Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Spinal implant and devices Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”
The global spinal implant and devices market is expected to grow at a CAGR of around 5.7% from 2021 to 2028 and reach the market value of over US$ 16,850.3 Mn by 2028.
Spinal Implants are medical devices that are used by surgeons to treat conditions like correcting deformities, strengthening and improving the stability of the spine, and facilitating the fusion of two vertebrae.
Spinal implant and devices market is divided on the basis of product, technology, type of surgery, procedure type, and geography. By product, the market is bifurcated into spinal fusion devices, spinal biologics, vertebral compression fracture treatment devices, non-fusion devices, spinal bone growth stimulators, and others. Based on technology, the market is divided into fusion and fixation technology, vertebral compression fracture treatment, and motion preservation technologies. On the basis of the type of surgery, market segments include open surgery and minimally invasive surgery. By procedure type, the global spinal implant and devices market is segmented into discectomy, laminotomy, foraminotomy, facetectomy, and corpectomy.
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Based on the type of surgery, the open surgery segment is having a potential share in the spinal implant and devices market. The increasing preference for open spine surgeries among medical professionals and rising incidences of spinal deformities in people are supporting the segmental market value. The technological advancements in spinal fusion surgeries and the necessity of open surgeries in some spine procedures like spinal implant insertions are supporting the segmental market value.
In 2019, North America held the major share (%) in the global spinal implant and devices market, and the region is also projected to maintain its dominance in terms of revenue (US$ Mn) over the forecast period. The well-established healthcare infrastructure, high patient awareness about the spinal implant and devices, and physician education is supporting the regional market value. The presence of major players in the region such as Abbott Laboratories, Boston Scientific, Orthofix International N.V., and Globus Medical, Inc among others is further contributing to the regional market value.
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Furthermore, Asia Pacific is anticipated to experience the fastest growth with a major CAGR (%) during the estimated period from 2021 to 2028. The developing economies of the region including China and India are projected to gain traction in the market due to developing healthcare infrastructure and rising awareness among people about implants. The technological advancement in the healthcare sector along with the increasing number of hospitals and other healthcare facilities is propelling the regional market value.
Some of the leading competitors are Abbott Laboratories (US), B. Braun Melsungen AG (Germany), Bioventus LLC (US), Boston Scientific (US), Colfax Corporation (US), DePuy Synthes (US), Globus Medical, Inc. (US), Implanet (France), Kuros Biosciences AG (Switzerland), Meditech Spine, LLC (US), Medtronic (Ireland), NuVasive, Inc. (US), Orthofix International N.V. (US), RTI Surgical, Inc. (US), SeaSpine Holdings Corporation (US), Spineart (Switzerland), Stryker Corporation (US), Ulrich GmbH & Co. KG (Germany), and Zimmer Biomet Holdings, Inc. (US). Spinal implant and device companies have announced strategic mergers and acquisitions, partnerships & collaborations, and new product development to expand their position in the spinal implant and devices industry. Major players are also moving into new regions with advanced technologies for gaining a competitive advantage.
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Some of the key observations regarding the spinal implant and devices industry include:
- According to the National Institute of Neurological Disorders and Stroke (NINDS), around 80% of adults experience lower back pain at some point in their lifetimes. Additionally, according to the Global Burden of Disease Study (GBD), lower back pain is the single leading cause of disability worldwide.
- Johnson and Johnson have signed a deal of collaboration with DePuy Synthes in 2016 for the development of an MI implant that is used for the treatment of degenerative disc disease.
- Medtronic, an Ireland based company has acquired Stimgenics in 2020. The strategic acquisition is intended to expand or strengthen the spinal cord stimulation (SCS) segment of Medtronic.
- NuVasive and Biedermann Motech GmbH & Co. KG have entered into a strategic partnership in 2018 to co-develop state-of-the-art complex spine solutions.
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