic imaging equipment market is expected to grow with the expansion of healthcare industry and surging need to discover novel technologies to effectively diagnose any issue.

Rising acceptance and quick expansion of new technologies, especially in emerging economies such as India and China will boost the market throughout the forecast period. Hence, leading companies are concentrating on introducing new products as well as research and development.

Considering this, FMI expects the global orthopedic imaging equipment market to expand at over CAGR of 5.4%, in terms of volume, through 2021.

High Cost and Lack of Healthcare Infrastructure to Limit Sales in Underdeveloped Economies

Currently, several developing and under developed nations are lacking adequate imaging infrastructure to conduct test and technology implementation. Developed nations such as the U.S. have better diagnostic imaging and use advanced imaging techniques.

However, with few reimbursement policies and lack of healthcare infrastructure, the market in underdeveloped economies in Latin America is expected to witness headwinds in the upcoming years.

These economies lack the widespread access to diagnostic imaging, limiting the sales in orthopedic imaging equipment market.

Besides this, high cost involved in the initial set up and installation of imaging equipment and broadband technology in remote locations might hamper the growth in the global orthopedic imaging equipment market.

Additionally, the chances of recovering the costs solely depend on the number of scans arriving per day. Hence, achieving break-even is quite uncertain and entails high risk. This is expected to be the major restraining factor in the orthopedic imaging equipment market.

Country-wise Insights

Why is the U.S. Considered Largest Market for Orthopedic Imaging Equipment?

In 2021, the U.S is expected to account for about 89.2% of the North America orthopedic imaging equipment market. Growing incidence of arthritis, acute injuries, increasing geriatric population, and high per capita healthcare spending in the U.S are some of the factors boosting the market.

Furthermore, government funding for the procurement of imaging equipment by various institutions in the U.S. will aid the expansion in the market.

Will the U.K. Emerge as the Most Lucrative Pocket in Europe Orthopedic Imaging Equipment?

As per FMI, the U.K. is expected to account for 13.1% of the Europe market by 2021. Growth in the country is attributable to the technological advancements in medical devices used in orthopedic imaging and favorable government policies.

As per the National Health Service (UK), more than ten million individuals suffer from arthritis or other joint-related diseases. Rising prevalence of such bone diseases will improve the demand for orthopedic imaging equipment and treatment, accelerating the sales in the U.K.

What are the Factors Fueling the Demand in China Orthopedic Imaging Equipment Market?

China is projected to witness growth at a 6.9% CAGR in East Asia throughout the forecast period, opines Future Market Insights.

Increasing geriatric population and growing prevalence of osteoarthritis and other bone diseases is propelling the growth in China orthopedic imaging equipment market.

According to the World Health Organization (WHO), by 2040, the geriatric population is expected to grow by 28% in China.

How will the Orthopedic Imaging Equipment Market Expand Across India?

Demand for orthopedic imaging equipment in India is expected to rise at an impressive 6.3% CAGR over the forecast period, finds Future Market Insights.

Increasing research and development activities, rapid growth in medical device technology, and increasing adoption of medical devices are aiding the growth of the orthopedic imaging equipment market in India.

Category-wise Insights

Why are X-Ray Systems Most Preferred as Orthopedic Imaging Equipment?

By product, the X-ray system segment is anticipated to hold the maximum share of 28.0 % in 2021. The segment is expected to exhibit growth at 3.3% CAGR during the forecast period.

The demand for X-rays is expected to outpace the sales of other imaging equipment, owing to several advantages of X-rays such as easy availability, accessibility, and cost-effectiveness.

They are more accessible than MRI and can be used to identify injuries and masses within the body more quickly. X-rays are one of the most cost-effective and widely used imaging techniques across developing economies such as India and China.

Will Increasing Prevalence of Acute Injuries Propel Orthopedic Imaging Equipment Sales?

In terms of indication, the acute injuries segment is projected to dominate the market. As per FMI, the segment is expected to account for 56.6% of the total market share in 2021.

Growth in the segment is underpinned by increase in accidental cases, sports injuries and bone dislocation across the globe. According to the research study on acute injuries, over 30 million children participates in organized sports activities, among them nearly 3.5 million undergo severe acute injuries.

More than 775,000 children are treated in hospital emergency rooms for such injuries, resulting in need for advanced orthopedic imaging equipment.

Will Need for Orthopedic Imaging Equipment in Hospitals Outpace in Radiology Centers?

In terms of end-user, hospitals and radiology center, collectively, hold over 60% of the market share in 2021 and this trend is expected to continue during the forecast period as well.

Growing number of standalone imaging centres is propelling the growth in the radiology centers segment. Also, independent imaging centres provide discounts in order to attract more people, aiding the growth in the segment.

In addition, the time it takes for patients to have an MRI or other imaging procedure in radiology centers is reduced. Hence, adoption of orthopaedic imaging equipment will increase in radiology centers. 

Competitive Landscape

Companies in the orthopedic imaging equipment market are pursuing new product innovation and launches, regulatory approvals, and expansion of their product portfolios as the key strategies.

Key players are also focusing on development of advance and cost effective products establishing distribution agreement to expand their global footprints, especially in Asia Pacific.

Moreover, companies are targeting India and China market by establishing manufacturing units in order to reduce manufacturing cost. For instance:

  • Canon Inc. purchased Toshiba Corp.'s medical division in December 2016. Canon Inc. has joined the diagnostic imaging devices market as a result of the purchase, using Toshiba Medicals' diagnostic imaging expertise. Canon's biomedical industry would be strengthened much more as a result of this purchase.
  • On September 2016, FDA approved OnSight 3D Extremity System by Carestream Health. This system offers a high-quality point of care imaging for sports and orthopaedic practices.
  • Siemens Healthineers opened its next-generation manufacturing plant in Bengaluru in September 2019, with a total investment of INR 200 million, to create diagnostic imaging and advanced therapies products.

Scope of the Report

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

USD Million for Value

Key Regions Covered

North America, Latin America, Europe, South Asia and  Pacific, East Asia and Middle East & Africa

Key Countries Covered

US, Canada,  Brazil,  Mexico, Argentina, Germany, U.K., France, Italy, Spain,  Benelux, Russia, China, Japan, South Korea, India, Thailand, Indonesia, Malaysia, Thailand, Indonesia, Australia and New Zealand, Egypt, Turkey, South Africa, North Africa and GCC Countries

Key Segments Covered

Product, Indication, End User and Region

Key Companies Profiled

  • General Electric Healthcare Limited
  • Siemens AG
  • Esaote SPA
  • Hitachi Ltd
  • Koninklijke Philips N.V
  • Planmed OY
  •  EOS imaging
  • Canon Medical Systems Corporation
  • Neusoft Corporation
  • Carestream Health

Report Coverage

Market Forecast, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, Strategic Growth Initiatives

Customization & Pricing

Available upon Request

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Orthopedic Imaging Equipment Market 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)

Key Questions Answered in the Report

How big is the orthopedic imaging equipment market?

The global orthopedic imaging equipment market is worth US$ 9.8 Bn in 2021 and is set to expand by 1.5X over the next ten years.
The orthopedic imaging equipment market is expected to reach US$ 14.6 Bn, with sales increasing at a 4.0% CAGR by the end of 2031.
Sales in orthopaedic imaging equipment market are expected to increase owing to the rising government and private body initiatives and surging demand for 3D medical imaging equipment.
North America currently holds the largest market share in the orthopedic imaging equipment market globally. The regions is expected to contribute over 30.5% of the sales in orthopedic imaging equipment market. As per FMI, the U.S. is expected to spearhead the growth, surpassing US$ 2.5 Bn in 2021.
Japan’s market in orthopedic imaging equipment is expected to exhibit healthy growth at 4.3% CAGR during the forecast period.
The U.S., Russia, Poland, China and Japan are the top 5 countries driving the demand in orthopedic imaging equipment market.

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