Rising Prevalence of Musculoskeletal Disorders is expected to enhance the Musculoskeletal Diseases Treatment Market from 2018 to 2025.
The musculoskeletal diseases treatment market is estimated to grow with a CAGR of 5.3% from 2018-2025.
Rising prevalence of musculoskeletal disorders is expected to drive the growth of the market. However, high costs of diagnostic systems in recent years is expected to hamper the growth of the market. The rising prevalence of these musculoskeletal diseases are the major factors of the market growth. For instance, according to Arthritis Foundation, in 2017, approximately 54 million adults have been diagnosed with arthritis. Almost 300,000 babies and children have arthritis or a rheumatic condition. The common type of arthritis is osteoarthritis, which affects approximately 31 million Americans. By the end of 2040, number of people expected to have doctor-diagnosed arthritis will be above 78 million. As per the report published in 2018 of Healthline Media, rheumatoid arthritis (RA) affects 41 in every 100,000 people per year. Approximately, 1.3 million Americans have RA. Women are about two to three times more likely to get RA than men. Smoking is the mostly associated risk factor when it comes to the onset of RA in patients. A history of smoking is said to increase the risk of developing RA by as much 2.4%. Thus, the increasing prevalence of musculoskeletal disorders is expected to fuel the growth of musculoskeletal diseases treatment market over the forecast years.
The cost of the musculoskeletal diseases treatment is high in many hospitals due to the equipment. According to the Medicare Pricing Data 2015, the average price of an MRI scan in US costs up to US$ 2,611. The reason behind high costs of MRI tests is the high cost of capital equipment as well as set up cost of the system incurred by private hospitals. MRI machines are available in variety of sizes and powers. Moreover, the cost of the ultrasound used for the musculoskeletal diseases treatment is US$1,000 to US$ 5,000 per piece. The prices can vary according to the additional components added in the equipment. Additionally, the systems can be divided into low-field and high-field MRIs. A good quality MRI machines usually are on the very expensive side ranging between US$ 1.2 Million to US$ 5 Million. Thus, the high capital as well as maintenance costs of the diagnostic systems are expected to confine the growth of global musculoskeletal diseases treatment market over the forecast years.
The major players operating in the musculoskeletal diseases treatment market include General Electric, Koninklijke Philips N.V., Siemens AG, Canon Medical Systems Corporation, Hitachi, Ltd., Accuray Incorporated, MR Solutions, Alltech Medical Systems, Terason Division Teratech Corporation, and Echo-Son SA.
