Selbyville, Delaware, Nov. 08, 2021 (GLOBE NEWSWIRE) -- The spinal implants market size is anticipated to record a valuation of USD 11.7 billion by 2027, according to the most recent study by Global Market Insights Inc. Technological advancement for the treatment of spinal deformity has led to an increase in the adoption of spinal implant to a great amount. The high acceptance of minimally invasive spinal procedures demonstrates a long-term benefit to the patient. Moreover, incidences of spondylitis, chronic spine and back pain, osteoporosis, vertebral fractures and other morbidities are increasing which require a tailored approach. Therefore, rising need for the new and improved spinal implants is expected to boost the market growth.
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The dynamic stabilization devices segment in the spinal implants market was valued at USD 1.62 billion in 2020. The dynamic stabilization devices are used to treat lumbar degenerative disc disease. Furthermore, 3.63% of the total population (266 million individuals) across the globe are suffering from lumbar degenerative spine disease. Over the past couple of years, increasing lower back pain prevalence in the community has led to serious medical complications which may require spinal surgery.
The deformity segment dominated more than 78.8% of the market share in 2020 led by the rising prevalence of arthritis, degenerative disc disease, herniated disc, spinal stenosis, spondylosis, spinal cord cancer, spinal deformities, spinal tumors, spondylolisthesis and others.
The open surgery segment is set to account for more than 73.0% of revenue share in 2027. High segment growth is due to the rising incidences of spinal cord injuries, spinal tumors, infection, degenerative disc diseases, and non-degenerative diseases.
The spinal implants market for polyetheretherketone (PEEK) segment will witness 3.3% growth rate through 2027 impelled by the high patient preference for PEEK implants. As compared to other materials, PEEK has some clinical advantages such as high stability, low hypersensitive and allergic reactions, etc. Also, PEEK implants are majorly used in 3D printed which is a significant key factor for the industry growth. In addition, the high demand for 3D printed spinal implants across the globe is poised to foster the market demand for spinal implants.
The thoracic segment captured 8.7% of the market share in 2020. Significant cases of thoracic spine diseases and complex surgical procedures contribute to the segment expansion. Additionally, the rising prevalence of thoracic disk herniation, thoracic disk degeneration in the asymptomatic patient population is predicted to spur the market expansion.
Asia Pacific spinal implants market is estimated to reach USD 1.62 billion by 2027. The high prevalence of degenerative spine disease in the APAC region is the primary growth driver of this market. For instance, approximately 26.6% of the adult population in the region suffers from degenerative disease. Lifestyle, obesity, working conditions, etc. contribute to the rise in degenerative diseases. Moreover, the rising geriatric population in the region is projected to augment the market progression.
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Few notable companies operating in the market include Medtronic plc, Johnson & Johnson, Zimmer Biomet, Stryker, Nuvasive, Globus Medical Inc., Alphatec Holdings, Inc., Surgalign Holdings, B. Braun Melsungen AG and SeaSpine Holdings Corporation. The players are focusing on various strategies such as mergers, acquisitions, new service launches among others.
Table of Contents (ToC) of the report:
Chapter 3 Spinal Implants Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product type
3.4.2 By application
3.4.3 By material
3.4.4 By surgery
3.4.5 By indication
3.5 COVID-19 impact analysis
3.6 Porter's analysis
3.7 Competitive landscape, 2020
3.7.1 Company matrix analysis
3.8 PESTEL analysis
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