The global Spinal Devices Market is expected to grow at a CAGR of 5.3% during the period 2022 to 2032. The market is expected to hold a valuation of USD 21.96 billion by 2032, and as on 2022, the market is valued at USD 13.1 billion.
| Attributes | Value |
|---|---|
| Spinal Devices Market Value (2022) | USD 13.1 billion |
| Spinal Devices Market Forecast Value (2032) | USD 21.96 billion |
| Spinal Devices Market Expected CAGR (2022 to 2032) | 5.3% |
In recent years, there has been an increase in spinal cord injuries because of the increase in a sedentary lifestyle. This is expected to increase the demand for spinal devices during the forecast period. Furthermore, a surge in the number of geriatric populations worldwide is also expected to surge the sales of this medical equipment.
As people become older, they tend to suffer from osteoporosis, which negatively impacts the spinal cord. This might increase the sales of spinal devices during the forecast period.
Moreover, technological advancements in the field of neurology are also visible in the medical devices market. The manufacturers are developing spinal devices which assist in spinal implants as well. This might surge the spinal devices market share during the forecast period.
However, one of the major reasons is the increase in the number of road accidents. People get affected by road accidents to the extent that they suffer massive injuries in the spinal cord. This is expected to have a positive influence on spinal cord adoption trends. Additionally, there is also an increase in the number of sports-related injuries worldwide. This is also expected to increase the adoption of spinal devices.
Apart from that, governments worldwide are investing huge amounts in R&D activities about spinal devices. This is done in a bid to develop better-quality spinal implant devices. However, therapeutics and ongoing drug research to overcome the pain of surgery could pose a threat to the growth of the global spinal device market during the forecast period.
Spinal devices are used in spinal cord injury in order to regain the loss of body sensation such as mobility or feeling. The spinal cord injury is different from back injuries and patient suffers from major disorders such as ruptured disks, spinal stenosis or pinched nerves.
The global market of spinal devices is expected to grow steadily due to increase in aging among population, incidences of spinal diseases and advances in technology. The global spinal devices market is anticipated to be driven by product innovations, pipeline methodologies, FDA approvals and growing number of spinal surgeries.
According to the Society of Neurointerventional Surgery, neurointervention is an approach for treatment that occurs within the vessels of brain or with the spinal cavity. It is gaining high traction among neuro-specialist due to minimal invasive technique and higher success rate ratio as compared to the conventional clipping method.
In October 2016, the USA Food & Drug Administration approved the pedicle screw spinal system in order to provide immobilization and stabilization of spinal segments in thoracic, lumbar, and sacral spine as an adjunct fusion in treatment of degenerative disc diseases and spondylolisthesis.
Few surgeries, such as minimally invasive spine surgery aims to stabilize the vertebral bones and spinal joints which relieve pressure applied to spinal nerves. The surgery induces the placement of instrument, such as rods and screws to stabilize the spine.
Various techniques have been deployed for MIS surgery such as discetomy, spinal decompression, MIS (Minimally Invasive Surgery) TLIF (Transforaminal lumbar interbody fusion) which uses tubular retractor, portals to implant the devices, rods, screws in order to stabilize the spinal cord and improve the mobility.
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Currently, North America is the largest market for spinal devices. The availability of several market players, coupled with a surging geriatric population in the region, is expected to surge the market share. Apart from that, the availability of the latest technology in the healthcare sector in the region is expected to boost market growth further.
Asia Pacific is expected to be the fastest-growing market during the forecast period. The government's increasing investment in developing state-of-the-art healthcare infrastructure drives the market growth. Apart from that, an increase in disposable income, which has led to making this product affordable, is expected to surge the market growth further.
Based on the end-use, the hospital segment is expected to hold the highest market share during the forecast period. The ability to purchase these devices in bulk, coupled with the availability of supportive infrastructure makes the hospital segment the largest segment.
The global market for spinal device is expected to be driven by the advancement in technology and increase in number of spinal surgery, aging among population, etc. According to the National Spinal Cord Injury Association Resource Center, around 250,000 - 400,000 individuals were living with Spinal Cord Injury or Spinal Dysfunction, out of which 82% were males and remaining 18% were females.
The causes of spinal cord injury were motor vehicle accidents (44%), act of violence (24%), sudden falls (22%), sports (8%) and others (2%). Moreover, increased use of spinal devices in elderly patients and arthritis patients are some factors anticipated to fuel growth of the global spinal device market within the forecast period of 2016 to 2026.
However, therapeutics and ongoing drug researches to overcome the pain of surgery could pose a threat for the growth of the global spinal device market during the forecast period.
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Increase in the production number of spinal implants, spinal surgery and ongoing researches on improving quality of care for continence is expected to create an attractive growth opportunity for the global spinal device market through 2026.
According to the National Spinal Cord Injury Association Resource Center, 32 spinal injuries per Million population or 7800 injuries occur in the USA each year. The hospitals end user segment is expected to hold the highest market share in global market for spinal devices during 2016 to 2026.
Region wise, the global spinal device market is classified into regions namely, North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, Middle East & Africa. North America dominated the global market for spinal devices due to the availability of reimbursement policies as well as healthcare infrastructure.
Increasing number of spinal injury incidences through accidents, ageing and improved lifestyle among population are few trends which are expected to fuel the growth of the spinal device market in APEJ region through 2026.
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Some of the key players in the global spinal device market include Stryker, Vertiflex Inc., Smith & Nephew, Siemens Healthcare GmbH, RTI Surgical, Orthofix Holdings, Inc., Medtronic, Zimmer Inc., CONMED, Aspen Medical Products and others.
Most of the providers of spinal devices are adopting the strategy of providing these products through e-commerce and hospital pharmacies so that buyers can browse the products according to their needs. In October 2016, Stryker announced the launch of hand-held LITe BIO Delivery System to deliver bone graft material to spinal surgery sites. The system can be used for any type of spine fusion surgery.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The global spinal device market is classified on the basis of device type, end user and geography.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Analysis and Forecast 6.1. Device Type 6.2. End User 7. Global Analysis and Forecast, By Device Type 7.1. Allografts 7.2. Bridge 7.3. Connector 7.4. Plate Fixation System 7.5. Drug Infusion System 7.6. Electrosurgical 7.7. Portals 7.8. Others 8. Global Analysis and Forecast, By End User 8.1. Hospitals 8.2. Clinics 8.3. Ambulatory Surgical Centers 8.4. Spinal Surgery Rehabilitation Centers 9. Global Analysis and Forecast, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. Middle East & Africa 10. North America Sales Analysis and Forecast, by Key Segments and Countries 11. Latin America Sales Analysis and Forecast, by Key Segments and Countries 12. Europe Sales Analysis and Forecast, by Key Segments and Countries 13. Asia Pacific Sales Analysis and Forecast, by Key Segments and Countries 14. Middle East & Africa Sales Analysis and Forecast, by Key Segments and Countries 15. Sales Forecast by Device Type and End User for 30 Countries 16. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 17. Company Profile 17.1. Stryker 17.2. Vertiflex Inc. 17.3. Smith & Nephew 17.4. Siemens Healthcare GmbH 17.5. RTI Surgical 17.6. Orthofix Holdings, Inc. 17.7. Medtronic 17.8. Zimmer Inc. 17.9. CONMED 17.10. Aspen Medical Products
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Spinal Devices Market
