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The global spinal implants and surgical devices market size is estimated to grow by USD 4.24 billion, at a CAGR of 6.23% between 2023 and 2028.
Spinal disorders or injuries lead to a high economic burden globally. According to the National Institutes of Health (NIH), on average, the cost of healthcare spending by people with spinal surgeries ranges from USD 2,859 to USD 3,841 in the US. The impact of spinal injuries or disorders on the economy is not wholly related to the direct cost, that is, the healthcare cost, but also related to the individual's daily productivity loss and the productivity of caretakers and family. Due to the high economic burden, initiatives are being taken by government bodies to support the production of medical devices. The government of India has invested USD 456 million in the Production Linked Incentives Scheme for medical device manufacturing, including imaging devices and implants. The scheme promotes the domestic manufacturing of medical devices at lower costs. Thus, such initiatives are expected to drive the growth of the market during the forecast period.
Technavio has segmented the market into Type, 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 market share growth by the open surgeries segment will be significant during the forecast period. Open surgery allows the surgeon to directly visualize the surgical site and have better access to the affected area. This is particularly important in complex spinal conditions such as spinal deformities, tumors, or severe spinal injuries where a more extensive intervention is required.
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The open surgeries segment was valued at USD 6.15 billion in 2018. Spinal implants and devices play a crucial role in the treatment of various spinal conditions, such as degenerative disc disease, spinal fractures, spinal deformities, and spinal cord injuries. They are designed to provide stability, promote fusion, and restore proper spinal alignment. With a high preference for open surgery, the demand for spinal implants and surgical devices will surge, which, in turn, will boost the growth of the market during the forecast period.
Hospitals are experiencing an increased demand for spinal implants and surgical devices to address spinal disorders conditions effectively. Hospitals typically have specialized infrastructure, such as dedicated operating rooms and advanced imaging equipment like CT scanners and MRI machines. Further, hospitals are equipped to handle emergency cases related to spinal injuries or conditions. These emergencies often require immediate surgical intervention or specialized procedures. Spinal implants and surgical devices may be required to stabilize the spine or alleviate pressure on the spinal cord, and hospitals are better equipped to provide prompt emergency care. Hence, high demand from hospitals will have a positive impact on the market during the forecast period.
ASCs (Ambulatory Surgery Centers) have emerged as an ideal setting for performing minimally invasive spinal surgical procedures. These procedures frequently involve the utilization of spinal implants, such as screws, rods, or interbody cages, to address conditions like herniated discs, spinal stenosis, and degenerative disc disease. The adoption of these minimally invasive techniques is on the rise due to their numerous benefits, including reduced postoperative pain and expedited recovery times. Furthermore, ASCs offer interventional pain management procedures, including nerve root blocks and epidural injections, to alleviate spinal pain. Interventional spine devices play a pivotal role in these non-surgical interventions, enhancing their efficacy and safety. The growing prevalence of spinal conditions and the increasing popularity of minimally invasive procedures are expected to fuel the demand for ASCs, thereby bolstering the market expansion during the forecast period.
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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers will shape the market during the forecast period. The rising prevalence of spinal disorders, such as osteoporosis, spinal disorders, spondylolisthesis, and scoliosis injuries, is boosting the demand for spinal implants in North America. The demand for spinal implants and surgical devices is high in the US owing to factors such as the aging population, the high prevalence of spinal disorders, and advancements in medical technology. Spinal implants are used to treat conditions such as degenerative disc disease, spinal stenosis, herniated discs, and spinal deformities.
Additionally, spinal fusion devices, artificial discs, vertebral compression fracture devices, and spinal cord stimulators, among others, are some of the common types of spinal implants. The demand for spinal implants and surgical devices in North America is driven by the rising number of spinal surgeries. Advances in surgical techniques and technology, coupled with a growing awareness of spinal disorders and their impact on quality of life, have contributed to the rise in surgical interventions. These factors will drive the growth of the market in the region 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 20 market companies, including:
Abbott Laboratories: The company offers spinal implants and surgical devices such as Proclaim plus and Proclaim XR SCS systems a spinal cord stimulation for chronic pain relief.
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 and forecasting. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges.
The increasing prevalence of spinal disorders is the key factor driving market growth. Some of the common spinal disorders include degenerative disc disease, spinal stenosis, and herniated discs. The rise in the aging population has increased the demand for spinal surgeries and related implants. Degenerative conditions, such as osteoarthritis and degenerative disc disease, become more prevalent with age. They can also lead to spinal pain and functional limitations, which will increase the demand for spinal implants and surgical devices.
Sedentary lifestyles are harmful to spinal health. Prolonged sitting can lead to poor posture, weak back muscles, and increased pressure on the spine. This results in conditions such as lower back pain, herniated discs, and spinal stenosis. Educational programs, conferences, and promotional activities conducted by medical societies and device manufacturers play a crucial role in increasing awareness about these diseases. Therefore, rising awareness about the benefits of spinal implants and surgical devices is driving market growth.
Increasing launches of new products is the primary trend shaping market growth. Market players are engaging in the expansion of their product portfolios and strengthening their business operations. Market players are consistently innovating and launching products to remain competitive in the market. For instance, in August 2023, Orthofix Medical Inc. announced the launch of its 7D Flash navigation system percutaneous module 2.0. The navigation system will provide spinal surgeons with a fully integrated procedural solution for minimally invasive surgeries, such as implant surgery planning and an expanded offering of navigational tools.
Similarly, in November 2023, Spinal Elements, Inc., a spine technology company, announced the full commercial launch of its Ventana 3D-printed interbody. The implant has a 3D-printed architecture that helps in clear radiographic visualization during imaging and also minimizes the amount of titanium used to improve radiographic visualization. Therefore, aligned with market trends and analysis, the increasing number of new product launches is expected to drive the growth of the market during the forecast period.
The risks associated with interventional spine procedures are a challenge that affects market growth. Many patients, especially in developing countries, are hesitant to opt for interventional spine treatments due to concerns over potential risks. Some patients decide against getting vertebroplasty due to the possibility of cement leakage. Due to the negative effects of the surgery, the vertebral bones may shrink, thereby increasing the risk of a subsequent fracture.
Moreover, vertebral fracture cracks and extra vertebral polymethyl methacrylate (PMMA) cement leaking through the venous system are some examples of significant early consequences. This leaking may result in spinal stenosis or a pulmonary cement embolism. Systemic allergic, hematoma, or toxic reactions to cement is also a major risk of interventional spine operation. These factors may hamper the growth of the global spinal implants and surgical devices market during the forecast period.
The market research and growth 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 market analysis and report also include key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
The market report forecasts market growth analysis by revenue at global, regional & country levels and provides an analysis of the latest market growth and trends opportunities from 2018 to 2028.
Spinal Implants and Surgical Devices Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.23% |
Market Growth 2024-2028 |
USD 4.24 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.48 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 39% |
Key countries |
US, Germany, UK, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Alphatec Holdings Inc., B.Braun SE, Bioventus LLC, Boston Scientific Corp., Exactech Inc., Globus Medical Inc., Implanet SA, Integra Lifesciences Corp., Johnson and Johnson, Kuros Biosciences AG, Medtronic Plc, Nuvasive Inc., Orthofix Medical Inc., RTI Surgical Inc., Spinal Elements Inc., Spine Wave Inc., Spineart SA, Stryker Corp., ulrich GmbH and Co. KG, and Xtant Medical 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, 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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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