(Companies: Zimmer Biomet, Stryker Corporation, Depuy Synthes, Medtronic and Globus Medical Inc.)
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The global spinal surgery devices and equipment market was valued at about $8.5 billion in 2018. The spinal surgery devices and equipment market consists of sales of spinal surgery devices and equipment and related services. These include spinal implants and spinal surgical devices such as thoracic fusion and lumbar fusion devices, spine biologics, cervical fusion devices, vertebral compression fracture treatment devices, spine bone stimulators, non-fusion devices, and spinal decompression devices.
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The global spinal surgery devices and equipment market is expected to grow to $9.68 billion at a rate of about 3.3% through 2022. Elderly people are a major driving factor for the spinal surgery devices and equipment market as they are more prone to spinal complications. Spinal disorders majorly affect the geriatric population and result in spinal deformities and pain.
However, the high cost of treatment restrains the spinal surgery devices and equipment market from reaching its maximum potential growth. Due to the steadily increasing cost of procedures, the rate of implementing spinal surgery devices has come down. This is a major restraint for the large scale hospitals, clinics, as well as new entrants for the market.
Implementing nanotechnology to improve the quality, precision and speed of the work is the latest trend in the spinal surgery devices market. Nanoparticles possess unique chemical, biological and physical properties which enable them to perform a wide variety of cellular and subcellular tasks. Spinal pathology is a major field of study for nanotechnology. To fully implement nanotechnology, hospitals and clinics are waiting for FDA regulations and exploring options to reduce costs.
Major players in the market are Zimmer Biomet, Stryker Corporation, Depuy Synthes, Medtronic and Globus Medical Inc. DePuy Synthes is a franchise of orthopaedic and neurosurgery companies. Acquired by Johnson & Johnson in 1998, its companies form part of the Johnson & Johnson Medical Devices group.
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