Market Trends of Global Spinal Imaging Treatment Industry
This section covers the major market trends shaping the Spinal Imaging Treatment Market according to our research experts:
MRI Segment is Expected to Dominate the Market Over the Forecast Period
The MRI segment held the largest market share in the spinal imaging market. MRI offers high soft-tissue contrast, excellent spatial resolution, and multiplanar imaging capabilities, which helps in spinal investigations. Advanced MRI scanners have elevated magnetic strength (3.0T) and less signal-to-noise ratio (SNR), decreasing imaging time and improving patient compliance and installation rate. According to the study titled "The Role of Magnetic Resonance Imaging to Inform Clinical Decision-Making in Acute Spinal Cord Injury: A Systematic Review and Meta-Analysis" Journal of Clinical Medicine in November 2021, In the initial assessment of spinal trauma, imaging is crucial. MRI had a 40% sensitivity for fracture detection but 100% specificity for spinal cord injury. Thus, the effectiveness of the MRI in the detection of spinal cord injury is expected to drive the demand for MRI systems thereby boosting the segment growth.
The development of cutting-edge products by major market players and technological advancements in products are expected to boost the segment growth. For Instance, in January 2022, Abbott revealed that the United States Food and Drug Administration (FDA) has approved new expanded magnetic resonance imaging (MRI) compatibility for its Proclaim XR Spinal Cord Stimulation (SCS) System with Octrode leads. Under the expanded MRI labeling, patients with a Proclaim XR SCS device can benefit from higher quality images with faster MRI scan times.
The advancement in software development for MRI images helps boost the demand for MRI imaging. In May 2021, Indian Radiology company Synapsica partnered with Aarthi Scans and Labs to deploy its artificial intelligence (AI) assistant named 'Spindle' to offer spine magnetic resonance imaging (MRIs) for the diagnostic chain. Spindle automatically reports over 35 degenerative or age-related pathologies in MRI scans of the spine. This helps reduce the time spent by radiologists on spine MRIs by almost 70% and quickly identify and report variations and pathologies to diagnose the disease and quantify the degree of degeneration.
Thus, all aforementioned factors expected to boost the segment growth over the forecast period.
North America is Expected to Have the Significant Market Share over the Forecast Period
North America holds the major market share and is expected to continue its dominance over the forecast period due to high product demand and rising cases of vertebral surgeries like lumbar discectomy and lumbar fusion. This is attributed primarily to the advancements in healthcare technologies, credited to extensive investment-backed R&D, and the availability of a rising number of X-ray and CT devices which are used to diagnose any compressions or inflammation of the spinal cord and nerves, infection of the vertebrae, discs, spinal cord or tumors in the spinal cord or surrounding areas.
According to an article published by the National Center for Biotechnology Information, in 2021, titled 'Spinal Cord Injuries', stated that in the United States, there are approximately 17,000 new cases of spinal cord injuries (SCI) each year. Moreover, According to the data published by the American Association of Neurological Surgeons, in the June 2021 report, it has been observed that more than 450,000 people in the United States are living with a spinal cord injury (SCI). Additionally, According to an article published by the National Center for Biotechnology Information, in March 2021, titled 'Prevalence of Spine Degeneration Diagnosis by Type, Age, Gender, and Obesity Using Medicare Data,' the prevalence rate of diagnosed spinal degenerative disease was found to be 27.3%. Thus, growing the prevalence of the spinal cord disaeses is expected to drive the growth of the market over the forecast period.
Moreover, with the increasing focus of the companies on adopting various business strategies such as product approvals, launches, mergers and acquisitions, and partnerships, withholding their market position is also contributing to the market growth. In November 2020, Siemens Healthineers introduced the LUMINOUS Lotus Max at the Annual Meeting of the Radiological Society of North America (RSNA). It is a 2-in-1 remote-controlled imaging system that seamlessly integrates fluoroscopy and radiography for increased productivity and optimized clinical operations. It also helped in full-spine examinations and basic interventions. In August 2020, Wenzel Spine Inc. announced the acquisition of Statera Spine, a spine imaging analytics company that facilitates treatment for patients with acute and chronic spine issues. Additionally, in February 2020, Alphatec Holdings, Inc. acquired EOS imaging, SA. This transaction will integrate spine imaging and anatomical modeling onto the platform to inform the operative experience.Such regional advancement is expected to boost the market growth in the North American region.
