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The Interventional Spine Devices Market size is estimated to grow by USD 3,076.49 million at a CAGR of 9.58% between 2023 and 2028.
There is an increasing preference for minimally invasive and non-invasive surgeries. by surgeons and patients across the world. In addition, advances in spinal interventions have led to an increase in the number of clinical trials and the launch of new products in the market. Moreover, the demand for rapid recovery has reduced hospital stays and better patient outcomes have resulted in many medical facilities conducting spinal fusion surgeries to repair the vertebrae and treat painful conditions of the spine. Hence, such factors are positively impacting the market.
Technavio has segmented the market into Method, End-user, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
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The vertebroplasty segment is estimated to witness significant growth during the forecast period. Vertebroplasty can be referred to as a minimally invasive surgical procedure in which a small puncture is made in the patient's skin on the posterior side of the back. In addition, it can be employed to treat VCF patients who have severe pain and cannot manage daily routine activities. It is essential for a patient to opt for vertebroplasty as early as possible in cases of severe pain or failure of conventional surgical treatment.
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The vertebroplasty segment was the largest segment and was valued at USD 1,789.63 million in 2018. Moreover, one of the major reasons for the vertebral compression fractures is osteoporosis. In addition, vertebral compression fractures affect approximately 750,000 people each year and can occur even when performing simple activities like bending or twisting. Furthermore, the vertebroplasty surgical procedure is mainly used to stabilize the spinal fracture and to stop or relieve the pain caused by the VCF. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Factors such as the growing need for minimally invasive surgical procedures due to the rising incidence of spine-related illnesses like herniated discs and degenerative disc diseases are significantly contributing to the growth of this segment. In addition, hospitals are essential for diagnosis, treatment, and post-operative care. Moreover, hospitals guarantee efficient patient management because they have a trained staff and cutting-edge infrastructure. Since they offer accurate and minimally invasive interventions, interventional spine devices are in high demand due to the growing use of cutting-edge technologies in hospital settings, such as robotic-assisted surgery. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
There is a growing popularity for ambulatory surgical centers as major end-users, fuelling a notable increase in demand for interventional spine devices globally. In addition, ambulatory surgical centers are a desirable option for spine treatments because they offer efficient, patient-centered, and reasonably priced care. Moreover, less invasive operations appropriate for ambulatory surgical centers have been made possible by technical improvements in interventional spine devices, which have shortened recovery periods. For instance, ambulatory surgery centers are seeing an increase in the use of percutaneous screws and minimally invasive fusion procedures. Furthermore, factors such as the growing focus on outpatient care and healthcare cost containment are expected to fuel the growth of this segment which in turn drives the market growth during the forecast period.
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North America is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. One of the main factors that are significantly contributing to the growth of the market in North America is the increasing prevalence of spinal disorders, such as osteoporosis, spinal disorders, spondylolisthesis, and scoliosis injuries. In addition, the number of spine surgeries in the US is increasing due to the rising prevalence of spinal disorders and the growing adoption of minimally invasive spinal surgeries. Moreover, minimally invasive spinal surgery is gaining popularity because of its minimized surgical tissue trauma compared with an open surgical procedure. Hence, such factors are driving the market growth in North America during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global interventional spine devices market witnessed a significant slowdown due to the partial or complete suspension of various non-urgent treatments and clinical visits in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of business activities and essential services, including the treatment of orthopedic conditions using interventional spine devices. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 12 market companies, including:
Abbott Laboratories: The company offers interventional spine devices such as Proclaim SCS Family nd Eterna SCS System designed for the treatment of chronic pain, pain caused by Diabetic Peripherial Neuropathy, and Non-surgical Back Pain.
B.Braun SE, ChoiceSpine LLC, Globus Medical Inc., Integra Lifesciences Corp., Johnson and Johnson, Medtronic Plc, Merit Medical Systems Inc., Orthofix Medical Inc., Spinal Elements Inc., Stryker Corp., and Zimmer Biomet Holdings Inc.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
One of the key factors driving the interventional spine devices market growth is the increasing incidence of spine and bone disorders. The increasing incidence of spinal deformities and scoliosis among the pediatric population is also likely to fuel the growth of the global interventional spine devices market. In addition, scoliosis refers to an abnormal curvature of the spine. In children, scoliosis can result in visible deformity, pain, psychological morbidity, and, if severe, cardiorespiratory problems.
Moreover, the surgical treatment of spinal deformities and scoliosis includes fusing a segment of the spine with spinal implants such as screws and rods to arrest or reverse the deformity. In addition, the emergence of new treatment techniques, such as vertebral body tethering, will fuel the adoption of interventional spine procedures for the treatment of scoliosis. Therefore, the increasing prevalence of scoliosis, coupled with the development of new treatment procedures, will drive the growth of the global interventional spine devices market during the forecast period.
A key factor shaping the interventional spine devices market growth is the emergence of radiofrequency-targeted vertebral augmentation. There is a significant trend towards the adoption of radiofrequency targeted vertebral augmentation, a novel percutaneous vertebral augmentation technique used to address some of the limitations of balloon kyphoplasty besides maintaining the benefits of the procedure. In addition, as per research, radiofrequency-targeted vertebral augmentation significantly reduces back pain severity, reduces pain medication requirements, and improves back function.
Moreover, remotely controlled cement delivery helps to reduce radiation exposure during vertebral augmentation procedures. For example, Merit Medical's StabiliT System combines a targeted approach and ultra-high viscosity cement for the treatment of pathological fractures and to reduce extravasation in the vertebrae. Hence, such factors are positively impacting the market which in turn will drive the market growth during the forecast period.
The availability of alternate medication options is one of the key challenges hindering the interventional spine device market growth. Opioid analgesic drugs are one of the key alternative treatment options available for interventional spine procedures. However, despite the devices being highly effective and safer than drugs, they are still less preferred.
Moreover, the reason for the low preference for devices is attributed to the low cost of drugs and their non-invasive nature. In addition, the introduction of innovative drug delivery techniques and improved drugs in the pipeline offers strong competition to these devices. Furthermore, there is an increased demand for interventional pain therapies, such as non-narcotic treatments for chronic pain. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Interventional Spine Devices Market Customer Landscape
The interventional spine devices market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Interventional Spine Devices Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.58% |
Market Growth 2024-2028 |
USD 3,076.49 million |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
7.81 |
Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
Performing market contribution |
North America at 47% |
Key countries |
US, Canada, UK, Germany, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, B.Braun SE, ChoiceSpine LLC, Globus Medical Inc., Integra Lifesciences Corp., Johnson and Johnson, Medtronic Plc, Merit Medical Systems Inc., Orthofix Medical Inc., Spinal Elements Inc., Stryker Corp., and Zimmer Biomet Holdings Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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