Press Release

Spinal Surgery Devices Market to Grow with a CAGR of 6.21% through 2028

Increase in spinal disorders worldwide and an increase in demand for minimally invasive surgical procedures is expected to drive the Global Spinal Surgery Devices Market growth in the forecast period, 2024-2028.

 

According to TechSci Research report, “Spinal Surgery Devices Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Spinal Surgery Devices Market stood at USD 12.30 billion in 2022 and is anticipated to grow with a CAGR of 6.21% in the forecast period, 2024-2028. The rise in disposable income, contributing to improved standards of living, has led to an increase in demand for spinal surgical devices. This has resulted in the growth of the Spinal Surgery Devices Market.

Additionally, urbanization has played a crucial role as it drives the demand for spinal implants and surgery in locations such as corporate houses and hypermarkets. This urbanization factor serves as an important driver for the growth of the Global Spinal Surgery Devices Market.

 

           

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The rising advancements in spine surgery technologies, increasing incidences of spine disorders, and a growing number of launches of advanced bone grafting products are driving the market growth. However, the demand for minimally invasive surgical procedures is expected to fuel the growth of the global Spine Surgery Devices Market in the forecasted period. Challenges such as a lack of awareness and trained professionals, higher treatment costs, and uncertainty in reimbursement may hinder the overall market growth.

Nevertheless, emerging markets and the increasing number of hospitals and surgical centers present good opportunities for market growth. It is important to consider challenges such as a shortage of appropriate physicians and limited awareness or education. The continuous evolution of spine surgery technologies and the launch of the latest advanced bone grafting products are expected to further drive market demand. With growing awareness among people, the adoption of minimally invasive spine surgeries is increasing, which will have a positive impact on the market.

In addition to the growing elderly population, spinal implants are also benefiting from recent technological advancements, which have not only improved the quality but also made surgeries more affordable for a larger population. Furthermore, increasing health awareness among the masses, along with an increase in disposable income, is driving market growth. Improving patient knowledge about such surgeries is also expected to stimulate market growth.

Key factors driving market revenue growth in the forecast period include the increasing incidence of adult and adolescent scoliosis, rising use of biomaterials in spinal implants, and the increasing affordability of spinal fusion surgeries. Spinal implants are often permanently implanted due to the difficulty of removing them during a second surgery. Titanium alloys are commonly used for spinal implants due to their biocompatibility and compatibility with MRI. Research and development activities have been increasing in the search for new materials for spinal implants, which is expected to contribute to market revenue growth in the future.

The market is anticipated to develop throughout the forecast period due to the increase in spinal injuries, illnesses, and fractures, as well as the growing demand for better medical devices and implants. For instance, according to data published by the WHO, there are between 250,000 and 500,000 cases of SCI reported worldwide each year. Additionally, obesity often exacerbates pre-existing lower back issues and increases the likelihood of recurrence, which in turn increases the need for spinal devices during treatment. Common spine-related conditions affecting older individuals include degenerative disc diseases, vertebral compression fractures, spondylolisthesis, and spinal stenosis. However, costly procedures and strict regulatory clearance procedures may hinder market development. The spinal implant sector is subject to strict regulatory criteria and standards. Obtaining regulatory permits and certifications for new devices can be a time-consuming and expensive process.

 

The Global Spinal Surgery Devices Market is segmented into device type, surgery type, end user, regional distribution, and company.

Based on device type, the spinal fusion devices segment holds the largest market share in the spinal devices market throughout the forecast period. This market is segmented into various categories based on product type, including spinal biologics, spinal fusion devices, non-fusion devices, vertebral compression fracture therapy devices, and spinal bone growth stimulators. Among these categories, spinal fusion devices have the highest market share, accounting for 58% of sales, driven by the increasing number of spinal fusion procedures. Technological advancements in spinal fusion surgery, with or without internal fixation, have contributed to rapid development, and the expanding indications for spine fusions have further fueled the demand. Additionally, vertebral compression fracture therapy devices are expected to exhibit the highest growth rate over the projection period, driven by the rising incidence of spinal diseases and patients' preference for less invasive procedures.

Based on region, North America segment is expected to grow during the forecast period. North America holds a significant share in the spinal surgery devices market and is expected to maintain its dominance over the forecast period. The primary growth driver in this region is the increasing adoption of minimally invasive spinal surgeries and technological advancements in the field. Currently, the United States is the leading market for spinal surgery devices and is projected to continue its stronghold due to the growing number of Americans suffering from lower back problems and spine-related disorders annually. According to the American Association of Neurological Surgeons 2021 report, as many as 450,000 people in the United States were living with a spinal cord injury (SCI). Additionally, statistics show that 80% of Americans experience back pain at some point in their lives, further highlighting the high prevalence of spinal issues and the resulting demand for spinal surgeries. Moreover, strategic initiatives by market players, such as Spectrum Spine's acquisition of a unique and proprietary surface technology for spinal trauma, contribute to market growth. Furthermore, rising investments from the Government of the United States, with funding of USD 298 million and USD 310 million in 2020 and 2021 respectively, are expected to drive the growth of the market. These investments specifically target traumatic head and spine injury, leading to the development of spinal surgery devices in the region. Considering these factors, the market is poised to experience significant growth over the forecast period.

 

Major companies operating in Global Spinal Surgery Devices Market are:

  • Medtronic PLC
  • Styker Corporation
  • Johnson and Johnson (DePuy Synthes)
  • Globus Medical Inc.
  • Alphatec Spine Inc.
  • ZimVie Inc.
  • Orthofix Holdings Inc.
  • Abbott Laboratories, Inc.
  • Boston Scientific Corporation
  • B. Braun Melsungen AG (Aesculap Inc.)

 

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“The increasing prevalence of spinal disorders, such as degenerative disc disease, scoliosis, kyphosis, and spondylolisthesis, is a key driver for market growth. This can be attributed to sedentary lifestyles and hectic schedules of the majority of the working population, thereby significantly increasing the incidence of obesity, back pain, posture-related problems, and other degenerative spinal conditions. Moreover, the development of growth-sparing devices specifically designed for patients, particularly children, who have not yet reached skeletal maturity, also contributes to market growth. Additionally, various technological advancements, such as advanced bone grafting products and the utilization of durable materials, are favoring market growth. Factors like the rising geriatric population and the widespread adoption of minimally invasive spinal surgeries are expected to further propel market growth.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

Spinal Surgery Devices Market Segmented By Device Type (Spinal Decompression, Spinal Fusion, Fracture Repair Devices, Arthroplasty Devices, Non-fusion Devices) By Surgery Type (Open v/s Minimally Invasive Surgery (MIS)) By End User (Hospitals & Clinics, Ambulatory Care Centers, Others), By Region and Competition, Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Spinal Surgery Devices Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Spinal Surgery Devices Market.

 

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