Orthopedic Imaging Equipment Market Orthopedic Imaging Equipment Market

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For instance, according to the data published by WHO in July 2022, about 1.71 billion people worldwide have musculoskeletal conditions. Furthermore, constant technological advancements are expected to drive the growth of the orthopedic imaging equipment industry. The growing prevalence of orthopedic disorders such as osteoporosis, osteomalacia, arthritis, and also increasing incidences of trauma cases resulting in bone injuries are expected to be a major driving factor for the market growth. This may be due to various factors such as changes in lifestyle, the aging population, and increased awareness about these conditions. For instance, according to the international osteoporosis foundation, osteoporosis causes over 8.9 million fractures worldwide each year, which suggests that there is an osteoporosis-related fracture occurring every three seconds. X-rays, CT scans, and MRI scans are some of the imaging techniques used to diagnose bone fractures. These imaging techniques help to accurately diagnose and classify the type of fracture, which then guides the treatment plan. In addition, medical imaging plays a vital role in monitoring the healing process and identifying any complications that may arise during recovery. Overall, medical imaging is an important tool in the management of bone fractures, allowing for timely and accurate diagnosis and treatment.

Technological advancements, whether in the form of new product launches or product upgrades, such as the integration of AI, the introduction of miniature handheld devices, and the emergence of virtual and augmented reality in medical imaging devices used for orthopedic applications, are another major factor accelerating the market growth. For instance, in February 2023, Clarius Mobile Health announced that its MSK AI model had been granted FDA approval. The model incorporates advanced artificial intelligence (AI) technology to identify and measure tendons in the foot, ankle, and knee with high precision. Clarius Mobile Health is a renowned provider of high-definition handheld ultrasound systems.

Market Concentration & Characteristics

The market growth stage is high, with an accelerating pace. The orthopedic imaging equipment industry has seen significant innovation, characterized by advancements in technology that have led to more accurate and efficient imaging results, ultimately improving treatment planning. X-ray continues to be the primary imaging modality for bone imaging, while MRI is preferred for musculoskeletal imaging as it provides better visualization of soft tissues. The integration of AI with these modalities has also played a key role in driving market growth.

To expand their customer base and gain a larger market share, major players in the industry are continuously working to improve their product offerings. This involves upgrading their products, exploring acquisitions, obtaining government clearances, and engaging in important cooperation activities. For instance, in June 2023, MARS Bioimaging and the Hospital for Special Surgery (HSS) in the USA announced a partnership to advance musculoskeletal imaging and diagnosis. The partnership will be focused on MARS’ photon-counting spectral CT imaging technology. The two organizations will collaborate to evaluate specific aspects of the MARS 5×120 Extremity Scanner and explore the potential development of new scanning systems and technologies through the HSS Innovation Institute.

The orthopedic imaging equipmentindustry is witnessing a high degree of innovation, owing to remarkable technological advancements that have positioned them at the forefront of medical diagnostics. For instance, in July 2023, Konica Minolta Healthcare Americas, Inc., launched PocketPro H2, a wireless handheld ultrasound device. This wireless handheld ultrasound system is optimized for musculoskeletal (MSK), needle guidance applications, vascular access, and pain management.

Companies that manufacture orthopedic imaging devices are undertaking merger and acquisition activities. This strategic approach seeks to improve technological capabilities, expand market reach, and maintain competitiveness. For instance, in March 2022, Canon Medical Systems acquired Nordisk Røntgen Teknik A/S, a Danish medical equipment manufacturer, to strengthen its global X-ray business.

The development and use of medical orthopedic imaging equipment are significantly influenced by regulations set by regulatory bodies such as the US Food and Drug Administration (FDA) and the European Medicines Agency (EMA). These regulations ensure that medical devices are safe and effective for patient use and cover all aspects of the device, ranging from its design and manufacturing to its usage in clinical settings.

Orthopedic Imaging Equipment Market Report Scope