Spinal X-Ray and CT Market To Generate $1,602 Million Revenue by 2030

The global spinal X-ray and CT market is set to reach $1,602.0 million revenue in 2030, at a CAGR of 6.4% during 2021–2030. The proliferating incidence of spinal injuries, advancements in technology, rising geriatric population, and emergence of AI in medical imaging are propelling the market growth. Moreover, the rapid urbanization in developing countries leads to an increase in the demand for advanced healthcare services.

Due to the COVID-19 outbreak, the X-ray and CT devices market growth declined slightly. However, with the entry of pipeline products in the market, emergence of local companies, and adoption of digitally enabled X-ray and CT devices in emerging economies, the market size is expected to increase in the upcoming years.

AI-Enabled X-Ray and CT Software is Fastest-Growing Product Category

The demand for AI-enabled X-ray and CT software is expected to witness the highest CAGR, more than 7%, during the forecast period. This can be mainly due to the rising adoption of these technologies to interpret scans, to reduce the physician’s workload. Moreover, the rays are harmful for the human body; so, the potential of AI-enabled X-ray and CT software to decrease radiation exposure could drive the market.

Moreover, the spinal tumor category is projected to advance the quickest in the coming years, based on indication, mainly due to the rising incidence of spinal tumors. Furthermore, spinal infection is the second-largest category, as the geriatric population is more susceptible to spinal infections owing to the high usage of immunosuppressive medications, intravascular devices, and other implants.

Geographically, North America held the largest share in the spinal X-ray and CT market in 2021. This is because people here are more concerned about their medical conditions than ever, the healthcare sector is undergoing technological advancements, a favorable medical reimbursement landscape exists, and a number of well-known medical device companies are present in the region.

Partnerships and Collaborations Are Most-Effective Strategic Measures

Key players offering spinal X-ray and CT devices have extensively partnered and collaborated to gain competitive advantages. For instance:

In April 2022, Koninklijke Philips N.V. signed a 10-year partnership agreement with Oulu University Hospital, Finland, to provide the latest image-guided therapy solutions and transform treatment and diagnosis, as well as offering maintenance, consultancy, and financing services to the hospital.

In April 2021, Radiology Partners signed a collaboration agreement with Aidoc, a provider of AI solutions for medical imaging. Under this agreement, the companies are offering advanced AI capabilities to hospitals and accelerating the adoption of AI in radiology.

Key players in the spinal X-ray and CT market include Fujifilm Holdings Corporation, Agfa-Gevaert NV, Artery Inc., GE Healthcare, Koninklijke Philips N.V., Siemens Healthineers AG, Shimadzu Corporation, Carestream Health Inc., Infervision Medical Technology Co. Ltd., Imagen Technologies Inc., and Nano-x Imaging LTD.