Global Spinal Trauma Devices Market Insights
The rising awareness about the recent medical advances among patients will strengthen the position of spinal trauma devices manufacturers in the global market. As per Transparency Market Research (TMR), the paradigm shift from metallic fixators to bioresorbable implants will fuel demand from the global spinal trauma devices market. The market is also likely to gain impetus from the rising demand for minimally invasive surgeries.
Despite witnessing favorable growth opportunities, the lack of proper insurance facilities may limit the market’s expansion across developing economies. Nevertheless, the presence of high unmet medical demands in these countries will provide lucrative opportunities for the spinal trauma devices manufacturers.
TMR says that the global spinal trauma devices market stood at US$2.8 bn in 2014. Rising at a CAGR of 5.6%, the market is expected to reach US$4.7 bn by the end of 2023.
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Better Efficiency offered by Internal Fixation Devices Fuels their Demand Considerably
Based on type, the global spinal trauma devices market is bifurcated into external fixation devices and internal fixation devices. Of these, the internal fixation devices segment is expected to dominate the market, and is expected to have the highest CAGR of 6.1% between 2015 and 2023. During the same forecast period the external fixation devices market is expected to expand at a CAGR of 4.7%.
Internal fixation devices have emerged as inexpensive and efficient methods of treating spinal injuries. In the last couple of years, the demand for internal fixation devices has surpassed that of external fixation devices because the former offers better flexibility, durability, and requires comparatively lesser post-operative follow-ups than the latter. The internal fixation devices segment can be further classified into bone grafts, rods and pins, and plate and screws. Of these, plate and screws held the largest share in the internal fixation segment in 2014. In the same year the plate and screws segment was valued at US$1.05 bn.
The external fixation devices segment includes spinal stimulators, braces, exoskeletons, Ilizarov devices, halo vests, and collars. Certain risks associated with external fixation devices such as redness, swelling, pain in the operated, and tightening of the skin, will limit the growth of the segment to an extent.
U.S. and Canada Hold High-value Opportunities for Spinal Trauma Devices
North America leads the global spinal trauma devices market. It held a share of 47% in the overall market in 2014. The U.S. and Canada have been exhibiting the most lucrative prospects for the spinal trauma devices market in North America. The rising reports of road accidents leading to spinal injuries and the introduction of the latest technologies in the medical industry are crucial factors fuelling demand for spinal trauma devices in North America.
The regional market is also significantly gaining from the increasing geriatric population and the surging adoption of premium-priced bioresorbable devices. The North America spinal trauma devices market is projected to expand at a CAGR of 5.1% between 2015 and 2023.
Asia Pacific, according to TMR, will exhibit the highest CAGR of 7.1% during the forecast period. The emerging nations in Asia Pacific exhibit immense potential due to the increasing prevalence of spinal disorders, rising geriatric population, favorable government policies, and the increasing healthcare expenditure.
Some of the leading companies operating in the global spinal trauma devices market are Stryker Corp., CONMED Corp., Medtronic, Smith & Nephew plc, NuVasive Inc., DePuy Synthes, Spinal Technology Inc., Arthrex Inc., ReWalk Robotics, Orthofix International NV, and others.
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