According to a report by Grand View Research, Inc.; the global spinal implants and devices market is anticipated to attain around USD 19.54 billion by 2024. Rising cases of spinal injuries or disorders owing to road accidents and bad posture habits at work are projected to drive the market over the forecast period (2013 to 2024). These devices and implants offer support to the patients suffering from pain associated with spinal injuries or disorders.
High prevalence of spinal injuries owing to falls, road accidents, sports activities, and violence is expected to influence growth of market. Degenerative disorders are expected to be one of the most commonly diagnosed conditions in patients leading to back and neck pain. Prevalence of these disorders and related pains are likely to stimulate demand for spinal implants and devices in the forthcoming years. In addition, continuous technological developments in spine care are expected to augment growth of market during the forecast period.
Full Research Report On Spinal Implants And Devices Market Analysis:
The worldwide spinal implants and devices market can be segregated on the basis of product, technology, surgery type, procedure type, and region. Based on product, the market can be categorized into spinal biologics, non-fusion devices, spinal bone growth stimulators, spinal fusion devices, and vertebral compression fracture treatment devices.
Based on technology, the market can be classified into motion preservation technology, vertebral compression fracture treatment, and fusion and fixation technology. In 2015, the spinal fusion & fixation technology segment dominated the market and accounted for the largest market share. This technology is likely to be used for major spinal injuries or disorders such as spinal stenosis, spondylolisthesis, and scoliosis.
Based on surgery type, the market for spinal implants and devices can be bifurcated into minimally invasive surgery and open surgery. In 2015, the open surgeries segment dominated the market with around 62.5% of the total market share in terms of revenue. These type of surgeries are expected to have an important application in reducing back pain that cannot be cured using medication and other non-surgical methods. In addition, open surgeries have set a benchmark when it comes to spine treatments and held the maximum market share in terms of revenue.
On the other hand, the minimally invasive surgeries (MIS) segment is anticipated to display substantial growth with a CAGR of around 8.5% during the forecast period. Numerous advantages offered by MIS as compared to open surgeries such as faster recovery, low blood loss, and lesser incisions & traumas can influence adoption of MIS in near future. In addition, minimum damage to surrounding tissues and anatomical structures can also boost growth of this segment.
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Based on procedure, the spinal implants and devices market can be divided into laminotomy, discectomy, foraminotomy, corpectomy, and facetectomy. In 2015, the laminotomy segment dominated the market and accounted for around 36.4% in terms of revenue. It can be used to treat sciatica, osteoarthritis, ankylosing spondylitis, and spinal stenosis. Increasing adoption of technologically advanced treatments and high prevalence of various spinal disorders can foster growth of the market over the forecast period.
The foraminotomy segment is anticipated to display substantial growth during the forecast period. Increasing number of surgeries attributed to joint degenerative disorders, vertebral compression fracture, and other back surgeries can fuel the expansion in the forthcoming years. In addition, rising adoption of minimally invasive surgery procedures can boost market growth during the forecast period.
Regional segmentation includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa (MEA). In 2015, North America dominated the market and accounted for highest market share. Availability of enhanced healthcare facilities coupled with increasing number of spinal cord injury cases can influence growth of market. Presence of organizations such as the North American Spine Foundation to spread awareness regarding possible treatments and to offer education to healthcare professionals and public can further fuel regional market growth.
The Asia Pacific market for spinal implants and devices is anticipated to witness maximum growth at a CAGR of around 7.6% over the forecast period. Factors such as, growing healthcare facilities and infrastructure coupled with rising healthcare expenditure can stimulate growth of the regional market. In addition, rising cases of spinal cord injuries due to falls and road accidents can further influence the expansion. Moreover, changing lifestyle patterns and growing sedentary life can lead to obesity. This, in turn, can foster market growth during the forecast period.
Some of the leading companies in the global spinal implants and devices market are Medtronic, Zimmer Biomet Holdings, LDR Holding Corporations, Orthofix Internation N.V., and Alphatec Spine.
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