ORTHOPEDIC IMAGING MARKET ANALYSIS

The Global Orthopedic Imaging Market is estimated to be valued at US$ 2,924.5 million in 2023 and is expected to exhibit a CAGR of 4.2 % during the forecast period (2023-2030).

Analysts’ Views on Global Orthopedic Imaging Market:

The prevalence of orthopedic diseases, increase in geriatric population and constant new research and development activities are expected to boost the growth of global orthopedic imaging market during the forecast period. For instance, according to data published by the World Health Organization on October 1, 2022, by 2030, 1 in 6 people in the world will be aged 60 years or over. At this time the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion in 2030. By 2050, the world’s population of people aged 60 years and older will double (2.1 billion). The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million.

Figure 1. Global Orthopedic Imaging Market Share (%), by Product Type, 2023

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Global Orthopedic Imaging Market – Driver

Increasing prevalence of osteoarthritis

The number of people suffering from osteoarthritis is increasing day by day. This results into more demand for diagnostic and treatment technology. Hence, the increasing prevalence of osteoarthritis is expected to boost the growth of market in forecast period. For instance, according to data published by the World Health Organization on July 14, 2022, approximately 1.71 billion people have musculoskeletal conditions worldwide. Musculoskeletal conditions are the leading contributor to disability worldwide, with low back pain being the single leading cause of disability in 160 countries. High-income countries are the most affected in terms of number of people which is 441 million followed by countries in the WHO Western Pacific Region with 427 million and South-East Asia Region with 369 million. Musculoskeletal conditions are also the biggest contributor to years lived with disability (YLDs) worldwide with approximately 149 million YLDs, accounting for 17% of all YLDs worldwide.

Figure 2. Global Orthopedic Imaging Market Value (US$ Million), by Region, 2023

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Global Orthopedic Imaging Market - Regional Analysis

Among regions, North America is estimated to hold a dominant position in the Global Orthopedic Imaging Market over the forecast period. North America is estimated to hold 31.0 % of the market share. The growing prevalence of osteoarthritis disorders directly impacts the increased demand for global orthopedic imaging market. For instance, according to data published in 2021 by Centers for disease control and prevention about 1 in 4 U.S. adults (23.7%) or about 58.5 million people have doctor-diagnosed arthritis. Arthritis is more common in women (23.5%) compared with men (18.1%). These imaging techniques help to diagnose the disease as well as identifies the progression of disease.  Thus, the rise in osteoarthritis cases is anticipated to increase market growth over the forecast period.

Global Orthopedic Imaging Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a negative impact on the Global Orthopedic Imaging Market. This is because of the reduced number of surgeries during COVID-19 pandemic. For instance, according to article published in Springer on May 19, 2022, the annual surgery volume was reduced by 20.2 % in 2020. The patient visits were decreased by 25.5 % and new patients visit was 25 % lower till the end of 2020. Even in the second quarter of 2020, 28.5% of patients visit were telehealth appointments.

Global Orthopedic Imaging Market Segmentation:

The Global Orthopedic Imaging Market report is segmented into by Product Type, by Indication, by End user, and Region.

By Product Type, the market is segmented into X-Ray System, CT-Scanner, MRI System, EOS Imaging Systems, Ultrasound, Nuclear Imaging Systems. Out of which, the X-ray system segment is expected to hold a dominant position in the Global Orthopedic Imaging Market during the forecast period and this is attributed to being the simplest and most commonly used technique in the field of orthopedic imaging. By Indication, the market is segmented into acute disorders, chronic disorder and others. Out of which, the chronic disorder segment is expected to dominate the market over the forecast period and this is attributed to the increasing geriatric population worldwide. Chronic bone related disorders are mostly observed in elder population.

By End user, the market is segmented into Hospitals, Radiology Centers, Emergency Care Facility, Ambulatory Surgical Center. Out of which, the Hospital segment is expected to hold a dominant position in the global orthopedic imaging market during the forecast period and this is attributed to the increasing usage of orthopedic imaging techniques in hospitals.

Among all the segmentations, the product type segment has the highest potential due to the increasing research and development activities over the forecast period. The use of X-Ray System, CT-Scanner, MRI System has become an essential tool for diagnosis. Hence constant introduction of new product is carried out.  For instance, on January 30, 2023 Avingtrans, a U.K.-based manufacturer of engineered components, systems and services company along with its associate Adaptix, a U.K. based medical imaging technology firm has received U.S. Food and Drug Administration (FDA) 510(k) clearance for its orthopedic medical imaging product, Digital Tomosynthesis Orthopedic imaging system.

Global Orthopedic Imaging Market Cross Sectional Analysis:

Rising incidence of bone related disorders in emerging economies is also expected to boost demand for Orthopedic Imaging techniques in these regions. For instance, according to article published in journal Climacteric on January 18, 2022, Worldwide, osteoporosis causes more than 8.9 million fractures annually, resulting in an osteoporotic fracture every 3 seconds.

Global Orthopedic Imaging Market: Key Developments

In April 29 2022, The National Medical Products Administration (NMPA), former China Food and Drug Administration (CFDA) granted Innovation Approvals to two pieces of equipment. In Radiology a Magnetic resonance imaging system was approved while in Orthopedic a new hip replacement surgery navigation and positioning system was launched.

In December 8, 2020, Zebra Medical Vision, an Israel based deep-learning medical imaging analytics company, announced its seventh U.S. Food and Drug Administration clearance. The clearance is for an artificial intelligence solution to extract bone measurements from X-ray scans, at the same quality as CT scans, for planning orthopedic surgical procedures.

In January 2022, Phillips, a Netherlands based medical imaging equipment manufacturer, announced the integration of cloud based artificial intelligence and 3-Dimentional mapping in its mobile C-arm system series Zenition. This combination technology would result in reduction in radiation exposure by half. It will also increase the procedure speed by 20%.

In April 2021, Ziehm Imaging Americas, a Germany based medical equipment manufacturer and Carestream Health, a U.S. based X-Ray imaging system provider announced partnership to distribute the Ziehm Vision RFD C-arm system. It is a mobile, fluoroscopic surgical imaging system with flat panel detector.

Global Orthopedic Imaging Market: Key Trends

Introduction of portable imaging devices in market

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. For instance, the U.S. Food and drug administration approves Aspenstate, an U.S.-based medical imaging device manufacturing company’s AiRTouch Portable X-Ray System for human medical use.

Global Orthopedic Imaging Market: Restraint

High cost of medical equipment and setups

The market is mainly being hindered due to high costs of the medical equipment. The cost of using medical equipment and its services is usually passed onto the patients in the form of steep usage fees. Also high cost is involved in setup and maintenance of the medical devices. This might discourage those who do not have enough disposable income to make use of the equipment. This ultimately results in hindering the market’s growth. For instance, as per article published in LBN Medical on December 2, 2022, the cost of magnetic resonance imaging scanners ranges from US$ 329- US$ 768. Extra cost comes in the form of installation and warranty. Cost of spare parts, and a device specific cost also adds up to total cost. For example, if a helium-cooled MRI is to be purchased, additional costs for helium are needed to pay.

Global Orthopedic Imaging Market - Key Players

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, Toshiba Corporation, Canon medical systems corporation, Fujifilm holdings corporation, Carestream health Inc, Hologic Inc, Samsung Electronics, Mindray Medical International, Curvebeam LLC, Shimadzu Corporation, Neusoft Medical systems and SternMed.

*Definition: 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 reveals 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, Elective orthopedic surgery (EOS) imaging systems, positron emission tomography (PET) and single-photon emission computed tomography (SPECT). In orthopedic imaging, these modalities are used for the detection for fractures, bone dislocation, ligament tear, arthritis, post-surgical complications, and surgical intervention.