The global market for orthopedic imaging, which is currently valued at $7.6 billion, will soar steadily at a compound annual growth rate (CAGR) of 4.9% to reach $12.4 billion valuation by 2026, according to a recent report from Future Market Insights.
The report goes on to say that medical organizations and research institutes will continue to put more efforts toward development of advanced imaging devices. Additionally, growing preference to portable point-of-care devices has propelled the scope of using imaging software, with vital stats able to be viewed through smartphone applications.
Orthopedic imaging has also conversed beyond the limits of being an exclusive medical service. Prominence of bone-related ailments, fractures, and disorders are prompting individuals toward adoption of handy devices with orthopedic imaging facilities.
Nevertheless, the report continues, the global orthopaedic imaging market will exhibit a restrictive growth owing to rising cost of clinical trials for such imaging devices, stringent regulations associated with commercialisation of orthopaedic imaging devices, and poor imaging infrastructure in underdeveloped and developing economies.
Demand for x-ray systems and ultrasound systems as orthopedic imaging products will remain high, the report states. Instead of EOS imaging systems and nuclear imaging systems, orthopedic patients are more likely to be imaged with CT scanners, ultrasound, an MRI or x-ray imaging systems. In 2016, global sales of these three product types brought in more than $5 billion in revenues. However, efficiency of EOS imaging systems will boost their sales, registering growth at 17.7% CAGR.
In terms of revenue share, North America and Western Europe will remain dominant regions for orthopedic imaging sales through 2026. However, a limited healthcare budget in the United States is restraining North America’s share in global orthopedic imaging market to below 30% by the end of forecast period. Western Europe is also expected to incur a marginal decline in terms of global market value share.
Key findings in the report, however, project that the orthopedic imaging market in Asia-Pacific excluding Japan (APEJ) region will expand its global revenue share, reaching a value of $2.72 billion by the end of 2026.
Hospitals will remain the largest end-user of orthopedic imaging devices. Radiology centers, along with hospitals, will collectively account for over two-third of global market value throughout the forecast period. Emergency care facilities, on the other hand, will be demanding more number of orthopedic imaging systems. By the end of 2026, more than $3.2 billion revenues will be attributed by sales of orthopedic imaging devices to emergency care facilities.
