The global spinal implants market was valued at US$ 9,924 Mn in the year 2018 and is expected to reach US$ 11,913 Mn by the year 2026, growing at a CAGR of 5.3% during the forecast period.
Spinal implants are medical devices that are used by spinal surgeons to treat deformities and stabilize and strengthen the spine. Spinal implants are used for the treatment of disorders such as scoliosis, spondylolisthesis, degenerative disc disease, spinal fractures, and kyphosis, amongst others.
The increasing incidence of spinal disorders is one of the major factors that is driving the growth of the spinal implants market. According to the National Institute of Neurological Disorders and Stroke (NINDS), approximately 80% of adults experience low back pain at some point in their lifetime. It is the single leading cause of disability worldwide.
The major players operating in the spinal implants market are B. Braun Melsungen AG (Germany), DePuy Synthes (US), Exactech, Inc. (US), Globus Medical Inc. (US), K2M Group Holdings, Inc. (US), Medtronic Plc (Ireland), NuVasive, Inc. (US), Orthofix International N.V. (US), Stryker Corporation (US), and Zimmer Biomet (US), amongst others.
Medtronic, Stryker, and DePuy Synthes are some of the leading players in this market that account for majority of the market share. Most of the companies are focusing on both organic and inorganic strategies for growth, in order to sustain in the spinal implants market. For instance, in May 2019, Medtronic entered into a definitive agreement to acquire Titan Spine. Titan Spine is a privately-held titanium spine interbody implant and surface technology company. This acquisition will further strengthen Medtronic’s position as a leading innovator in spine surgery procedural solutions.
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According to a recent study, 403 million people get diagnosed with symptomatic degenerative disc disease worldwide and 103 million people with spinal stenosis annually.
Apart from this, the increasing demand for minimally invasive surgeries, coupled with advancements in spine surgery technologies, is expected to further drive the growth of the global spinal implants market. The use of 3D printed implants in the healthcare industry is also expected to positively impact this market. However, the high cost of treatment procedures and the stringent approval process are expected to impede the growth of the market.
The global spinal implants market report covers an in-depth analysis of the market including statistical and subjective data points, along with the key market drivers and opportunities & restraints that have positive or negative effects on the overall global market. An in-depth analysis of the regional and country level market at the various segment and sub-segment levels has been provided.
The report comprises a competitive analysis of the key players functioning in the market and covers in-depth data related to the competitive landscape of the market and the recent strategies & product launches that will assist or affect the market in the near future.
Spinal Non-fusion devices segment is expected to grow at a high CAGR during the forecast period
Based on products, the market has been segmented into spinal fusion and fixation devices, spinal non-fusion devices, and vertebral compression fracture repair devices. Spinal fusion devices are used for spinal fusion surgeries which involve the fusion of one or more vertebrae of the spine. On the other hand, spinal non-fusion surgeries do not involve the fusion of vertebrae of the spine and hence, they are also known as motion preservation surgeries. The vertebral compression fracture repair devices segment includes balloon kyphoplasty devices and vertebroplasty devices.
The spinal non-fusion devices segment is expected to grow at a high CAGR during the forecast period. Spinal non-fusion surgeries provide advantages such as motion preservation and low risk of disk degeneration at the adjacent level. Therefore, there is an increasing adoption of these surgeries. Apart from this, the increasing demand for minimally invasive surgeries is also expected to drive the spinal non-fusion devices segment. However, the lack of skilled surgeons to perform non-fusion surgeries will impede the growth of this segment.
Minimally invasive surgeries to grow at a higher CAGR during the forecast period
Based on the type of surgery, the spinal implants market has been segmented into open surgery and minimally invasive surgery. While the open surgery segment accounted for a higher share in the base year, the minimally invasive surgeries segment is expected to grow at a higher CAGR in the coming years. Minimally invasive surgeries have advantages such as faster recovery, reduced pain, and less scars.
North America accounts for over 40% share of the global spinal implants market
North America dominates the spinal implants market in 2018 with over 40% share. An increase in the incidence of spinal disorders and the increasing awareness about new technologies developed for the treatment of spinal disorders, are some of the main factors that are driving the growth of the spinal implants market in this region.
According to the Agency for Healthcare Research and Quality (AHRQ), approximately 480,000 spinal fusion surgeries where performed in 2011, which accounted for 3% of the all operating room procedures. Apart from this, a well-established healthcare infrastructure, coupled with favourable reimbursement policies, is expected to drive the growth of the market further.
However, the Asia-Pacific region is expected to grow with a significant CAGR during the forecast period. The presence of a large target patient population, increasing healthcare expenditure, increasing awareness about the availability of spinal implants, are some of the factors to drive the growth of the spinal implants market in this region.
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Table of Contents
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Market Dynamics
Chapter 4 Global Spinal Implants Market, by Product Type
Chapter 5 Global Spinal Implants Market, by Type of Surgery
Chapter 6 Global Spinal Implants Market, by Region
Chapter 7 Competitive Intelligence
Chapter 8 Company Profiles
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