The global spine X-ray and computed tomography market is anticipated to grow rapidly owing to the advancements in the medical imaging industry with the constant demand to provide cost-effective and high-quality solutions in a shorter time period.The market for spine X-ray and CT devices is rapidly growing, with an increasing number of X-rays and CT scans used in imaging of vertebral fractures, spinal infections, and spinal tumors, among others. Furthermore, the integration of AI in imaging has accelerated the growth of the market for factors such as rising healthcare costs, a lack of communication between physicians and patients, poor health conditions, a shortage of physicians and medical staff, and the rising prevalence of chronic health disorders.
The global spine X-ray and computed tomography market report highlights that the market was valued at $916.0 million in 2020 and is expected to reach $1,623.5 million by the end of 2030. The market is expected to grow at a CAGR of 5.91% during the forecast period 2021-2030.
Market Segmentation
Global Spine X-Ray and Computed Tomography (CT) Market (by Indication)
The global spine X-ray and computed tomography market, based on indication, has been segmented into spinal injuries, spinal tumors, and spinal fractures.
Spinal infections are caused by bacteria or fungi and affect the vertebral body, intervertebral disc, or paraspinal tissue. The increasing prevalence of spinal injuries is increasing the growth of the market as the diagnosis of spinal infections is a prolonged process with the usage of various imaging modalities.
Global Spine X-Ray and Computed Tomography (CT) Market (by Patient Type)
The global spine X-ray and computed tomography market, based on patient type, has been segmented into adults, and pediatrics and neonates. The injuries and fractures are caused by several factors such as falls, accidents, and sports injuries. The geriatric population is more susceptible to the injuries caused due to falls. Moreover, various guidelines and policies have been issued by regulatory bodies and agencies for dose safety in pediatric imaging.
Global Spine X-Ray and Computed Tomography (CT) Market (by End User)
The global spine X-ray and computed tomography market, based on end user, has been segmented into hospitals and clinics, diagnostic imaging centers, and ambulatory surgery centers surgical centers.
Hospitals and clinics are the major end users for the global spine X-ray and computed tomography market. The high volume of the end user makes them the primary diagnosis site for spinal injuries in emerging economies. Furthermore, the adoption of X-rays and CT in ASCs has been increased due to several factors such as personalized care to the patients and reduced recovery time.
Global Spine X-Ray and Computed Tomography (CT) Market (by Product)
The global spine X-ray and computed tomography market, based on product, has been segmented into X-ray devices, CT devices, and AI-enabled X-ray and CT software.
The X-ray devices segment is at the forefront of the spine X-ray and computed tomography market. The increasing focus on the inclusion of advanced technology such as AI and machine learning has been one of the strongest drivers for the growth of the X-ray devices segment.
Furthermore, the diagnosis using CT has greatly benefited from the advancements in AI during the past few years. AI-based solutions are presently being used extensively to interpret and prioritize to reduce the backlogs and the physician’s workload.
Global Spine X-Ray and Computed Tomography (CT) Market (by Region)
The different regions covered under the global spine X-ray and computed tomography market include North America, Europe, Asia-Pacific, and Rest-of-the-World.
North America is expected to be the most lucrative region for the global spine X-ray and computed tomography market due to advanced healthcare infrastructure and a high focus on research and development activities. The Asia-Pacific spine X-ray and computed tomography market is one of the lucrative markets with immense potential for expansion by key players of the global spine X-ray and computed tomography market. The Asia-Pacific spine X-ray and computed tomography market is expected to grow at the fastest rate during the forecast period. This can be attributed to the massive geriatric population base, which is driving the increase in the volume of X-ray and CT scans.
Global Spine X-Ray and Computed Tomography (CT) Market Drivers
The factors driving the growth of the market include an increasing number of spinal injuries driving the need for increased X-ray and CT scans, advent of artificial intelligence in medical imaging, and the growing expenditure in the healthcare industry. The increasing prevalence of falls, rising geriatric population has, in turn, increased the demand for procedural volume of X-rays and CT scans. Governments invest a significant amount of money in healthcare insurance so that the overall healthcare costs can be reduced, and the quality of life and affordability of the treatment can be enhanced.
Global Spine X-Ray and Computed Tomography (CT) Market Restraints
The factors restraining the growth of the global spine X-ray and computed tomography market include the risks associated with radiation exposure and delay in regulatory approvals. Delay in regulatory approval for the products due to the stringent government regulations concerning the use of AI-enabled software in medical imaging hinders the market's growth. Moreover, another factor restraining the growth of the global spine X-ray and computed tomography market is the high cost associated with medical imaging.
Global Spine X-Ray and Computed Tomography (CT) Market Opportunities
High growth opportunities in emerging economies and the emergence of local companies in Asia-Pacific and the Middle East and Africa hold immense potential for the global spine X-ray and computed tomography market growth.
There is massive scope for spine X-ray and CT devices in developing countriesas countries such as China, India, Brazil, and Mexico possess populations with a high prevalence of spinal injuries and vertebral fractures. Thus, the rising prevalence of spinal injuries tends to increase the volume of X-ray and CT scans, consequently advancing device adoption and the growth of the global market.
Impact of COVID-19 on the Global Spine X-Ray and Computed Tomography (CT) Market
The COVID-19 pandemic had a debilitating impact on the global healthcare ecosystem. Hospitals and clinics faced several challenges such as lack of resources, high patient influx, and risk of infection among care providers. The market is projected to witness considerable growth during the forecast period 2021-2030. The increasing innovations and product designs in the global market and the growing use in emerging economies are the driving factors for the growth of the market.
Key Market Players and Competition Synopsis
Some key players operating in the global spine X-ray and computed tomography market include Agfa-Gevaert NV, Arterys, Inc., Carestream Health, Inc., Enlitic, Inc., Fujifilm Holdings Corporation, General Electric Company, Imagen Technologies, Inc., Infervision Medical Technology Co. Ltd., Koninklijke Philips N.V., Nano-x Imaging LTD., Quibim, S.L., Qure.ai Technologies Pvt. Ltd., Siemens Healthineers AG, Shimadzu Corporation, Vuno Co., Ltd.
Some strategies covered in this segment are funding activities, mergers and acquisitions (MAs), partnerships, alliances, business expansion, regulatory and legal activities, and new offerings.
How This Report Can Add Value
The report will be most beneficial for manufacturers of X-ray and CT devices and AI-enabled X-ray and CT software developers.
Assuming that the reader is a manufacturer of X-ray and CT devices, the report will assist them in the following ways:
• Understand their position compared to other key players in the market
• Stay updated with novel technology integration, features, and the latest developments in the market
• Understand the impact of COVID-19 on X-ray and CT imaging and the entry barriers for new companies
• Gain insights into end-user perception concerning the spine X-ray and computed tomography market
• Identify some key players in the market and understand their valuable contribution
Key Questions Answered in the Report
• How has COVID-19 impacted the growth of the global spine X-ray and computed tomography market?
• What are the key regulations governing the spine X-ray and computed tomography market in key regions?
• What technological developments are projected to have the maximum influence on the global spine X-ray and computed tomography market?
• Who are the leading players holding significant dominance in the global spine X-ray and computed tomography market?
• What are some of the growth opportunities which market players can capitalize on?
• What are the drivers and restraints for the global spine X-ray and computed tomography market?
• Which region has the highest growth rate in the global spine X-ray and computed tomography market?
• Which are the fastest growing countries in terms of spine X-ray and CT g market?
• What are the key strategies being adopted by market players in the spine X-ray and computed tomography market?
• Which are the emerging companies in the global spine X-ray and computed tomography market?
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