The medical technology used to treat spinal abnormalities and illnesses is spinal implants and surgery devices. These implants are typically offered in two varieties, fusion and non-fusion implants, and are made from biocompatible materials such as titanium, titanium alloy, and stainless steel.
The market worth of spinal implants and surgery devices in 2021 was USD 11.42 billion, and it will reach USD 18.08 billion by 2030, growing at a 5.23% CAGR.
Rods, plates, screws, and interbody cages are fusion implants. On the other hand, non-fusion implants consist of growth-sparing tools, expandable rods, and artificial discs. In addition, spinal decompression devices and thoracic, lumbar, and cervical fusion devices are used for a variety of therapeutic procedures. These implants are used to improve the stability of the spine, facilitate the movement of two vertebrae, and correct deformities.
Vertebroplasty and kyphoplasty are the two most effective spinal surgical treatments that accurately predict the entire industry’s growth.
Market Drivers
Primary factors influencing the market growth are the rising prevalence of spinal illnesses such as degenerative disc disease, kyphosis, scoliosis, and spondylolisthesis. This is due to the working population’s sedentary lifestyles and busy schedules, which are also dramatically increasing the prevalence of obesity, posture-related issues, back pain, and other degenerative spine disorders.
The market is also benefiting from several technological developments, such as the creation of better bone grafting solutions and the use of materials that are more durable than metal. Furthermore, the growing elderly population and the increased use of minimally invasive (MI) spinal operations also contribute to the expansion of the market.
Restraining Factors
The high cost of spinal surgery and the uncertainty surrounding reimbursement are the major factors limiting the growth of the market for spinal implants and surgery devices.
Key market opportunity
The market is growing due to the development of efficient growth-sparing devices specially created for patients, notably children, who have not yet reached skeletal maturity. The need for minimally invasive spinal surgery operations is expect to increase, along with other factors, including the aging population.
Market Segmentation
On the basis of type, the spinal implants and surgery devices market is segment into invasive spine bone stimulators, posterior cervical fusion devices, thoracic fusion and lumbar fusion devices, spinal laminectomy/spinal decompression devices, spine Biologics, cervical fusion devices, VCF treatment devices, and non fusion devices. The thoracic and lumbar fusion devices held the maximum market share in 2020 due to the rising incidence of lumbar degenerative disc diseases.
On the basis of type, the spinal implants and surgery devices market is segment into minimally invasive surgeries and open surgeries. The open surgeries market segment contributed for the maximum market share in 2020. This is because spinal abnormalities are becoming more common, open spine surgeries are becoming more popular among doctors, and spinal fusion surgeries have advanced technologically.
In terms of technology, the market is segment into spinal fusion and fixation, motion preservation/non fusion. Vertebral compression fracture treatment, and spinal laminectomy/spinal decompression. The largest market share was contribute by the spinal fusion and fixation market segment in 2020. It is due to the rising prevalence of conditions like degenerative disc disease and spinal stenosis. An increase in the number of spinal fusion surgeries. The expanding geriatric population worldwide, and technological advancements in spinal fusion and bone grafting methods.
Regional Analysis
Due to ongoing developments in surgical technology, the availability of medical reimbursement policies. That support spinal fusion surgery, and the rising prevalence of spinal cord injuries and disorders. North America ruled the overall market. Additionally, the presence of advanced healthcare facilities, a developing healthcare organization. And diagnostic centers in the area will promote the market’s expansion. Additionally, the region’s market will increase as a result of the US’s growing older population. Established healthcare infrastructure, and rising patient awareness of the importance of routine checkups.
However, the Asia Pacific region will grow the quickest due to advances in healthcare infrastructure. Enhanced reimbursement conditions, and the adoption of insurance coverage in many APAC countries.
Key Players Analysis
- Orthofix Medical
- B. Braun (B. Braun Holding GmbH & Co. KG)
- Globus Medical
- Integra LifeSciences Holdings Corporation
- Abbott Laboratories
- Zimmer Biomet Holdings
- Medtronic
- Stryker Corporation
- Boston Scientific, Depuy Synthes (Johnson & Johnson)
- Exactech Inc. (Choice Spine)
- RTI Surgical
- Nuvasive Inc. (Smith & Nephew Plc)
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