Spine X-Ray and Computed Tomography (CT) Market: Current Analysis and Forecast (2022-2030)

Report Description

The Spine X-Ray and computed tomography (CT) market was valued at USD 1,546 million in 2022 & is expected to grow at a CAGR of 6% from 2023-2030 Spine X-ray is a commonly used imaging technique that utilizes low-dose radiation to create images of the bones in the spine. It provides a two-dimensional view of the spine, allowing healthcare professionals to evaluate the alignment, structure, and overall health of the vertebrae. Computed Tomography, often referred to as CT or CAT scan, is an advanced imaging technique that combines X-rays and computer processing to create detailed cross-sectional images of the spine. CT scans provide a more comprehensive view of the spine, including the bones, nerves, discs, and soft tissues. The growing demand for spine x-ray and computed tomography (CT)s can be attributed to the increasing incidence of spinal disorders, such as degenerative disc disease, herniated discs, spinal stenosis, and spinal deformities, is driving the demand for spine imaging techniques around the globe. For instance, according to UnitedSpinal.gov, in 2022 Every year approximately 17,700 Americans acquire a spinal cord injury. Roughly 78% are men, and their average age is 43. Most spinal cord injuries happen as a result of a vehicle accident (39.3%), followed closely by falls (31.8%), trailed by violence (13.2%), sports (8%), and medical/surgery (4.3%). Owing to the glaring statistics increasing prevalence of spinal cord injury across the globe would contribute to the growth of the market in the forthcoming period as well. Furthermore, the spine x-ray and computed tomography (CT) market is anticipated to grow on account of Continuous advancements in imaging technology have significantly enhanced the capabilities of Spine X-ray and CT imaging. Moreover, The growing demand for minimally invasive spine surgeries has led to a growing demand for spine x-ray and computed tomography (CT)s in techniques. However, some of the restraints in the market including the high equipment and maintenance costs and radiation exposure concerns are impeding the growth of this market all over the world.

Some of the major players operating in the 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., Koninklije Philips N.V., Nano-x Imaging LTD. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst product, the CT devices segment held a significant share of the market in 2021.”

Based on product, the market is segmented into X-ray devices, CT devices, and AI-enabled X-ray & CT software. Among them, the CT devices segment captured a significant share of the market in 2021. Accurate diagnosis is crucial in spine-related conditions for appropriate treatment planning and patient management. CT devices excel in providing detailed images of the spine, allowing healthcare professionals to identify abnormalities, fractures, degenerative changes, tumors, and other conditions accurately. The demand for precise and comprehensive diagnosis is driving the adoption of CT devices in the Spine X-ray and CT market.

“Amongst indication, the spinal injuries segment held the higher CAGR in the market in 2021.”

Based on the indication, the market is bifurcated into spinal injuries, spinal tumors, and spinal fractures. Among them, the spinal injuries segment is expected to grow at a higher CAGR in the market. Spinal injuries, such as fractures, spinal cord injuries, and spinal trauma, are becoming more prevalent due to various factors like accidents, sports-related injuries, falls, and violence. The increasing incidence of spinal injuries drives the demand for accurate and comprehensive diagnostic imaging techniques to assess the extent and nature of the injury, facilitating appropriate treatment planning.

Spine X-Ray and computed tomography (CT) Market Report Coverage

“North America dominated the Spine X-Ray and computed tomography (CT) market in 2021.”

North America is known for its strong focus on technological advancements in healthcare. The region has witnessed significant developments in Spine X-ray and CT imaging technologies, such as improved image resolution, reduced radiation dose, faster scanning times, and advanced software for image analysis. These advancements drive market growth by providing healthcare professionals with enhanced diagnostic capabilities and improved patient outcomes. For instance, in 2021, Philips introduced the Philips Incisive CT platform, a next-generation CT system that offers enhanced image quality, lower radiation dose, and faster scanning. The system incorporates advanced features like iPatient, which enables personalized imaging protocols and patient-centered imaging. This development exemplifies the focus on technological advancements in CT imaging. Moreover, North America has a high prevalence of spine-related conditions, including degenerative disc disease, herniated discs, spinal stenosis, and spinal deformities. Factors such as an aging population, sedentary lifestyles, and occupational hazards contribute to the growing incidence of these conditions. The need for accurate diagnosis and treatment of spine-related conditions drives the demand for Spine X-ray and CT imaging in the region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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The global Spine X-Ray and computed tomography (CT) market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Spine X-Ray and computed tomography (CT) Market Analysis (2022-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Spine X-Ray and computed tomography (CT) market were the three major steps undertaken to create and analyze the adoption of Spine X-Ray and computed tomography (CT) in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Spine X-Ray and computed tomography (CT) market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Spine X-Ray and computed tomography (CT) market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Spine X-Ray and computed tomography (CT) market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, indication, patients, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Spine X-Ray and computed tomography (CT) market. Further, we conducted factor analysis using dependent and independent variables such as product, indication, patients, and end-users of the spine X-Ray and computed tomography (CT) market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Spine X-Ray and computed tomography (CT) market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Spine X-Ray and computed tomography (CT) market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Spine X-Ray and computed tomography (CT) market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Spine X-Ray and computed tomography (CT) market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global spine X-Ray and computed tomography (CT) market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, indication, patients, and end-users in the global Spine X-Ray and computed tomography (CT) market.

The main objective of the Global Spine X-Ray and computed tomography (CT) Market Study

The current & future market trends of the global Spine X-Ray and computed tomography (CT) market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Spine X-Ray and computed tomography (CT) market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the product, indication, patients, and end-users
• Define and analysis of the regulatory framework for the Spine X-Ray and computed tomography (CT) industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Spine X-Ray and computed tomography (CT) market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Spine X-Ray and computed tomography (CT) market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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