Sacroiliitis Market with Potential Impact of Coronavirus (COVID19), SWOT Analysis, Risk Analysis, and Forecast
The growing prevalence of arthritis increase in traumatic injuries, growing prevalence of spondylitis, increased research on joint health and joint conditions, and adoption of technologically-advanced systems are the key factors for the market to grow. However, factors such as high cost of diagnostics and treatment and surgical procedures are expected to restrict the market growth during the forecast period. The global sacroiliitis market is expected to witness tremendous growth during the forecast period.
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The global sacroiliitis market is segmented on the basis of diagnosis, treatment, and end-user. The sacroiliitis market, by diagnosis, is sub-segmented into imaging tests and anesthetic injections. The imaging tests category includes X-ray, MRI, and CT scan. On the basis of treatment, the market is categorized into medications, joint injections, radiofrequency denervation, electrical stimulation, joint fusion, facet block, chiropractic manipulation, and physical therapy. On the basis of end-user, the market is segmented into hospitals and clinics, pharmacies, and diagnostic centers.
The Americas dominated the global sacroiliitis market in 2017. This can be attributed to the increasing prevalence of arthritis, rising R&D activities for joint health, and technological advancements within the region. According to the Centers for Disease Control and Prevention in 2015, 54.4 million people in the Americas were affected by doctor-diagnosed arthritis. The presence of major market players such as SI-BONE and CoorsTek Medical LLC within the region also influences the market growth.
Europe (UK, Germany, France) is the second largest market owing to rapidly growing work related joint disorders and increasing need for diagnostics. According to the National Arthritis Week 2016 in the UK, 10 million people suffered from arthritis or related conditions of which more than 400,000 had rheumatoid arthritis and 16000 children had juvenile forms of arthritis.
Asia-Pacific is expected to witness the fastest growth in the global sacroiliitis market owing to large patient population, rapidly growing economies, and increase in healthcare expenditure.
According to the India Brand Equity Foundation, Healthcare is India’s largest sector and is expected to reach USD 372 billion by 2022. It also mentioned that the hospital industry in India is projected to reach USD 132.84 billion by 2023 at a CAGR 16-17%. The Middle East and Africa accounts for the least share due to stringent government policies and poor economies. However growing economies due to the oil and tourism sector are investing more in healthcare. This provides favorable backgrounds for the market to grow in the coming years.
Some of the key players for the global sacroiliitis market are Medacta International, SI-BONE, Globus Medical, Zyga Technology, Nutech Medical, CoorsTek Medical LLC, Aspen Medical
Products, Medtronic, and others.
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