The global minimally invasive spinal implant market is expected to reach USD 6.49 Billion by 2027, according to a new report by Reports and Data. The growth of the market may be attributed to the increasing prevalence of target conditions, among other factors.
According to the World Health Organization (WHO), each year, globally, around 250,000 and 500,000 individuals suffer a spinal cord injury. Preventable causes, including road traffic accidents, falls, or violence, are the major contributors to the spinal cord injury, and individuals suffering from the condition are more likely to die prematurely as compared to healthy individuals with low and middle-income economies having the worst survival rates. Spinal cord injury is linked with a peril of occurrence of secondary conditions, which can be incapacitating and sometimes cost a person’s life, such as urinary tract infections, deep vein thrombosis, muscle spasms, pressure ulcers, osteoporosis, chronic pain, and respiratory complications.
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As per the Global Health and Aging report published by the WHO (World Health Organization), the number of people aged 65 years or older is estimated to increase from a projected 524 million in 2010 to approximately 1.5 billion by 2050, with a significant percentage of increase in developing economies. Additionally, the number of people aged 65 years or older is anticipated to considerably surpass children younger than five years of age by 2050. Aging leads to the deterioration of facet joints resulting in several spinal disorders. Thus, the increasing prevalence of diseases in the growing geriatric population is likely to propel the growth of the market in the forecast period.
Further key findings from the report suggest
- By device type, fusion devices has the largest contribution to the market in 2018. The spinal fusion procedure is usually done for the treatment of spinal disorders, such as degenerative, deformity, traumatic, and tumor, among others.
- By end-users, the hospitals held the largest market share in 2018 and is expected to grow at a rate of 5.4% in the forecast period. The factors including well-resourced operating & diagnostic rooms, higher purchasing power, the existence of highly skilled healthcare professionals, and improved health coverage for hospital-based healthcare services from several private and group insurance plans, among others, are responsible for the high market share of hospitals.
- The market in the Asia Pacific region is likely to grow at a rate of 7.0% in the period 2019-2027, due to the improving healthcare infrastructure, rising investments in minimally invasive surgery procedures, and better reimbursement scenario.
- Key participants include Medtronic, DePuy Synthes, Zimmer Biomet, Stryker, NuVasive, Paradigm Spine, Cook Medical, Captiva Spine, Alphatec Spine Inc., and RTI Surgical Holdings Inc., among others.
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For the purpose of this report, Reports and Data have segmented the global minimally invasive spinal implant market on the basis of device type, disease type, end-users, and region:
Device Type Outlook (Revenue, USD Million; 2016-2027)
- Fusion Devices
- Non-Fusion Devices
- Spine Stimulation Devices
Disease Type Outlook (Revenue, USD Million; 2016-2027)
- Degenerative Disc Disease
- Traumas & Fractures
- Complex Deformity
End-Users Outlook (Revenue, USD Million; 2016-2027)
- Ambulatory Surgical Centers
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Regional Outlook (Revenue, USD Million; 2016-2027)
- North America
- Asia Pacific
- Latin America
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