Spinal Implant Market: Current Analysis and Forecast (2023-2030)

Report Description

According to a new report by Univdatos Market Insights, Spinal Implant Market, is USD 15 Bn in 2022 by growing at a CAGR of 5%. The market for spinal implants remains on a trajectory of robust expansion, propelled by a surge in global instances of spinal disorders, the continuous march of technological progress, and the expanding aging demographics. Crucial to addressing ailments like degenerative disc disease, spinal stenosis, and traumatic spinal injuries, spinal implants occupy a pivotal role. Within this landscape, competition thrives, characterized by ceaseless innovation, astute partnerships, and adherence to regulatory standards. The World Population Ageing 2020 Highlights dataset underscores a discernible worldwide trend towards an aging populace, with the proportion of individuals aged 65 and beyond projected to ascend from 9.3% in 2020 to approximately 16.0% by the year 2050. Within this aging cohort, susceptibility to spinal conditions like degenerative disc disorders and spinal stenosis is elevated, underscoring the heightened vulnerability among the elderly. Recent times have witnessed the emergence of several noteworthy trends that have shaped the spinal implant market. The ascendancy of minimally invasive procedures stands as a prominent example, offering swifter recovery periods and diminished post-operative complications. Moreover, the incorporation of advanced materials, such as titanium alloys and biocompatible polymers, has imparted amplified endurance and compatibility to implants.

Some of the major players operating in the market include Medtronic, Johnson & Johnson, Zimmer Biomet, Stryker Corporation, B. Braun Melsungen AG, NuVasive, Inc., Integra LifeSciences, Orthofix Medical Inc., RTI Surgical, and Globus Medical.

Insights Presented in the Report

“Amongst product, the Spinal Fusion & Fixation Devices category is expected to dominate the market”

Based on product, the spinal implant market is segmented into Spinal Fusion & Fixation Devices, Motion Preservation/Non-Fusion Devices, Vertebral Compression Fracture Treatment Devices/Spine Augmentation Devices, and Spine Biologics. In the realm of Spinal Implants, the dominant share in the product category is projected to be held by spinal fusion and fixation devices throughout the predicted timeframe. This is attributed to the broad spectrum of available spinal fusion and fixation devices on the market. Additionally, the rising prevalence of degeneration in the lumbar spine worldwide is anticipated to drive growth in this particular segment. Moreover, recent endorsements of advanced technology-infused spinal fusion and fixation devices are also poised to stimulate growth within this segment. For example, in August 2020, Innovasis achieved a significant milestone by obtaining a special 510(k) clearance for a porous spinal interbody device integrated with HAnano Surface technology. This newly sanctioned range of Innovasis micro porous 3D printed titanium devices includes the AxTiHA System, an independent IBF (Anterior Lumbar Interbody Fusion) device designed for enhancing lumbar fusion procedures.

 “North America dominated the Spinal Implant Market in 2022”

North America dominated the Spinal Implant market in 2022. This supremacy can be attributed to the presence of a robust and well-established reimbursement landscape tailored for spinal surgeries in the region. Furthermore, the region’s possession of advanced healthcare facilities and adept healthcare infrastructure, coupled with an escalating prevalence of low back pain, significantly fuels the market’s momentum within North America. Additionally, the escalating volume of spinal surgeries stands as an augmenting factor for the region’s spinal implant devices market. A study titled “Predicting Trends in Cervical Spinal Surgery in the United States from 2020 to 2040” conducted by Neifert S.N. et al. and published in NCBI in 2020 projects an expected rise of 13.3% and 19.3% for anterior cervical discectomy and fusion (ACDF) and posterior cervical decompression and fusion (PCDF) procedures during the span from 2020 to 2040. Moreover, the region’s spinal implants market will further receive impetus from product approvals. An illustrative example is Orion Biotech Inc., which obtained US Food & Drug Administration (FDA) approval in August 2020 for their Thoracolumbosacral Pedicle Screw System. This system is designed to provide posterior, non-cervical immobilization and stabilization of spinal segments in skeletally mature patients.

Spinal Implant Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Spinal Implant market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Spinal Implant Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Spinal Implant market were the three major steps undertaken to create and analyze the adoption of Spinal Implant in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Spinal Implant market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Spinal Implant market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Spinal Implant market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, procedure, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Spinal Implant market. Further, we conducted factor analysis using dependent and independent variables such as product, procedure, and end-users of the Spinal Implant market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Spinal Implant market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Spinal Implant market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Spinal Implant market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Spinal Implant market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Spinal Implant market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, procedure, and end-users in the global Spinal Implant market.

The main objective of the Global Spinal Implant Market Study

The current & future market trends of the global Spinal Implant market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Spinal Implant market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the product, procedure, and end-users
• Define and analysis of the regulatory framework for the Spinal Implant industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Spinal Implant market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Spinal Implant market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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