Thoracolumbar Spine Devices Market to Register Substantial Expansion by 2024
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Moreover, increased rate of spinal surgeries is a reflection of the shift in recent years from a rural population to an urban population. Sedentary lifestyle and rising stress level have further propelled spinal disorders globally. Certain research-oriented companies such as Stryker Corporation, Zimmer Biomet, etc. are working on developing advanced thoracolumbar spine implants. Introduction of thoracolumbar spine devices at an affordable price would boost the global thoracolumbar spine devices market during the forecast period, owing to added benefits of the technology. The thoracolumbar spine devices options are costlier hence the cost of premium priced spine implants are likely to hinder the growth of sales revenue of the market over the forecast period. Affordable pricing policy of governments and patient support programs are expected to support growth of the thoracolumbar spine devices market.
The global market for thoracolumbar spine devices is segmented based on product type, end users, and geography. In terms of product type, the thoracolumbar spine devices market is categorized into implants and instrumentation, spine biologics, etc. Implants and instrumentation is expected to be the largest segment due to efficacy and easy availability of implants, and adoption of therapy in comparison with spine biologics. In terms of end users, the thoracolumbar spine devices market is categorized into hospitals, specialty clinics, ambulatory surgical centres, etc. Supportive reimbursement policies in hospitals and ambulatory surgical centers drives the growth of the segment. Over the last decade, there is an increase in the number of surgical procedures in ambulatory surgical centers which is expected to propel the growth of the segment during the forecast period. Specialty clinics, and others segments hold significantly low market share due to lesser adoption of thoracolumbar spine devices in practice.
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In terms of geography, the global thoracolumbar spine devices market is segmented into five key regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe are expected to hold major share in the thoracolumbar spine devices market during the forecast period owing to developed healthcare infrastructure in the region, and large patient population along with increasing technological development. According to the National Statistics Group, health spending is projected to increase at an average rate of 5.8% from 2012 to 2022 in the U.S, which is 1% faster than expected average annual growth in GDP. Rising health care spending has been identified as one of the major factors supporting growth of the surgical procedures market in the U.S. The Asia Pacific region is expected to expand at a higher growth rate during the forecast period. Increase in health care spending and improving health care infrastructure in the region is expected to drive the overall orthopedic treatment market during the forecast period. Rising aging population prone to spine disorders is one of the major factors considered to propel the global thoracolumbar spine devices market in the near future.
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The global thoracolumbar spine devices market is highly concentrated with few big players. The key players operating in the thoracolumbar spine devices market are DePuy Synthes Companies, Globus Medical Inc., Medtronic plc., NuVasive Inc., Stryker Corporation, Zimmer Biomet, Aesculap Implant Systems, LLC., etc.
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