Global spinal implants market was estimated at over USD 7.5 billion in 2014. Growing adoption rates due to advantages of minimally invasive devices including lesser scarring, faster recovery, low infection and bleeding risks, and less hospital stay duration, is a growth driving factor.
Growing usage of implant procedures during different orthopedic surgeries, innovation in implantable devices leading to novel product commercialization directly leading to an increase in usage rates during orthopedic surgical procedures positively impacts industry growth.
An increasing demand for movement preservation surgeries is expected to create a positive effect on demand. Growing number of outpatient ambulatory surgical centers providing less invasive implant procedures combined with faster recovery times are further expected to enhance growth prospects.
Continued reimbursement for surgical implants driven by the guidelines issued under the Affordable Care Act is going to significantly enhance the number of ensured patients and provide participants with lucrative avenues pertaining to marketing and product distribution.
Interbody devices and interspinous decompression accounted for around 30% of the revenue in 2014. Development of novel biomaterials which are more readily compatible with internal body tissue and introduction of minimally invasive spinal decompression procedures are factors accounting for this significant share of these segments.
Growing prevalence of degenerative disc diseases and increasing elder population more prone to orthopedic disorders are expected to enhance product demand for artificial discs and spinal plates over the forecast period.
Thoracolumbar fixation accounted for over 35% of the revenue generated for 2014 owing to the growing number of patients undergoing spondylodesis to reduce spinal pain or immobilize abnormal movement. Increasing adoption for this procedure due to availability of minimally invasive procedures is another significant factor expected to fuel growth.
Cervical fixation and interbody decompression are other notable application segments in the spinal implants market accounting for a considerable share of generated revenue. These segments follow similar driving factors of growing spondylodesis as of lumbar fixation and with an anticipated increase in usage of less invasive close spinal surgeries, growth in demand is inevitable through to 2022.
North America spinal implant market accounted for over 40% of the revenue generated in 2014 and owing to the abundant product availability and high usage rates.
Presence of stringent regulatory approval process and comprehensive reimbursement policies are factors which enhance the competitive rivalry in the region and ensure high quality standards attracting considerable revenue.
Asia Pacific spinal implants market is anticipated to provide lucrative avenues for industry expansion due to ongoing development of manufacturing facilities of leading players, presence of high unmet demand and growing awareness among patients for novel technologies in the region.
Competitive Market Share Insights
Johnson & Johnson, Medtronic and Stryker are the key participants and accounted for over 50.0% of the spinal implants market share in 2014. However, smaller companies continue to gain share through new product development and commercialization. Over the forecast period the spinal implants market is expected to witness an eminent growth in high competitive rivalry owing to enhanced product offerings by more number of participants.
Anticipated growth of complementary segments such as robotic assisted surgeries will also have a positive impact on product adoption and usage of less invasive spinal surgical options and enhance growth over the forecast period.
Some key participants of this industry include Zimmer, Medtronic, Exactech, Biomet, Ottoback, Wright Medical Group, Tornier, Smith & Nephew, DePuy Synthes, Orthofix International N.V., NuVasive, Disc Motion Technologies, Synthes Inc., and Globus Medical. Companies are involved in research and development of new products aimed to reduce trauma from open surgeries for spinal fusion and treatment of motion irregularities.
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