Spinal Implants and Spinal Surgical Devices Market by Technology (Fusion, Fixation, VCF, Decompression, Motion Preservation), Product (Cervical, Thoracic, Lumbar, Interbody, Kyphoplasty, Artificial Discs, MIS, Biologics, Stimulators) - Global Analysis & Forecast 2019-2030
Report ID : 127 | Published Date : May 2020 | Pages : 210 | Region : Global | Report Code : MD-57
Spinal Implants and Spinal Surgical Devices Market Overview and Introduction
Market Industry Reports (MIR) has published a new report titled “Spinal Implants and Surgical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global spinal implants and surgical devices market is estimated to be over US$ 15.5 Bn in 2019. It is anticipated to grow at a CAGR of 5.2 percent from 2019 to 2030.
Spinal Implants and Spinal Surgical Devices Market By Product
The stringent product approval process, uncertainty in reimbursement, and high cost of treatment procedures are some of the prime factors restraining the growth of this market. Furthermore, lack of adequate physician and patient awareness/education about newly developed treatment procedures and technologies and high pricing pressure on market players are other factors hampering the market growth.
Minimally invasive procedures are extremely popular and effective for spinal implants and surgeries. The increasing inclination of hospitals and surgical centers toward such procedures is remarkable. These techniques also find a broad spectrum of applications in MIS, nucleus arthroplasty, and artificial disc replacement, among others, which is expected to have a positive impact on market growth. Owing to some of the major advantages that spinal implants and surgeries offer in terms of convenience, fast recovery, patient comfort, and better bodily movements, their demand is expected to grow manifolds in the coming years.
Spinal Implants and Spinal Surgical Devices Market By Technology
Such significant market growth can be attributed to technological developments in spine surgery devices and an increasing number of aging and obese people developing spinal deformities. Moreover, factors such as rising demand for minimally invasive spine surgical procedures and growing number of people having spinal deformities caused due to a sedentary lifestyle especially among working professionals are further anticipated to boost market growth during the forecast period. Growing number of hospitals and extensive applications of spinal implants and spinal surgical devices are further expected to drive market expansion. On the other hand, stringent approval policies and the high cost of treatment are some of the factors that are likely to restrain the market growth.
According to the World Health Organization, by 2050, the world's population aged 60 years and older is expected to rise up to 2 billion, up from 900 million in 2015 and presently, around 125 million people are aged 80 years or older. The WHO has also declared that 39% of adults aged 18 years and above were overweight in 2016, and 13% were obese. Incessantly growing obese and elderly population is expected to fuel the demand of spinal implants and spinal surgical devices in the coming years as there lies high possibility of developing spinal deformities among obese and elderly population.
The report provides company market share analysis in order to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new service type launches, agreements, partnerships, collaborations & joint ventures, research & development, service type, and regional expansion of major participants involved in the market.
Surgical & implant procedures demand a high level of precision, further leading to the need for a highly skilled and trained workforce. The lack of awareness regarding modern surgical & implant procedures among patients as well as physicians is anticipated to hinder market growth in the coming years. Moreover, the high cost of treatment and barriers to technology adoption is expected to further restrain market growth.
Asia Pacific is estimated to witness the highest CAGR with reference to spinal implants and surgical devices during the forecast period. North America is expected to hold the second-largest market share followed by Europe.
Spinal Implants and Spinal Surgical Devices Market By Prominent Players
Some of the prominent players operating in the spinal implants and surgical devices market include Medtronic, plc, K2M Group Holdings, Inc., Orthofix International N.V., DePuy Synthes, NuVasive, Inc., RTI Surgical, Inc., Globus Medical, Inc., Zimmer Biomet Holdings, Inc., Stryker Corporation, and Alphatec Holdings, Inc., among others.