The Global Spine Orthopedic Devices Market is Expected to Grow at a CAGR of 6.23% During the Forecast Period 2017–2023 to Aggregate $60.87 billion by 2023
Factors, such as rise in the prevalence of spinal disorders, an increase in the geriatric population, an increase in the adoption of minimally invasive and robotics-assisted spine surgeries, adoption of spinal navigation technology, increased market awareness and campaigns, and an increase in healthcare spending, drive the market growth during the forecast period.
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Global Spine Orthopedic Devices Market – Drivers, Opportunities, Trends, and Forecasts: 2017–2023” (September 2017).
According to Infoholic Research, the adoption of advanced spinal devices and the use of spine navigation technology will increase the market growth in the coming years. The technology used with such innovative spine devices have shown superior efficacy and high successful rates in treating various spine disorders. An increase in the incidence rate of spine disorders, such as spondylolisthesis, disc related issues, and spinal stenosis, are driving the market growth. Most of the spine implants are used to correct the deformities of the spine by stabilizing and strengthening the spine. These implants are composed of metals such as titanium alloy, stainless steel, and bio-absorbable materials.
Despite the advances and launch of new innovative products, a significant unmet need still exists in the low-income countries as they do not have access to basic surgical care. However, the government is taking initiatives to improve healthcare standards and companies are creating awareness programs to offer effective treatment, especially in the emerging markets.
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Spine implants are available in different shapes and sizes in the market and can be further customized as per individual needs. The advancements in orthobiologics (biomaterials) have allowed both patients and physicians to use biologics to fill the space and heal the bone-related issue with high accuracy and safety. The market is also driven by the growing need of image-guided surgical equipment and cost-effective technologies, which represent an opportunity in making complex orthopedic surgeries easy and more accessible to surgeons. The growing demand of robotic-assisted minimally invasive surgeries for treating various spine disorders is likely to increase the adoption rates.
Products, such as Aero-AL, AVS Anchor-L, ES2, UniVise, Xia, Vitoss, BIO, Kyphon Balloon Kyphoplasty, Spine Shaver Nucleus Removal Set, StealthStation S8 surgical navigation system, APEX Spine System, TiTLE2 Polyaxial Spinal System, InFix Anterior Lumbar Device, XLIF, MAGEC System, and PRECICE System, are branded products that have showed best results and are in high demand in the market. According to Infoholic Research, the “Global Spine Orthopedic Devices” market is expected to grow at a CAGR of 6.23% during the forecast period 2017–2023, to touch an aggregate of $19.84 billion by 2023.
The Global Spine Orthopedic Devices market is analyzed based on three segments, namely product types, end-users, and geographical regions. The product type covers spine fixation (implants), spine instruments, and biomaterials. Spine fixation implants dominated with 82% market share of the total spine orthopedic devices market share followed by biomaterials with 13%. The biomaterials segment is the fastest-growing segment with a CAGR of 7.5%. High cost, product recalls, and complications and risk associated with different spine orthopedic procedures represent the major challenges to the market.
Regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (RoW). In North America, the US and Canada are set to be the leading countries. The Europe is set to be the second leading region and held more than 24% of the market share in 2016. Germany is one of the leading countries in Europe in terms of revenue followed by France. In Asia Pacific, India and China are the most attractive countries for the players as they hold huge business opportunities. RoW is set to be an emerging market in the next 5–6 years. According to research studies, about 70% of the individuals who undergo spine surgeries will experience a drastic reduction of chronic back pain in 2015.
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“Spine orthopedic segment add about 60% to 70% of the total orthopedic surgeries globally, where cervical, thoracic, and lumbar have the most effective and accurate procedure. The shift from traditional to minimally invasive procedures performed in the outpatient ward is increasing the demand for spinal devices globally. Therefore, the emerging markets and underpenetrated markets show huge potential due to the presence of a large number of undeserved end-stage spondylosis population who require spine implants. Primary factors, such as a rise in the prevalence of spine disorders and the increasing adoption of MI surgeries, will drive the market and maintain a sustainable growth during the forecast period. Further, the adoption of spine navigation technology, and computer-aided surgery and robotic-assisted surgery will boost the market with the goal of enhancing precision, accuracy, and improved patient outcome.” – Mohammed Azhar, Senior Research Analyst (Research – Healthcare) at Infoholic Research
Further, the report also aims to cover the below points:
- An in-depth analysis of the key business opportunities in countries and verticals
- Complete details about the various types of spine orthopedic devices
- Complete details of trending top 16 orthopedic devices
- Details about the analysis of top 15 players
- Industry outlook including current and future market trends, drivers, restraints, and emerging technologies