Global Orthopedic Medical Imaging Systems Market to Reach $10.6 Billion by 2026
SAN FRANCISCO, June 30, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Orthopedic Medical Imaging Systems - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 8; Released: January 2021
Executive Engagements: 518
Companies: 50 - Players covered include Canon Inc.; Carestream Health, Inc; EOS Imaging; Esaote SpA; Fujifilm Holdings Corporation; General Electric Company ; Hitachi Medical Systems Europe Holding AG; Koninklijke Philips N.V.; Medtronic Plc; Planmed OY; Shimadzu Corporation; Siemens Medical Solutions USA, Inc.; Teledyne DALSA and Others.
Coverage: All major geographies and key segments
Segments: Product Type (X-ray Systems, Ultrasound Systems, CT Scanners, MRI Scanners, Nuclear Imaging Systems); End-Use (Hospitals, Radiology Centers, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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ABSTRACT-
Global Orthopedic Medical Imaging Systems Market to Reach $10.6 Billion by 2026
Orthopedic medical imaging presents a non-invasive approach to examine internal structures of a patient to diagnose medical conditions. Orthopedic medical imaging systems are emerging as a popular option to get high-quality imaging in safe and effective manner for decision making and reduce the requirement of surgeries. Growth in the global market is being driven by increasing cases of orthopedic ailments and growing geriatric population that is highly prone to osteoarthritis. The market is also bolstered by rising incident of bone fracture trauma as a result of fall, accidents and sports-related injuries. Traumatic injury continues to be one of the primary causes of mortalities, with road injury and falls. There are around 2.5 million cases of sports-related injuries to the knee per year, which require emergency care. The number is anticipated to increase over the coming years, creating strong demand for orthopedic medical imaging systems.
Amid the COVID-19 crisis, the global market for Orthopedic Medical Imaging Systems estimated at US$8.4 Billion in the year 2020, is projected to reach a revised size of US$10.6 Billion by 2026, growing at a CAGR of 4.1% over the analysis period. X-ray Systems, one of the segments analyzed in the report, is projected to grow at a 3.6% CAGR to reach US$3.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Ultrasound Systems segment is readjusted to a revised 4.2% CAGR for the next 7-year period. This segment currently accounts for a 25.9% share of the global Orthopedic Medical Imaging Systems market.
The U.S. Market is Estimated at $3.3 Billion in 2021, While China is Forecast to Reach $1.1 Billion by 2026
The Orthopedic Medical Imaging Systems market in the U.S. is estimated at US$3.3 Billion in the year 2021. The country currently accounts for a 38.25% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.1 Billion in the year 2026 trailing a CAGR of 5.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3% and 3.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR while Rest of European market (as defined in the study) will reach US$1.2 Billion by the end of the analysis period. Growth in the North America region is driven by favorable policies for reimbursement and a large chunk of senior population willing to undergo procedures to stay active. The regional market is buoyed by implementation of sophisticated systems across healthcare and clinical settings. An increasing number of outpatient and inpatient surgery centers in the US are investing in innovative systems to improve diagnostics, treatment and patient outcomes. Various hospitals are adopting systems with integrated spinal navigation and robotics features for real-time medical imaging and high accuracy during orthopedic surgeries. The market expansion in Asia-Pacific region can be credited to increasing launch and adoption of advanced systems across a large number of clinical settings. Future growth of the Asia-Pacific market is anticipated to be propelled by government initiatives, adequate reimbursement, rising insurance coverage and growth of the medical tourism industry.
CT Scanners Segment to Reach $2.1 Billion by 2026
In the global CT Scanners segment, USA, Canada, Japan, China and Europe will drive the 4.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.3 Billion in the year 2020 will reach a projected size of US$1.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$236.8 Million by the year 2026, while Latin America will expand at a 5.3% CAGR through the analysis period. More
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SOURCE Global Industry Analysts, Inc.