Spinal cord compression is the second most frequent neurologic complication of cancer. Only in the United States, each year nearly 20,000 people with cancer develop spinal cord compression; this affected population represents 5% to 10% of the general cancer population. Whereas, spinal stenosis occurs when the spine is narrowed in one or more areas. This puts pressure on the spinal cord and nerves to cause pain. The impact of the disease varies from person to person. Spinal stenosis may be treated by medications, braces, or surgery.
According to a recent study published by the Market Research Future analysts, the global spinal cord compression spinal stenosis market is growing at a double digit growth rate; mainly due to rise in cases of cancer, arthritis, congenital spinal defects, instability of the spine, slip discs due to reasons such as spondylitis, trauma, tumours etc. The increasing penetration of spinal and orthopaedic hospitals and the rising rates of screening is driving the market growth.
According to the Agency for Healthcare Research and Quality of the U.S. Department of Health & Human Services, 23% of low back pain affect patients over 65 years of age. Minimally invasive spine surgery is another development which reduces the stay of hospitals and pain associated with the surgical procedure due to lesser trauma. Minimally invasive spine surgery is performed by making small incisions with the assistance of a microscope, endoscope, tiny camera and miniature surgical instruments. As the success of minimally invasive spine surgery is highly dependent on the skill of the surgeons, scarcity of skilled surgeons is acting as a constraint on the global spinal cord compression spinal stenosis market.
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Global Spinal Cord Compression Spinal Stenosis Market – Competitive Analysis
The global market consist of players such as Medtronic Inc., Stryker Corporation (U.S.), Orthofix International N.V., Kyphon, Inc., Zimmer Biomet, Paradigm Spine LLC, Alphatec Holdings, Inc., K2M Group Holdings, Inc., and LDR Holding Corporation, and others. These are some of the prominent players at the forefront of competition in the global spinal cord compression spinal stenosis market.
The global spinal cord compression spinal stenosis market is highly saturated due to the presence of many small and medium companies. Some of the companies are focusing on cost-effective and efficient products development, whereas, some of the companies are focusing on acquisitions and strategic alliances to sustain in the high competition.
Product development is another strategy to use as can be seen in the case of implants and graft procedure. Titanium metal implants are the latest which the implant industry has to offer which are strong, yet flexible enough to allow for easy movement.
Global Spinal Cord Compression Spinal Stenosis Market – Regional Analysis
The spinal cord compression-spinal stenosis market has been dominated by the American region followed by Europe. Major share of the American region is due to the presence of big U.S. market. The reasons for the dominance of U.S. is the high per capita income, faster uptake of new technology, growing awareness etc. The presence of large companies and good reimbursement scenario in the U.S. is also drive the market growth in this region.
The U.S. spinal cord compression-spinal stenosis is dependent on the legal and regulatory environment includes factors such as labelling standards, FDA classification rules etc. There is a situation of worsening regulatory and reimbursement environment. The situation has been compounded by the uncertainty of healthcare reforms. The uncertainty has forced many spinal implants devices companies to first obtain marketing approval of new products in non-U.S. markets, particularly Europe.
The American market however has always represented the most advanced products with less marketing time and it is hoped that the situation will improve in the future. The market consolidation and growing partnerships and mergers of large insurance companies and large healthcare providers and hospitals will drive the future U.S. market for spinal cord compression-spinal stenosis due to growth in their buying power as well as improving economies of scale.
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Europe is the second largest market due to large disposable income and rising awareness. Asia Pacific region is expected to have the most future potential and it is estimated to be led by China and India. The Middle East & Africa market is led by the gulf nations particularly Saudi Arabia and UAE. The regions of Africa are expected to witness a moderate growth due to poor economic and political conditions and poor healthcare penetration.
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