Spinal implants Market to Expand at a 5.2% CAGR, to Attain a USD 16.7 billion Valuation by 2031 | Exclusive Report by Transparency Market Research Inc.

Wilmington, Delaware, United States, Feb. 23, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global spinal implant market was projected to attain US$ 10.6 billion in 2022. It is anticipated to garner a 5.2% CAGR from 2023 to 2031, and by 2031, the market is likely to attain US$ 16.7 billion.

Spinal implants are surgical devices that support and strengthen the spine while also relieving pain and improving mobility. Stainless steel or titanium are common biocompatible materials used to make implants.

Many problems relating to the spine, including degenerative disc degeneration, scoliosis, fractures, and tumors, can be treated using spinal implants.

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In order to rectify abnormalities or support the spine following damage, they are also utilized in spinal fusion procedures. The purpose of using spinal implants is to help people with spinal diseases live better lives by reducing pain and restoring spinal function.

Specialized equipment needed for spinal procedures, including intraoperative monitoring devices, navigation systems, and sophisticated imaging technologies, is available in hospitals.

Key Findings of Market Report 

• Open surgery and minimally invasive surgery are included in the market segmentation of spinal implants depending on the kind of surgery.
• This sector is dominated by the fact that open surgery is frequently chosen for difficult spinal cases requiring considerable intervention, such as spinal deformities, severe degenerative diseases, and multi-level spinal pathologies.
• Due to its adaptability, open surgery may be used to treat a variety of complicated conditions.
• Many surgeons are well-versed in the traditional methods, which have a lengthy history and practical expertise with open surgical procedures.
• When dealing with difficult cases, surgeons may choose open surgery because they feel more secure knowing that traditional approaches are well-established.

Market Trends For Spinal Implants 

• The spinal implants market insights suggest that titanium is preferred because it is extremely biocompatible, which means that the human body tolerates it well. This characteristic lowers the possibility of allergic reactions, inflammatory reactions, and negative reactions when the implant is inserted into the body.
• Titanium is lightweight because it has a low density in relation to other metals. Titanium is extremely strong despite its small weight, which is essential for offering structural support in spinal implants without adding a lot of mass or weight.
• Since titanium resists corrosion, the human body can withstand it for a long time. In the harsh environment of the spine, where implants may be exposed to mechanical stress and body fluids, corrosion resistance is particularly crucial.

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Global Market for Spinal Implants: Regional Outlook

Various reasons are propelling the growth of the spinal implants market throughout the different regions. These are: 

• In 2022, North America accounted for a significant market share. The regional market dynamics are driven by a rise in product approvals in tandem with the rising demand for less invasive procedures.
• In terms of the entire North American market for spinal implants in 2022, the United States held the highest proportion. Reimbursement requirements are probably going to alter in the United States. In the next years, it is anticipated that early adoption of technologically sophisticated items and strategic alliances would drive the country's market expansion.

Global Spinal Implants Market: Key Players

In order to improve their position and grow their businesses, the key players in the market are concentrating on developments in the materials and design of spinal implants as well as new product launches, mergers, partnerships, and collaborations.

The following companies are well-known participants in the global spinal implants market: 

• Stryker Corporation
• Zimmer Biomet
• Medtronic
• Johnson & Johnson Services, Inc.
• Globus Medical Inc.
• B. Braun Melsungen AG
• ATEC Spine, Inc.
• CTL Amedica
• Orthofix
• Other Prominent Players

Few of key developments by the players in this market are: 

• The USFDA approved Orthofix's OsteoCove, an innovative bioactive synthetic graft, in October 2023. OsteoCove was developed to offer the best-in-class handling qualities together with exceptional bone-forming capabilities for a variety of orthopedic and spine procedures.
• Expandable interbody and access technologies were introduced by ATEC Spine, Inc. in October 2022 with the goal of improving the medialized minimally-invasive (MIS) posterior approach. In order to reduce muscle morbidity and blood loss and facilitate quicker patient recoveries, the method is meant to cut down on hospital stays.
• The FDA approved Zimmer Biomet's ROSA Hip System in August 2021. This is a robotically-assisted direct anterior total hip arthroplasty.

Global Spinal Implants Market Segmentation  

• Product Type
•  
  • Artificial Discs
    • Cervical
    • Lumbar
  • Dynamic Stabilization Devices
  • Spinal Fusion Implants
    • Pedicle Screws & Rods
    • Plates
    • Interbody Cages
• Surgery Type
  • Open Surgery
  • Minimally Invasive Surgery
• Material
  • Stainless Steel
  • Titanium
  • Cobalt Chrome
  • Polyetheretherketone (PEEK)
  • Others
• End-user
  • Hospitals
  • Orthopedic Centers
  • Ambulatory Surgical Centers
• Region
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

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