Spinal Implants Market is Expected to Reach $14.3 Billion | MarketsandMarkets™

Chicago, Feb. 16, 2024 (GLOBE NEWSWIRE) -- Spinal Implants market in terms of revenue was estimated to be worth $11.2 billion in 2023 and is poised to reach $14.3 billion by 2028, growing at a CAGR of 5.0% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. The spinal implant market is driven by several factors that contribute to its growth and increasing adoption. These driving factors include growing research and funding initiatives from public and private organizations, advancements in spine surgery technologies, and the rising incidence of spinal disorders and aging. However, Challenges related to unfavorable regulatory procedures, uncertainty in reimbursement structures, lack of adequate physicians, and limited patient awareness/education are anticipated to impede the market's growth to a certain degree.

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Spinal Implants Market Scope:

Report Coverage	Details
Market Revenue in 2023	$11.2 billion
Estimated Value by 2028	$14.3 billion
Growth Rate	Poised to grow at a CAGR of 5.0%
Market Size Available for	2020–2028
Forecast Period	2023–2028
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Product, type of surgery, Application, End User, and Region
Geographies Covered	North America, Europe, Asia Pacific, Latin America and Middle East & Africa
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunity	Emerging markets offering growth opportunities
Key Market Driver	Increase in prevalence of spinal disorder

"Thoracic Fusion & Lumbar Fusion Devices segment to register a significant share global spinal implants market.”

Based on the product, the spinal implants market is segmented into Thoracic Fusion and Lumbar Fusion Devices, Cervical Fusion Devices, Spine Biologics, Vertebral Compression Fracture Treatment Devices, Spinal Decompression Devices, Non-Fusion Devices and Spine Bone Stimulators. Thoracic Fusion & Lumbar Fusion Devices segment to register a significant share of the global spinal implants market in 2022. The growth in this segment is mainly due to the expansion in the availability of diverse spinal implant stimulators; increasing incidence of lumbar disorders coupled with the increasing volume of thoracic surgeries, serves as pivotal drivers propelling the growth of this segment.

"Spinal Fusion and Fixation segment accounted for the largest share of the global spinal implants market.”

Based on the application, the spinal implants market is segmented into Spinal Fusion and Fixation, Vertebral Compression Fracture Treatment, Motion Preservation/Non-fusion, and Spinal Decompression. The Spinal Fusion and Fixation segment accounted for the largest share of the global spinal implants market in 2022. The substantial market share of this segment can be ascribed to the swift uptake of fusion and fixation, facilitated by increasing awareness of spinal health and improved diagnostic capabilities promoting early detection of spinal issues. Spinal implant manufacturers are introducing advanced technological innovations in biomaterials, emphasizing biocompatibility, durability, and flexibility, and are driving the development of next-generation spinal fusion and fixation devices, catering to the evolving demands of the global healthcare landscape. This development is expected to bolster the segment's growth.

"The Minimally Invasive Surgeries segment is expected to grow at the highest rate for the forecast period.”

Categorized by type of surgery, the spinal implants market is stratified into Open Surgeries and Minimally Invasive Surgeries. Minimally Invasive Surgeries is expected to account the highest market rate of the spinal implants market, by type of surgery, in 2028. This trend is linked to the rising incidence of spinal disorders, coupled with an aging global population and ongoing Collaborative efforts in international medical research and development are fostering a collective push towards cutting-edge minimally invasive spinal implant technologies, positioning the industry as a global leader in surgical innovation.

"Hospitals segment accounted for the largest share of the global spinal implants market."

Categorized by end-users, the spinal implants market is segmented into hospitals and orthopedic centers. Notably, the hospitals segment captured the largest market share on a global scale in 2022. The largest share of this segment is due to they conduct a significant portion of spinal surgeries, ranging from routine procedures to complex interventions, driven by the endorsement and utilization of innovative spinal implant technologies by hospitals set industry standards, influencing the market's direction and encouraging manufacturers to invest in R&D.

"North America is expected to dominate the spinal implants market in 2023"

The global spinal implants market is segmented across five prominent regions: North America, Europe, Asia Pacific, Latin America and Middle East and Africa. In the year 2023, the North American region emerged as the primary driver of the largest market share in spinal implants market domain. The Asia Pacific market is expected to register the highest growth rate during the forecast period. Several factors are propelling market growth, including the increasing prevalence of spinal disorders, modernization of healthcare infrastructure, a growing elderly patient demographic, The region has a robust ecosystem of medical device companies, research institutions, and healthcare facilities that continuously contribute to the development of advanced spinal implant technologies, and the emergence of local manufacturers in the region. Furthermore, rising healthcare investments and collaborative initiatives among major industry players to enhance their presence in Asia Pacific countries are anticipated to significantly boost the spinal implants market in the region.

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Spinal Implants market major players covered in the report, such as:

• Medtronic plc (Ireland)
• Johnson & Johnson (Depuy Synthes) (US)
• Stryker Corporation (US)
• NuVasive (US)
• Globus Medical Inc. (US)
• Zimmer Biomet Holdings (US)
• RTI Surgical Inc. (US)
• Spineart (Switzerland)
• Boston Scientific Corporation (US)
• Abbott Laboratories (US)
• and Among Others

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This report has segmented the global spinal implant market based on product, type of surgery, application, end-user, and region.

Spinal Implants Market, By Product Type

• THORACIC FUSION & LUMBAR FUSION DEVICES 
  • Posterior Thoracic Fusion And Lumbar Fusion Devices
  • Interbody Thoracic Fusion And Lumbar Fusion Devices
    • Anterior lumbar interbody fusion devices
    • Posterior lumbar interbody fusion devices
    • Transforaminal lumbar interbody fusion devices
    • Axial lumbar interbody fusion devices
    • Non-Bone interbody fusion devices
    • Bone Interbody Fusion Devices
  • Anterior Thoracic Fusion And Lumbar Fusion Devices
• CERVICAL FUSION DEVICES 
  • Anterior Cervical Fusion Devices
    • Anterior cervical plates
    • Anterior cervical screw systems
    • Cervical interbody fusion devices
  • Posterior Cervical Fusion Devices
    • Posterior cervical plates
    • Posterior cervical screws
    • Posterior cervical rods
• VERTEBRAL COMPRESSION FRACTURE TREATMENT DEVICES 
  • Balloon Kyphoplasty Devices
  • Vertebroplasty Devices
• SPINE BIOLOGICS 
  • Demineralized Bone Matrix
  • Bone Morphogenetic Proteins
  • Bone Substitutes
  • Machined Bones
  • Cell-Based Matrices
  • Allograft Bone
• SPINAL DECOMPRESSION DEVICES 
  • Discectomy
  • Laminoplasty, Laminectomy, And Laminotomy
  • Foraminotomy & Foraminectomy
  • Facetectomy
  • Corpectomy
• NON-FUSION DEVICES 
  • Dynamic Stabilization Devices
    • Interspinous process spacers
    • Pedicle screw-based dynamic rod devices
    • Facet replacement products
  • Dynamic Stabilization Devices
    • Artificial cervical discs
    • Artificial lumbar discs
  • Annulus Repair Devices
  • Nuclear Disc Prostheses
• SPINE BONE STIMULATORS 
  • Noninvasive Spine Bone Stimulators
    • Pulsed electromagnetic field devices
    • Capacitive coupling (CC) and combined (electro) magnetic field (CMF) devices.
    • Invasive spine bone stimulators

Spinal Implants Market, By application

• Spinal Fusion and Fixation
• Vertebral Compression Fracture Treatment
• Motion Preservation/Non-fusion
• Spinal Decompression

Spinal Implants Market, By type of surgery

• Open Surgeries
• Minimally Invasive Surgeries

Spinal Implants Market, By End User

• Hospitals
• Orthopedic centers

Spinal Implants Market, by region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
• MEA

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Key Market Stakeholders:

• Spine surgery device manufacturing companies
• Distributors and suppliers of spinal surgery devices
• Healthcare institutions (hospitals and outpatient clinics)
• Research institutions
• Research and consulting firms
• Contract research organizations (CROs) and contract manufacturing organizations (CMOs)
• Academic medical centers and universities
• Market research and consulting firms
• Hospitals
• Outpatient facilities

Report Objectives:

• To define, describe, and forecast the spinal implants market based on product, type of surgery, type of surgery, application, end user, and region.
• To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
• To strategically analyze the micro markets with respect to individual growth trends, prospects, and contributions to the total market.
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders.
• To profile the key market players and comprehensively analyze their market shares and core competencies.
• To forecast the revenue of the market segments with respect to five main regions, namely, North America (US and Canada), Europe (Germany, France, the UK, Italy, Spain, and Rest of Europe), the Asia Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa.
• To track and analyze competitive developments such as new product launches and approvals; agreements, expansions, acquisitions, partnerships; and collaborations in the spinal implants market.

Related Reports:

Dental Implants and Prosthetics Market

Bone Growth Stimulator Market

Orthopedic Braces and Supports Market

Soft Tissue Repair Market

Minimally Invasive Surgical Instruments Market

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