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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