What’s Driving Growth in the Orthopedic Imaging Equipment Market? Insights into Key Trends and Opportunities
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How has the orthopedic imaging equipment market grown over the years?
Recently, there has been significant growth in the orthopedic imaging equipment market scale. The market’s projected growth will see it rise from $10.24 billion in 2024 to $10.84 billion in 2025, with a compound annual growth rate (CAGR) of 5.9%. The surge in growth during the historic era can be linked to factors such as a rising aging population, increase in orthopedic cases, surge in healthcare expenditure, and the escalating trends in sports and fitness.
What Is the forecasted market size and growth rate for the orthopedic imaging equipment market?
The market for orthopedic imaging equipment is projected to experience substantial growth in the upcoming years, expected to rise to $13.44 billion by 2029, with a compound annual growth rate (CAGR) of 5.5%. The projected growth in this period can be credited to factors such as regulatory measures, a rising incidence of orthopedic diseases, enhanced awareness and screening initiatives, increased healthcare expenditure, and broadening applications. Noteworthy trends expected in this forecast period include the incorporation of artificial intelligence (AI), a move towards 3D imaging, a heightened emphasis on radiation reduction, miniaturization and mobility, as well as telemedicine and remote imaging services.
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What are the major factors driving growth in the orthopedic imaging equipment market?
The growth of the orthopedic imaging equipment market is anticipated to be spurred by the rising frequency of road accidents. These incidents, which take place on roads involving vehicles, pedestrians, cyclists, or other users, can lead to property damage, injuries, or fatalities. The escalation in these accidents can be attributed to various factors such as distractions while driving, speeding, impaired driving, lack of proper infrastructure, and human errors, all magnified by societal aspects like urbanization and technology-induced distractions. In the event of road accidents, orthopedic imaging equipment serves as a crucial tool by providing explicit images of bone fractures, joint dislocations, and injuries to soft tissues. This not only assists in precise diagnosis and treatment strategies but also enhances patient results and quickens recovery. To illustrate, data from the Department for Transport, a UK government agency, in May 2023, revealed a rise in UK road fatalities from 1,695 in 2022 to 1,560 in 2021. Consequently, the spike in road accidents has been a significant driver for the orthopedic imaging equipment market’s growth.
What key areas define the segmentation of the global orthopedic imaging equipment Market?
The orthopedic imaging equipment market covered in this report is segmented –
1) By Product: Drill Guide, Guide Tubs, Implant Holders, Custom Camps, Distracters, Screwdrivers
2) By Systems: X-Ray Systems, Computed Tomography (CT) Scanner, Magnetic Resonance Imaging (MRI) Systems, Electron Optical System (EOS) Imaging Systems, Ultrasound, Nuclear Imaging Systems
3) By Indication: Acute injuries, Sports injuries, Trauma cases, Chronic Disorders, Osteoarthritis, Osteoporosis, Prolapsed Disc, Degenerative joint diseases, Other Indications
4) By End-User: Hospitals, Radiology Centers, Emergency Care Facility, Ambulatory Surgical Centers
Subsegments:
1) By Drill Guide: Manual Drill Guides, Powered Drill Guides
2) By Guide Tubes: Single-Use Guide Tubes, Reusable Guide Tubes
3) By Implant Holders: Fixed Implant Holders, Adjustable Implant Holders
4) By Custom Camps: Custom Surgical Camps, Standard Surgical Camps
5) By Distracters: External Fixation Distractors, Internal Distractors, Spine Distractors
6) By Screwdrivers: Manual Orthopedic Screwdrivers, Powered Orthopedic Screwdrivers
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What are the top market players propelling the growth of the orthopedic imaging equipment industry?
Major companies operating in the orthopedic imaging equipment market are Hitachi Ltd., Siemens AG, Toshiba Corporation, FUJIFILM Corporation, Koninklijke Philips N.V, Stryker Corporation, GE HealthCare Technologies Inc., Hologic Inc., Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Shimadzu Corporation, Canon Medical Systems Corporation, Neusoft Corporation, Planmed Oy, Agfa-Gevaert N.V., Carestream Health, Brainlab, Esaote SpA, Ziehm Imaging GmbH, EOS imaging, NeuroLogica Corp., Swissray International Inc., Xoran Technologies LLC., Allengers Medical Systems Ltd., Konica Minolta Healthcare Americas Inc., Hi-Tech Medical Imaging
How are evolving market trends shaping orthopedic imaging equipment Strategies?
The focus of key players in the orthopedic imaging equipment market has shifted towards the development of more sophisticated technologies like Augmented Reality (AR) guidance systems to improve precision and effectiveness for orthopedic operations. These AR systems seamlessly merge real-time imagery with digital superimposition, providing comprehensive visual assistance to surgeons during operations. For example, in March 2022, Pixee Medical – a France-based firm specializing in creating surgical assistance tools – introduced its Knee+ AR computer-aided orthopedic solution in the United States. This pioneering AR navigation system has been designed specifically for total knee arthroplasty. Its primary function is to support orthopedic surgeons in accurately determining implant placement during knee arthroplasty procedures, achieved through the use of augmented reality glasses that compute the 3D coordinates of tools.
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What regions are dominating the orthopedic imaging equipment market growth?
North America was the largest region in the orthopedic imaging equipment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the orthopedic imaging equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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