Spinal Implant Market to be Dominated by Minimally Invasive Surgery through 2028
The
increasing incidence of spinal disorders is expected to drive the growth of Global
Spinal Implant Market in the forecast period, 2024-2028
According to TechSci Research report, “Spinal Implant Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018-2028,” the global spinal
implant market is anticipated to grow at an impressive rate in the forecast
period, 2024-2028. This can be ascribed to the increasing demand for
minimally invasive surgeries due to reduced hospital stays and shorter recovery
periods. Additionally, the growing demand for advanced technologies in surgical
procedures for easy recovery of spinal infusion in developed countries in North
America and Europe is expected to create lucrative opportunities for global
spinal implant market growth in the coming years. Besides, the growing incidence
of lumbar degenerative disc diseases and the growing number of traffic
accidents will drive market growth over the years. Similarly, growing research
and development on the advantages of using biocompatible materials in the
production of surgical instruments and implants are propelling the growth of
the market during the forecast period. Also, increasing investment by
government organizations for developing better healthcare infrastructure and
implantation devices is further expected to support market growth.
However, the
high costs of spinal surgery and side effects associated with spinal fusion slow
down the growth of the global spinal implant market in the forecast period. Also,
a lack of awareness about the new surgical procedures for the treatment of spinal
disorders in emerging countries can further restrict the growth of the global spinal
implant market. Similarly, the uncertainties surrounding reimbursement
procedures for the treatment of spinal abnormalities can further restrict the
growth of the market during the forecast period.
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The global spinal
implant market can be segmented by product type, application, material,
surgery, indication, region and competitive landscape.
Based on the Product type, the global spinal
implant market can be segmented into artificial discs, dynamic stabilization
devices, spinal fusion implants, and others. The Spinal Fusion Implants segment dominated the
market in 2022 and is expected to continue maintaining its dominance throughout
the forecast period. This can be ascribed to the growing number of spinal fusions
due to increasing spine injuries caused by fractures and the increasing number
of spine
problems such as tumors, and spondylolisthesis. Also, technological
advancements in spine fusion procedures without internal fixation may boost the growth of the
market during the forecast period.
Based on Surgery, the market can be divided
into Open Surgery, and Minimally Invasive Surgery. The Minimally Invasive Surgery segment is
expected to dominate during the forecast period on account of the increasing demand
by patients for the shorter recovery period, shorter hospital stays, less pain,
less scarring surgery, and smaller incisions procedure which will increase
accuracy and decreased risk of complications related to surgeries. Similarly, the
rising incidence of spinal deformities along with the increasing incidence of
Klippel Feil syndrome or spine abnormalities among newborns worldwide and
females also seem to be affected slightly more than males, which will boost the
market growth during the forecast period.
Major companies operating in the global spinal
implant market are:
- Medtronic
Plc
- Johnson
& Johnson
- Zimmer
Biomet, Inc.
- Stryker
Corporation
- NuVasive,
Inc.
- Alphatec
Holdings, Inc.
- Surgalign
Holdings, Inc.
- B.
Braun Melsungen AG
- SeaSpine
Holdings Corporation
- Globus
Medical Inc.
In October 2021, NuVasive announced a Cohere
TLIF-O implant and also announced the upcoming launch of the Cohere TLIF-A
implant for posterior spine surgery.
In November 2020, Medtronic completed its
friendly tender offer for Medicrea International SA, which is a French company
that specializes in spinal surgery technologies through predictive modeling,
AI, and patient-specific implants.
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“North
America is expected to dominate the Global Spinal Implant market on account of
the growing prevalence of spinal problems across the region, especially United
States. Similarly, the rapidly growing aging population and growing prevalence
of spinal disorders and impairments such as spinal stenosis can further enhance
the demand for spinal implantation which will boost the market growth during
the forecast period. Also, improvements in healthcare infrastructure and growth
in healthcare expenditure in emerging countries will further drive market
growth over the years. Furthermore, growing public awareness about new spinal
implantation surgeries, growing medical tourism, and rising government
initiatives for public healthcare in the region are further contributing to the
demand for spinal implants. Besides, the growing number of new companies in the
market and technological advancements in the development of new spinal implant
surgeries for the treatment of spinal disorders is further expected to create
lucrative opportunities for market growth” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Spinal Implant Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Product Type (Artificial Discs, Dynamic Stabilization
Devices, Spinal Fusion Implants, Others), By Application (Cervical, Thoracic,
Lumber), By Material (Stainless Steel, Titanium, Cobalt Chrome,
Polyetheretherketone (PEEK), Others), By Surgery
(Open Surgery, Minimally Invasive Surgery), By
Indication (Spinal Trauma, Deformity) and By Region”, has evaluated the future growth potential of global spinal
implant 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 the global spinal implant market.
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