Global Market Size Projection for Musculoskeletal Computed Tomography Diagnostic Imaging (2024 - 2030)

The Global Market for Musculoskeletal Computed Tomography Diagnostic Imaging was assessed at USD 37.33 billion, with expectations to reach USD 51.77 billion by the conclusion of 2030. This market is anticipated to expand at a CAGR of 4.78% throughout the forecast period from 2024 to 2030.

Overview of Musculoskeletal Computed Tomography Diagnostic Imaging Market

Musculoskeletal Computed Tomography Diagnostic Imaging focuses on the extremities, spine, neck, and back, facilitating the identification of underlying causes of pain or related symptoms. The likelihood of developing such conditions escalates with age. Reports from the Centers for Disease Control and Prevention (CDC) indicate that nearly 80% of the elderly population in the United States grapple with at least one chronic ailment. Furthermore, the American Medical Association (AMA) estimates that by 2030, at least 60% of individuals aged 65 and above will be managing more than one chronic condition. This demographic shift towards an aging population is expected to drive the demand for advanced healthcare facilities, enhanced treatment modalities, and pharmaceutical interventions. Notably, Computed Tomography scans are pivotal diagnostic tools, particularly for conditions like lung cancer and traumatic brain injuries. The rising incidence of these ailments is propelling the market's expansion. According to a 2020 report by the International Osteoporosis Foundation (IOF), one in four women and one in three men aged 50 years and older experience osteoporosis-related fractures. Globally, approximately 250 million individuals are impacted by osteoporosis, leading to a fracture occurring every four seconds. Musculoskeletal CT scans offer three-dimensional bone images, facilitating improved diagnosis and orthopedic surgeries. Consequently, with the mounting burden of orthopedic disorders, the demand for Musculoskeletal CT scanners is poised for growth.

Impact of COVID-19 on the Musculoskeletal Computed Tomography Diagnostic Imaging Market

The onset of the COVID-19 outbreak in Wuhan, China, in December 2019 swiftly proliferated worldwide. Countries such as China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the United States have been severely affected, witnessing significant numbers of positive cases and reported fatalities. The pandemic has exerted profound repercussions on numerous economies and industries globally, primarily due to imposed lockdowns and business closures. Challenges such as limited hospital bed capacities, especially in smaller healthcare facilities and imaging centers, have emerged. Furthermore, the pandemic disrupted manufacturing operations, with companies operating at reduced workforce capacities. Delays in service and product deliveries ensued due to revised packaging protocols and lockdown measures imposed by various nations. These factors collectively impeded the manufacturing and supply chain of Musculoskeletal Computed Tomography diagnostic imaging systems. Nevertheless, this decline is predicted to have a short-term adverse impact on the market, with minimal or negligible alteration in the long-term drivers influencing the demand for Musculoskeletal Computed Tomography diagnostic imaging devices.

Market Drivers

Rising Health Awareness among the Population Spurs Market Growth:

The increasing awareness and improved literacy rates in several developing and underdeveloped nations are influencing rural populations to prioritize health, hygiene, lifestyle choices, and overall well-being. Moreover, the COVID-19 crisis has prompted modern consumers to make informed health-related decisions, thereby fostering the market size for musculoskeletal computed tomography diagnostic imaging devices and other CT devices.

Growing Geriatric Population Drives Demand for Musculoskeletal CT Diagnostic Imaging Devices:

The escalating geriatric demographic is a significant catalyst for market growth. As individuals age, spine, neck, back, and joint-related ailments become more prevalent due to reduced bodily functions and ligament mobility. Muscle atrophy and diminished function can lead to substantial health issues, prompting seniors to increasingly utilize these diagnostic devices, thereby propelling the market forward.

Increased Investments in the Healthcare Sector Foster Market Expansion:

The surge in investments within the healthcare industry is instrumental in enhancing its infrastructure, with government bodies implementing various strategies and initiatives to elevate healthcare standards globally.

Market Restraints

Lack of Awareness in Developing Countries Hinders Market Growth:

The market's expansion is restrained in developing and underdeveloped nations due to lower levels of awareness. In many developing countries, individuals often neglect routine health check-ups and possess limited knowledge regarding mild pains and associated complications. This lack of awareness poses challenges for market players in achieving profitability in these regions, limiting the scope and impeding the growth of the musculoskeletal computed tomography diagnostic imaging devices market.

Musculoskeletal Computed Tomography Diagnostic Imaging Market – Type

• Low Slice
• Medium Slice
• High Slice

The segmentation of the musculoskeletal computed tomography diagnostic imaging market into three primary categories—Low Slice, Medium Slice, and High Slice—is based on type.

The dominant market share, accounting for a majority of the revenue at over 34.8% in 2021, belongs to the high-end slice, with more than 64 slices. The predicted driving force for this segment is the escalating demand for precise diagnostic imaging solutions. Additionally, these devices emit 80% less radiation compared to mid-end slice technology, which offers 64 slices. Furthermore, they are adept at producing detailed images of obese patients.

Musculoskeletal Computed Tomography Diagnostic Imaging Market – End-User

• Hospitals
• Clinics and Diagnostics Centres
• Others

The segmentation based on end-users for the musculoskeletal computed tomography diagnostic imaging market includes three primary categories—Hospitals, Clinics and Diagnostic Centres, and Others.

In 2021, the hospital segment took the lead by dominating the market with a majority revenue share of 36.3%. This growth can be attributed to the rising number of emergency hospitalizations and an increasing volume of surgeries conducted annually.

Clinics and Ambulatory Diagnostic Centres are anticipated to exhibit the fastest growth rate during the projected period.

Musculoskeletal Computed Tomography Diagnostic Imaging Market – Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle-East and Africa

The segmentation of the musculoskeletal computed tomography diagnostic imaging market into five major regions—North America, Europe, Asia-Pacific, South America, and Middle-East and Africa—is based on geographical distribution.

With a market share exceeding 30.4%, North America is poised to maintain its dominant position in the upcoming years. The region's market growth is fueled by the presence of numerous key market players and the escalating incidence rate of cancer.

The Asia-Pacific region is expected to witness a notable Compound Annual Growth Rate (CAGR) during the outlook period, owing to the expanding healthcare facilities and infrastructure in emerging nations such as China, India, and Japan.

Musculoskeletal Computed Tomography Diagnostic Imaging Market – Companies

1. Canon Medical Systems Corporation
2. Fujifilm Holdings Corporation
3. GE Healthcare
4. Shimadzu Corporation
5. Koning Corporation
6. Koninklijke Philips NV
7. Neusoft Medical Systems Co. Ltd
8. Siemens Healthineers
9. CareStream Health
10. Planmeca Group (Planmed OY)
11. Hitachi Healthcare Systems
12. Stryker Corporation

The industry is characterized by intense competition due to the presence of major key players, who continuously introduce new products, expand their portfolios, and broaden their market reach through mergers, acquisitions, and collaborations, all aimed at gaining a competitive advantage.

Recent Key Industry Developments:

In 2021, Siemens Healthineers, a Germany-based company, received FDA clearance for the Biograph Vision Quadra, a CT scanner designed for translational research and clinical use purposes.