The global spinal implants and spinal devices market was valued at USD 11.06 billion in 2015. The key factors contributing to the market growth include the growing number of spinal conditions, such as degenerative disc diseases, spinal injuries, increase in the worldwide geriatric population susceptible to spinal ailments, and the introduction of technologically advanced implants.
The geriatric population is prone to spinal conditions owing to the upward trend in the adoption of sedentary lifestyles and other associated problems, such as obesity and low bone density, stemming from unhealthy lifestyles. Hence, increase in the elderly population count is expected to drive the number of spinal surgeries and boost the demand for various spinal implants and devices over the forecast period.
Moreover, the rapid growth of minimally invasive procedures to manage the spinal conditions is expected to enhance the usage of the spinal devices over the forecast period. Some of the recent technologies in spinal devices developed by few of the key market players include the following: TPS Corpectomy Spacers by Globus Medical, Inc., CoRoent Thoracolumbar and Interfixated Interbody Systems by NuVasive, Inc., Navigation Instruments by Alphatec Spine, Inc., Mobi-C Cervical Disc by LDR Holding Corporation.
North America spinal implants and spinal devices market estimates and forecasts, by product, 2013 - 2024 (USD Million)
The key products under the category of spinal implants and spinal devices market comprise spinal fusion devices, spinal biologics, vertebral compression spinal devices, non-fusion treatment devices, and spinal bone growth stimulators.
The fusion devices segment captured the largest market share in 2015 owing to the large volume of the spinal fusion procedures that entail the use of spinal fusion devices (pedicle screws, anterior interbody cages or spacers). In addition, this segment is expected to maintain the large market share due to their growing applicability in certain health conditions related to structural issues of the spine, such as spondylolisthesis, scoliosis, and spinal stenosis.
The spinal biologics segment is anticipated to be the fastest growing segment with a CAGR of 7% as a result of the awareness in relation to the growing availability of newly developed biologics and their associated advantages, such as minimal-invasiveness and the reduced hospital stays.
Based on technology, the market is segmented into three major segments namely spinal fusion and fixation, vertebral compression fracture treatment, and motion preservation technologies. The spinal fusion and fixation technologies segment held the largest share of the global spinal implants and spinal devices market in 2015.
This segment finds a range of applications in conditions, such as spinal degenerative diseases, spinal disc herniation, scoliosis, that render instability to the spine; hence, the growing usage rate of the spinal fusion and fixation techniques, which in turn propels this segment’s growth. The aforementioned technique conventionally involves lengthy procedures and the use of expensive hard tools, which adds to the overall cost of these surgical procedures.
The motion preservation technology segment falls under the category of non-fusion-based technologies and is expected to witness the fastest growth with a CAGR of over 6% during the forecast period. This growing demand for these minimally invasive procedures, the increased availability of the tools, and the rising widespread awareness of these techniques are some of the key factors that are expected to fuel the growth of this segment.
Based on the surgical procedures, the market is segmented into open and minimally invasive surgeries (MIS). Open surgeries held the largest share of the market in 2015. However, the surging demand for MIS is ascribed to the high prevalence of severe spinal disorders, which is impelling the market growth. MIS surgeries are anticipated to grow due to the following factors: comparatively shorter recovery time, high patient convenience, and reduced treatment and surgery costs.
Based on the type of procurers, the spinal implants and spinal devices market is segmented into discectomy, laminotomy, foraminotomy, facetectomy, and corpectomy. In 2015 laminotomy held the maximum share of over 36%. However, foraminotomy procedures are expected to show a significant growth of nearly 7% over the forecast period. The high growth is expected on account of the growing number of surgeries, such as surgeries for the treatment of joint degenerative disorders, vertebral compression fracture, and other back surgeries.
The North America segment currently holds nearly 63% of the market share. This dominance of this region is attributable to factors including high number of spinal injury and disorder cases, large base of geriatric population, high R&D expenditure, and the presence of a favorable reimbursement scenario. Moreover, the U.S. is the key region of interest for majority of the market players and most of the new products are first made available in the U.S before they are launched on a global scale.
The Asia Pacific spinal implants and spinal devices market is expected to register the maximum CAGR of 7.6% over the forecast period. The mounting medical expenditures, the rising access to health insurance, the growing cognizance of newly developed technologies and products launched in this region are some of the propelling factors driving the uptake of these spinal devices, and implants in this region. Moreover, the upward trend in sedentary lifestyle habits, obesity, and occupational stress are expected to increase the number of patients suffering with various postural defects and spinal disorders and diseases; this upsurge in the number of spinal disorder cases are expected to positively reinforce the market growth in this region.
Competitive Market Share Insights
Some key players of the spinal implants and spinal devices market are Medtronic plc, Depuy Synthes, Inc., Stryker Corporation, NuVasive, Inc., Zimmer Biomet Holdings, Inc., Globus Medical, Inc., Orthofix International Holding N.V., and LDR Holding Corporation. The increasing R&D initiatives undertaken by the key market players to enhance the existing spinal care therapy solutions coupled with their strategic endeavors are significantly impacting the market growth. FDA approvals for the spinal implants and devices introduced by the major market competitors are also anticipated to facilitate overall market expansion. In March 2016, FDA approved 47 orthopedic and spinal devices of the top leading companies in this market.
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