Market Challenges And Opportunities

Market Dynamics

Rise in orthopedic disorders and increasing geriatric population that are highly susceptible to develop osteoarthritis is expected to propel the market growth. According to the World Health Organization (WHO), 2013, around 28.2% of the global population aged 60 years and above suffer from osteoarthritis, with an estimated 80% to have mobility handicaps. WHO also states osteoarthritis is expected to be the fourth most common cause of disability by 2020. According to the International Osteoporosis Foundation, 2017, osteoporosis causes over 8.9 million fractures annually, resulting in an osteoporotic fracture every three seconds. One in three women over the age 50 is expected to experience osteoporotic fractures, as will one in five men aged 50 years and above.

Increasing cases of bone fracture trauma due to fall, motor vehicle accident or sports, requires efficient medical intervention, which is provided by orthopedic medical imaging systems, thus, augmenting the market growth. According to the National Trauma Institute, in 2014, traumatic injury is a major cause of death globally, with the major share of road injury (29.1%) and falls (11.6%). According to the National Institute of Health, 2012, knee is the most commonly injured joint by adolescent athletes with an estimated 2.5 million sports-related injuries presenting to emergency departments, annually. This number is expected to increase in the near future.

Moreover, technological advancements in imaging technology, along with specialized training have provided efficient diagnosis for fast intervention. For instance, in February 2018, Siemens Healthineers received the FDA clearance from the U.S. Food and Drug Administration (FDA) for GOKnee3D, a magnetic resonance imaging (MRI) application that reduces the time required to perform knee diagnostics. Also, in February 2018, Qioptiq—an Excelitas Technologies Company—launched SlimLine for X-ray diagnostics featuring spine mode, which enables optimization of overexposed images for maximum contrast and spine visibility. Also, the latest MRI technology -3T MRI uses a magnetic field stronger than any other MRI technology, producing high details that allows scanning of orthopedic disorders and conditions, including bone bruises and spinal conditions.