According to Market Research Future’s newest report on the global spinal implants, market reveals that the market is anticipated to grow at a CAGR of 5.5% during the forecast period of 2017 to 2023. Used extensively to treat spinal deformities and other common spinal issues that may occur with age, the market is expected with witness moderate and consistent growth over the assessment period.
The Global Spinal Implants Market has been evaluated to be rapidly growing market and is expected to grow tremendously in the near future. Spinal implants are devices used by surgeons during surgery to treats deformities, stabilizes and provides strength to the spine and to expedite the fusion process. Spinal implants are used to treat spine related disorders including degenerative disc disease, scoliosis, kyphosis, fracture and spondylolisthesis.
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As age increases bone density declines which leads to chronic back problems which is common in old age people. This elevates spinal cord damage risk. Recently there have been amazing innovations in implantable devices allowing enhancement of the same the result of which is their use have increased in spinal and orthopedic surgeries. Advanced spinal implantable devices are widely accepted globally as maximum people are willing to spend on spinal surgeries which includes use of these devices. The demand for minimally invasive surgical procedures is more as it provides benefits like less blood loss, less recovery time, reduce risk of medical complication, infections, pain and muscle damage. Minimally invasive spinal surgeries are done more which has boosted the market of spinal implants.
There are some other factors which have substantial impact on the spinal implant market. Rise in number of vehicular accidents, increased spinal injuries and disorders, increasing geriatric and obese population, lack of proper nutrition and exercise which are consequently increasing chronic back problems. All these are some of the factors which are responsible for the growth of the global spinal implants market. However, high cost of the spinal implants, spinal surgical procedures and unstable reimbursement policies put immense pressure on developing nations and the low income economies causing hindrance to the growth of the spinal implants market.
Latest Spinal Implants Industry News
- CoreLink has received FDA clearance for its new spinal implant.
- The European Commision has invested USD 3.5 Mn toward the design and building of a prototype of a novel spinal implant.
Key Players for Global Spinal Implants Market
Some major players in the Global Spinal Implants Market include Medtronic, plc (Ireland), Depuy Synthes Inc. (Johnson & Johnson) (U.S.), Stryker Corporation (U.S.), NuVasive, Inc. (U.S.), Zimmer Biomet Holdings, Inc. (U.S.), Globus Medical, Inc. (U.S.), Alphatec Holdings, Inc. (U.S.), Orthofix International N.V. (Netherlands), K2M Group Holdings, Inc. (U.S.), RTI Surgical, Inc. (U.S.), Amedica Corporation (U.S.), Exactech Inc. (U.S.), Integra LifeSciences (U.S.), LDR Holding Corporation (U.S.), Quandary Medical LLC (U.S.), AESCULAP (U.S.), Alliance Spine (U.S.), Apollo Spine (U.S.), Premia Spine (Israel), Ascendx Spine (U.S.), A-Spine (Taiwan), Back 2 Basics Spine (Canada), Accel Spine (U.S.), SI-BONE (U.S.), Captiva Spine Inc. (U.S.), Centinel Spine (U.S.), Life Spine (U.S.), SpineGuard (France), NLT Spine (U.S.), Paradigm Spine LLC (U.S.), Precision Spine (U.S.), Reliance Medical Systems (U.S.), Spinal Solutions Inc. (U.S.), Spine Frontier (U.S.), Spineart Geneva SA (Switzerland), and others
Segments for Global Spinal Implants Market
The Global Spinal Implants Market consists of four regions, namely, America, Europe, Asia Pacific, and the Middle East and Africa.
Americas dominated the global spinal implants market owing to the technological innovation, advancement in manufacturing processes, and contribution of nanotechnology to the pharmaceutical packaging market.
The European region is the second largest market owing to the increase in geriatric population and the increasing demand for spinal implants and devices for the treatment of spinal disorders. Asia Pacific is the emerging market in the global spinal implants market owing to the rising obesity cases, increasing healthcare expenditure in developing nations, increasing government funding, the presence of a large patient population, and growing awareness about novel spine treatment techniques.
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