Global Spinal Implants Market: Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2012-2016 and Forecast 2017-2023
Global spinal implants market estimated to be valued US$ XX Mn in 2017 and poised to grow at CAGR of XX% over 2017-2023. Market for spinal implants is projected to reach US$ XX Mn by 2023.
Spine implants are used to treat deformities and disorders related to the spine. Spine disorders are primarily caused by degenerative conditions in spine, deformity, tumors, and trauma. In Spinal implants market, artificial disc replacement is seen as the relatively new approach to relieve the back pain. Artificial discs are designed with the goal of mimicking the form and function of the spines natural disc. Artificial disc replacement is generally seen as an alternative to the more common spinal fusion surgery that joints two vertebrae together.
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With rising adoption of minimal risk spine surgeries, spinal implants market anticipated to grow at significant rate over the forecast period. Spinal implants have an advantage over the open spine surgeries like low risk of infection, pain, muscle damage, minimal blood loss and faster recovery time, all these factors are leading to increasing number of patients adopting spinal implants and driving market growth for spinal implant. In addition, rise in geriatric population and technological developments in bone grafting products are projected to drive the growth of spinal implant market over forecast period. However, stringent regulations, lack of adequate awareness about the new procedures among healthcare professional and patients, and the high cost of procedures are hindering the spinal implants market growth.
Spinal implants market has been segmented based on product type, surgery type, procedure type, and end-user
By product type, spinal implants market is segmented into
Vertebral Compression Fracture Treatment Devices
Balloon Kyphoplasty Devices
Dynamic Stabilization devices
Annulus Repair Devices
Nuclear Disc Prosthesis
By surgery, spinal implants market is segmented into
Minimally Invasive Surgery
Based on end-user, spinal implants market is segmented into
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Global spinal implants market is exhibiting steady growth with significant CAGR over the forecast period. Traditional spine surgery segment is dominated and accounted for the more share in spinal implants market. Rise in the preference for non-fusion procedures over the fusion procedures is one of the trends in spinal implants market. Government initiatives and technological developments in treatment and development of advanced spinal implants driving the spinal implants market revenue growth. For instance, the American Academy of Orthopedic Surgeons and North American Spine Foundation, both contribute towards the growth of spinal implants devices market through R&D funding and training programs for healthcare professionals globally.
Geographically spinal implants market has been segmented into following regions viz. North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America is dominating the spinal implants market followed by Europe. Europe spine implants market is estimated to be dominated by new product launches and mergers & acquisitions. In 2014, Zimmer Hold Inc. launched virage OCT spinal fixation system. Moreover, increase in geriatric population and number of accidents boosting market revenue growth of spinal impants market in Europe region. According to census statistics number of people having age above 65 in Germany, Italy, UK, France and Spain together were 61, 806, 92. Asia Pacific is expected to be fastest growing market due to expansion row in health coverage, the rapid increase in healthcare infrastructure and increased funding of government on health care.
Some of the players in spinal implants market are Zimmer Biomet (U.S.), Johnson & Johnson Services Inc (U.S.), Stryker Corporation (U.S.), Benvenue Medical, Inc. (U.S.), Becton, Dickinson and Company (CareFusion Corporation) (U.S.), Alphatec Holdings, Inc. (Alohatec Spine, Inc.) (U.S.), Medtronic Plc (U.S.), Orthofix Holdings, Inc. (U.S.), and Globus Medical Inc. (U.S.) to name some few.
In 2015, Aesculap Implant Systems, LLC (Aesculap) got U.S. Food and Drug Administration (FDA) approval for its activl artificial disc, to treat one-level lumbar degenerative disc disease
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