07 November 2019
Visiongain has launched a new pharma report “Spinal Implants & Devices Market Report” Prospects by Technology (Fusion and fixation technology, Vertebral compression fracture treatment, Motion preservation technologies), Type of surgery (Open surgery, Minimally invasive surgery), Product (Spinal Fusion devices, Spinal biologics, Vertebral compression fracture treatment devices, Non-fusion devices, Spinal bone growth stimulators), Procedure (Discectomy, Laminotomy, Foraminotomy, Facetectomy, Corpectomy) and Geography.
Global Spinal Implants & Devices market is projected to grow on account of escalating rate of spinal cord injuries, evolution in technology to deal provide effective spine care, and increasing demand for minimally invasive surgical procedures. The global market is projected to grow at a lucrative CAGR of ~7% over the forecast period from 2020 to 2030 and is anticipated to surpass USD 18 Billion by 2020.
The global spinal implants and devices industry will see significant growth due to the growing number of spinal injuries, surgery and degenerative disc diseases. Scoliosis, slippage, and spondylolisthesis or traumatic injury are other disorders that will give impetus to the demand for spinal implants and devices. Also, growing incidences of spine-related diseases are anticipated to lead to spinal surgery and thus will support the growth of the global spinal implant and devices market. Such spinal conditions can be closely associated with obesity.
A higher Body Mass Index (BMI) is associated with lower back pain caused by spinal disorders and lumbar disc degenerations. Also, obesity as a driving factor will boost growth in the demand for spinal implants and devices.
Elderly people are prone to spinal injury. Spinal conditions have a major impact on geriatric communities resulting in spinal deformities and pain. As predicted by the UN in 2018, the global geriatric population will double by 2050 to hit an estimated value of over 2.1 billion, stimulating future market growth. An increasing trend in aging populations around the world will provide spinal implants and devices with lucrative growth.
In this industry, technological advances are evolving rapidly, driving the spinal implants and devices market growth at a robust growth rate. Scientists are developing spine implants and devices to make provide minimally invasive procedures. Through fusion procedures to mobility restoration in this field, the innovations have been able to drive market growth in spinal implants and devices. For example, scientists are working on techniques for bio-resorbable implants to be implemented. Reimbursements, lack of technical expertise and strict regulatory approval processes can, however, hamper the market growth.
In 2018, spinal fusion devices held the largest market share. As a result of the growing incidence of spinal injuries and disorders, the increasing demand for fusion treatments is one of the crucial factors responsible for this segment's major share coupled with the increasing demand for robotic fusion techniques and minimally invasive fusion systems.
Spinal fusion procedures are used to treat disc degenerative diseases, spinal fractures, and other cervical, thoracic, and lumbar spine disorders. Another key driver for this segment's growth is the aging population leading to an increase in cases of degenerative spine conditions. Also, technological advancements and increased demand for 3D imaging technology are likely to boost demand for these products over the forecast period.
In 2018 North America, led by Europe, had the largest share of the global spinal implants and devices market. However, it is anticipated that Asia Pacific will rise at the highest CAGR from 2020-2030 due to increased government spending on health care, the emergence of a large patient population, and increased awareness of newly developed spine treatment techniques.
Spinal implants and devices in China are projected to rise at the highest CAGR in the next five years in the Asia-Pacific region. Increasing government spending to improve the country's healthcare infrastructure is leading to growth in the number of healthcare service centers in China; thus growing the country's demand for spinal implants and devices market. Increased government funding also allows private investors to invest heavily in China's healthcare system.
Also, the presence of a large patient population increased income levels and increased prevalence of spinal disorders are driving growth in the demand for spinal implants and devices in China. Other Asian economies such as South Korea, India, and Taiwan are also expected to see high growth in the forecast period due to growing medical tourism, growing efforts to develop healthcare infrastructure, and awareness of newly developed spine treatment procedures and technologies.
Some of the major players operating in this industry are Alphatec Spine Inc., Axial Medical, B. Braun Melsungen AG, Captiva Spine, LLC., Exactech, Inc., Globus Medical, Inc., K2M Group Holdings, Inc., Marox Corporation, Medtronic PLC, Norman Noble, Inc., Nutech, Titan Spine, Nuvasive, Inc., Orthofix International N.V., Paragon Medical, Inc., RTI Surgical, Inc., Spine Wave, Inc., Stryker Corporation, Tecomet, Inc., Wenzel Spine, Inc., X·spine Systems, Inc. among other prominent players.
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