A Broad Analysis of the “Global Spinal Implants Market Research Report- Forecast To 2023 “methodology of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain a deeper insight of the industry performance.
Global Spinal Implants Market: Synopsis
Market Research Future (MRFR) speculates that the global spinal implants market is predicted to demonstrate 5.5% CAGR during the forecast period (2017-2023). Increasing incidences of spinal ailments are likely to favor the market growth in the coming years.
Spinal implants are generally used in the traumatic fracture, spondylolisthesis, degenerative disc disease, and other forms of spinal instability such as scoliosis with spinal implant surgery. Implants with predesigned function and shape as per the requirements are used in such surgical procedures, which helps to strengthen the spine.
Spinal implants also help to facilitate fusion besides correcting deformities. Titanium, titanium-alloy or stainless steel are used in spinal implants. Non-metallic compounds like Carbon/PEEK is also present.
Competitive Dashboard
The prominent players operating the global spinal implants market are Spinal Solutions Inc. (U.S.), Precision Spine (U.S.), Paradigm Spine LLC (U.S.), Zimmer Biomet Holdings Inc. (U.S.), Exactech Inc. (U.S.), Orthofix International N.V. (Netherlands), SI-BONE (U.S.), A-Spine (Taiwan), Accel Spine (U.S.), Apollo Spine (U.S.), AESCULAP (U.S.), Captiva Spine Inc. (U.S.), LDR Holding Corporation (U.S.), Life Spine (U.S.), Quandary Medical LLC (U.S.), Premia Spine (Israel), Back 2 Basics Spine (Canada), Spineart Geneva SA (Switzerland), Globus Medical Inc. (U.S.), Integra LifeSciences (U.S.), Reliance Medical Systems (U.S.), Medtronic plc (Ireland), NLT Spine (U.S.), RTI Surgical Inc. (U.S.), Centinel Spine (U.S.), Amedica Corporation (U.S.), Depuy Synthes Inc. (Johnson & Johnson) (U.S.), Stryker Corporation (U.S.), K2M Group Holdings Inc. (U.S.), Alliance Spine (U.S.), SpineGuard (France), NuVasive Inc. (U.S.), Alphatec Holdings Inc. (U.S.), Spine Frontier (U.S.), Ascendx Spine (U.S.), and others.
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Global Spinal Implants Market: Segmental Analysis
The global spinal implants market has been segmented on the basis of product, material, and procedure.
By mode of product, the global spinal implants market has been segmented into non-fusion devices/motion preservation devices, spinal fusion devices, and spinal bone stimulators, vertebral compression fracture (VCF) treatment devices, spine biologics, and others.
Among these, the spinal fusion devices are likely to occupy the largest market share as this segment is extensively used to treat major spine surgeries and severe spine disorders like spinal stenosis, spondylolisthesis, and scoliosis.
By mode of procedure, the global spinal implants market has been segmented into minimally invasive surgery (MIS), open surgery, and others. Among these, the segment for open surgeries is presumed to occupy the largest market share as they have an important application in alleviating back pain.
Meanwhile, minimally invasive surgeries are likely to expand at a faster rate as they offer several benefits over conventional open surgeries like faster recovery, lower blood loss, reduced hospital stays, and lesser traumas & incisions.
By mode of material, the global spinal implants market has been segmented into titanium-alloy, titanium, plastic, stainless steel, and others.
Market Potential and Pitfalls
Structural changes of the spine occur with the increasing age which comprises slip disk joint issues, and growing stiffness of the tissues supporting the spine. This further leads to spinal impairment or deformities which require implants.
As per the National Center for Health Statistics, one among every four individuals suffers from chronic back pain. With the augmenting prevalence and occurrence of spinal ailments, rising demand for minimally invasive spine surgery, development of cost-effective and safer technology, the spinal implant market size is predicted to expand throughout the appraisal period.
The rising use of implant procedures during orthopedic surgeries and innovation in implantable devices which are resulting in novel product commercialization are leading to an increased usage rate during orthopedic surgical procedures.
This is likely to contribute to the market growth. The augmenting demand for movement preservation surgeries is also estimated to influence the market growth. Moreover, the increasing number of outpatient ambulatory surgical centers offering less invasive implant procedures coupled with a faster recovery assurance is anticipated to create a positive effect on the market growth.
The geriatric population is prone to spine degeneration and also suffers from spinal disorders. Also, the changing lifestyle and changing food habits are leading to obesity among the population, which is further expanding the spinal implant market size.
On the contrary, strict regulatory guidelines for approval of new medical devices, high procedural cost, and lack of reimbursement policies especially in the developing economies are some of the major concerns anticipated to slow down the market growth in the coming years.
As per the World Health Organization, the treatment for low back is expensive, which is a major cause of economic burden both at the individual as well as national levels.
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Global Spinal Implants Market: Regional Insights
Geographically, the spinal implants market span across regions namely, Europe, America, Asia Pacific, and the Middle East and Africa.
Among all the regions, American is predicted to dominate the global spinal implant market. Factors contributing to the market growth are advancements in the manufacturing procedures, technological innovation, and contribution of nanotechnology to the pharmaceutical sector.
Europe is estimated to occupy the second largest share globally due to the augmenting geriatric population coupled with the rising demand for spinal implants and devices for treating spinal disorders.
Moreover, governments in this region are constantly focusing on research and development activities which is further predicted to catapult the market on an upward trajectory.
The Asia Pacific region is considered as an emerging market owing to the accelerating obesity cases, rising government funding, growing expenditure of healthcare in the developing economies, the presence of a large patient pool, and rising awareness regarding novel spine treatment techniques.
Industry Updates
January 14, 2019: A team of researchers from the Institute of Engineering in Medicine and University of California San Diego School of Medicine has created a spinal cord by using rapid 3D printing technologies. Loaded with neural stem cells, the scaffolding has been successfully implanted into sites of severe spinal cord injury in rats.
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