Orthopedics Diagnostic Devices Market Size to Reach USD 15,615.15 MN in 2030 Due to Rising Demand for 3D Medical Imaging Equipment and Reduction in Reimbursements for Imaging Procedures Using Film and Cassette-Based Technologies, Emergen Research
VANCOUVER, BC, April 19, 2022 /PRNewswire/ -- The global orthopedics diagnostic devices market size reached USD 11,024.00 Million in 2021 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increase in the number of old and obese people is expected to increase the adoption rate of orthopedics diagnostic devices and thereby drive market revenue growth during the forecast period.
Drivers:
Increase in the number of old and obese people across the world is expected to increase the adoption rate of orthopedic diagnostic devices during the forecast period. According to the US Department of Health and Human Service projections, the country's geriatric population would increase to 72.1 million by 2030, more than doubling from 2000. On the other hand, prevalence of osteoarthritis, rheumatoid arthritis, fibromyalgia, juvenile arthritis, and other orthopedic disorders is increasing as a result of aging population, obesity, and changes in lifestyles. According to the Centers for Disease Control and Prevention (CDC), there will be 78.4 million adults in the United States aged 18 and older with doctor-diagnosed arthritis by 2040, up from 54.4 million persons in 2013–2015. Rising incidence of arthritis is expected to increase demand for orthopedics diagnostic devices and thus, drive revenue growth of the market.
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Restraints:
Extensive growth in medical diagnosis has enabled healthcare providers to assist patients through novel treatment approaches. However, there is observed reluctance among patients in adopting new technologies. For instance, there is a misconception among patients regarding the use and harmful effect of many diagnostic technologies. Moreover, according to a new World Bank (WB) and World Health Organization (WHO) research, at least half of the world population lacks access to basic health services. At present, about 800 million people spend at least 10% of their household budgets on health expenses, and these expenses are high enough for about 100 million people to push them into extreme poverty, forcing them to live on USD 1.90 or less a day.
Growth Projections:
The global orthopedics diagnostic devices market is expected to register a CAGR of 3.9% over the forecast period, and revenue is expected to increase from USD 11,024.00 Million in 2021 to USD 15,615.15 Million in 2030. Rising demand for 3D medical imaging equipment is driving revenue growth of the market.
COVID-19 Impact Analysis:
The COVID-19 pandemic has caused dramatic disruptions in the global orthopedics diagnostic devices market. Most orthopedic procedures are deemed to be more selective in nature than other surgeries, and can be deferred without raising the risk of mortality. This has led to cancellation and postponement of operations at the onset of the COVID-19 outbreak. However, slow recovery of the global orthopedics diagnostic devices market was observed in 2021.
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Current Trends and Innovations:
Currently, a variety of medical imaging techniques allow for Three-Dimensional (3D) vision and quick diagnosis. Computer-assisted Detection (CAD) and image analysis applications have also developed as a result of advances in 3D imaging, which is increasing demand for nearly every modality, particularly tomographic imaging techniques. Furthermore, surgeons are increasingly adopting 3D imaging to plan procedures, resulting in rise in use of these systems. The use of 3D imaging for breast cancer screening is on the rise, as it provides a better picture of tissues than traditional mammography.
Geographical Outlook:
North America orthopedics diagnostic devices market revenue is expected to register a significantly robust CAGR over the forecast period, due to the direct presence of key players in the region, a strong distribution network, and well-established healthcare infrastructure. Increasing cases of accidents and amputations in the United States is also expected to drive market revenue growth in North America.
Strategic Initiatives:
Major companies profiled in the market report include GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Canon Medical Systems Corporation, Hitachi, Ltd, Esaote S.p.A., Hologic, Inc., Planmed Oy, FUJIFILM Holdings Corporation, and Stryker.
- In March 2021, GE Healthcare announced 510(k) clearance from U.S. Food and Drug Administration (FDA) for OEC 3D, a new surgical imaging system capable of 3D and 2D imaging. OEC 3D set a standard for interoperative 3D imaging with precise volumetric images for spine and orthopedic procedures.
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Emergen Research has segmented the global orthopedics diagnostic devices market on the basis of product, type, age group, application, end user, and region:
- Product Outlook (Revenue, USD Million; 2019–2030)
- X-ray Systems
- Fluoroscopy
- Doppler Ultrasound
- Computed Tomography (CT Scan)
- Quantitative Computed Tomography
- High-resolution peripheral quantitative computed tomography (HR-pQCT)
- Weight Bearing CT (WBCT)
- Magnetic Resonance Imaging (MRI)
- Weight Bearing MRI
- Other Devices
- Other Diagnostic devices
- Type Outlook (Revenue, USD Million; 2019–2030)
- Standalone
- Point of Care
- Age Group Outlook (Revenue, USD Million; 2019–2030)
- Pediatrics
- Adults
- Application Outlook (Revenue, USD Million; 2019–2030)
- Osteoarthritis
- Osteoporosis
- Prolapsed Disc
- Bone Tumors
- Acute Injuries
- Trauma
- Other Applications
- End User Outlook (Revenue, USD Million; 2019–2030)
- Hospitals
- Radiology Centers
- Ambulatory Surgical Centers
- Other End-users
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- Regional Outlook (Revenue, USD Million; 2019–2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- UAE
- Africa
- Rest of Middle East & Africa
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