Spinal Implant and Devices Market is expected to foresee significant growth during the forecast period. North America to witness the highest growth
- September 25, 2021
- MEDICAL DEVICES, NEWS
- Spinal Implant and Devices Market, Spinal Implant and Devices Market trend
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Global Spinal Implant and Devices market is expected to reach the market valuation of USD XX million by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from USD XX million in 2020. Spinal implants and surgery devices refer to the medical equipment used to treat spinal deformities and disorders. These implants are manufactured using biocompatible materials, such as titanium, titanium-alloy and stainless-steel, and are commonly available in two variants, namely fusion and non-fusion implants. Fusion implants include rods, plates, screws and interbody cages. On the other hand, non-fusion implants include artificial discs, expandable rods and growth sparing devices. Apart from this, thoracic, lumbar and cervical fusion and spinal decompression devices are also used for various treatment procedures. These implants are used to facilitate the movement of two vertebrae, improve the stability of the spine and correct deformities.
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The rapid rise in the ageing population is amongst the significant factors expected to fuel the growth and demand of spinal implants and surgical devices market. In addition, the increase in the number of cases of spinal disorders and constant innovation in spinal surgery technologies are also anticipated to push the growth in the global spinal implants and surgical devices market over the forecast period of 2021 to 2028. For instance, every year, around the world, between 250 000 and 500 000 people suffer a spinal cord injury (SCI). An estimated annual global incidence is 40 to 80 cases per million population. Up to 90% of these cases are due to traumatic causes, though the proportion of non-traumatic spinal cord injury appears to be growing.
Furthermore, rise in the demand for minimally invasive surgical procedures, increase in the healthcare expenditure and rapid technological advancements are expected to offer significant growth opportunities for the spinal implants and surgical devices market in the forecast period.
However, the dearth of skilled personnel and unfavorable reimbursement scenario are estimated to limit the growth of the spinal implants and surgical devices market, whereas, the high cost of the procedure can challenge the growth of the spinal implants and surgical devices market.
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Based on type of surgery, the spinal implants and surgery devices market is segmented into open surgeries and minimally invasive surgeries. Amongst them, the open spine surgery segment was the largest revenue contributor in 2020, and is expected to maintain its leading position during the forecast period. This is attributed to increase in preference for open spine surgeries among medical professionals and rise in incidences of spinal deformities. In addition, some spine procedures, such as spinal implant insertions, can only be done through open surgeries, which is another major factor that supports the segment growth.
However, the minimally invasive spine surgery segment is estimated to register the highest CAGR in the forthcoming years. This is ascribed as the minimally invasive spine surgery (MISS) has potentially minimizing damage to surrounding tissues and anatomical structures. Further, it also offers advantages such as lower blood loss, faster recovery, lesser traumas & incisions, and reduced hospital stay.
For a detailed analysis of the segments of Spinal Implant and Devices market browse through
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Additionally, the report provides detailed initiatives that are being taken in the field of Spinal Implant and Devices. The market is classified into distinct regions North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of APAC), Rest of World has been conducted. In terms of geography, this market is dominated by the North American region, which can be attributed to increase in adoption of spinal implants and devices in surgery, rise in procedure volumes from rapidly aging population, and increase in incidence of spinal disorders and impairments, such as spinal stenosis. In addition to this, improvement in healthcare expenditure further boosts sales of implants and devices in North America.
For instance, approximately 291,000 Americans are spinal cord injured. Out of which, 39.5% of spinal cord injured individuals are considered paraplegic and 59.9% quadriplegic. Besides this, around 17,730 new injuries occur each year. 78% of these new cases are male. Nearly half (47.6%) of all injuries occur between the ages of 16 and 30.
Medtronic, DePuy Synthes, NuVasive, Inc., Stryker Corporation, B. Braun Melsungen AG, Abbott Laboratories, Boston Scientific, Zimmer Biomet Holdings, Inc., Globus Medical, Inc. and Orthofix International N.V. are some of the prominent players operating in the global spinal implant and devices market. Several M&A’s along with partnerships have been undertaken by these players to develop new and innovative products.
Global Spinal Implant and Devices Market Segmentation
Market Insight, by Product Type
- Thoracic Fusion and Lumbar Fusion Devices
- Cervical Fusion Devices
- Vertebral Compression Fracture Treatment Devices
- Spinal Biologics
- Non-fusion Devices
- Spine Bone Stimulators
Market Insight, by Type of Surgery
- Open Surgery
- Minimally-invasive Surgery
Market Insight, by Technology
- Spinal Fusion and Fixation Technologies
- Vertebral Compression Fracture Treatment
- Motion Preservation/Non-fusion Technologies
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Medtronic PLC
- DePuy Synthes
- NuVasive, Inc.
- Stryker Corporation
- B. Braun Melsungen AG
- Abbott Laboratories
- Boston Scientific
- Zimmer Biomet Holdings, Inc.
- Globus Medical, Inc.
- Orthofix International N.V