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Advancing Care: Spinal Surgery Devices Market Report 2024
Spinal Surgery Devices And Equipment Market Research
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According to The Business Research Company's, The spinal surgery devices and equipment market size has grown strongly in recent years. It will grow from $13.77 billion in 2023 to $14.76 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to rising incidences of spinal disorders, increasing burden of obesity, growing demand for spine surgeries in emerging markets, rising incidences of osteoarthritis and spinal stenosis in population, rapid growth in elderly population, launch of advanced bone grafting products, and increasing adoption of minimally invasive spine surgeries..
The spinal surgery devices and equipment market size is expected to see strong growth in the next few years. It will grow to $18.87 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to advancements in spine surgery technologies, increasing elderly population, changes in lifestyles, faster economic growth, and increasing reimbursement for spine implants will drive market growth. Major trends in the forecast period include focusing on developing robot-assisted devices, investing in developing ar & vr for spinal surgery, investing in development of inflatable, shape-changing spinal implants, adopting nanosurface technology to development of novel bioceramic materials, focusing on development of smart metals, developing novel motion preservation devices for spinal surgery devices and equipment, investing in 3d printing technologies, offering patient specific instrumentation and adaptive spine technology (ast), focusing on minimally invasive spinal surgery and novel endoscopic spinal surgery..
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Market Drivers and Trends:
Elderly people are a major driving factor for the spinal surgery devices and equipment market as they are more prone to spinal complications. Spinal disorders majorly affect the geriatric population and result in spinal deformities and pain. As per UN estimates, the worldwide geriatric population will double by 2050 to reach an estimated value of more than 2.1 billion boosting the market growth in the future. An increasing trend in the aged populations worldwide will provide a lucrative growth to the spinal implants and devices.
Implementing Nano-technology to improve the quality, precision, and speed of the work is the latest trend in the spinal surgery devices market. Nanoparticles possess unique chemical, biological and physical properties which enables them to perform a wide variety of cellular and subcellular tasks. Spinal pathology is a major field of study for nanotechnology. To fully implement Nano-technology, hospitals and clinics are waiting for FDA regulations and exploring options to reduce costs. Vallum Corporation, a medical device company announced that it received clearance from the American Food and Drug Administration (FDA) for its polyetheretherket*one (PEEK) spinal fusion device which has a Nano textured surface.
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Major Key Players of the Market:
Apple, Fitbit Inc, Garmin Ltd., Xiaomi, Samsung Electronics Co., Huawei Technologies Co. Ltd., Fossil Group Inc., Qualcomm Inc., Sony Corporation, LG Electronics, Titan, Pebble Technology Corp., BioTelemetry, Inc, Lifesense , Sotera Wireless, Adidas, Microsoft , Nike, Ava, GymWatch, KardiaMobile, Motiv, My Skin Track UV, Owlet, TempTraq, Withings, Bionym, Recon Jet, InteraXon, Carré Technologies, PUSH, Kiwi Wearables, Mouser Electronics, Inc, Google, Jawbone, United Matbouli Group, aDawliah Universal Electronics, Modern Electronics Co. Ltd, Alesayi Electronics Co. Ltd, Pioneer Corp., Digital & Electronic Solutions Development Co. Ltd, Misfit
Spinal Surgery Devices And Equipment Market 2024 Key Insights:
• The spinal surgery devices and equipment market size is expected to see strong growth in the next few years. It will grow to $18.87 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Rising Geriatric Population Fuels Growth In The Spinal Surgery Devices And Equipment Market
• Advancements In Nano-Technology Transforming The Spinal Surgery Devices Market
• North America was the largest region in global spinal surgery devices and equipment market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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