Rockville, March 08, 2023 (GLOBE NEWSWIRE) -- As per this new industry analysis by Fact.MR, a market research and competitive intelligence provider, the global trauma devices market is currently valued at US$ 3.2 billion and is predicted to expand at 5.2% CAGR through 2032.
Rising accident injuries, increased focus on medical equipment research and development, adoption of cutting-edge IT healthcare technologies, increasing the world's geriatric population, and improvements in healthcare infrastructure, particularly in developing countries, are the main factors driving the growth of the spinal trauma devices market.
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Key Takeaways from Market Study
- Global sales of spinal trauma devices are expected to increase at a CAGR of 5% from 2022 to 2032.
- The global market for spinal trauma devices is projected to reach US$ 5.2 billion by 2032.
- China’s market is predicted to expand at a high CAGR of 8.6% during the forecast period.
- Sales of internal fixation devices are likely to increase at a CAGR of 5.5% from 2022 to 2032.
“Primary factors driving spinal trauma device sales are growing cases of traffic accidents, rising incidence of patients suffering from spinal cord injuries, ageing population, and rise in demand for devices that effectively manage spinal cord injuries”, says a Fact.MR analyst.
Key Manufacturers
- Arthrex, Inc.
- B. Braun Melsungen AG
- ConMed Corporation
- DePuy Synthes
- Globus Medical, Inc.
- Medtronic PLC
- NuVasive, Inc.
- Orthofix International NV
- Rewalk Robotics Ltd.
- Smith & Nephew PLC
- Spinal Technology, Inc.
- Stryker Corporation
- Zimmer Biomet Holdings, Inc.
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Winning Strategy
As a result of the increased technological discoveries and product improvements, mid-size to smaller businesses are expanding their market share by providing new technologies with higher usability.
- In September 2019, Stryker released a spine journal in which the company discussed the results of Sakos' pivotal trials or spinejack system. In terms of decreasing ALF (adjacent level fracture) and reconstructing the vertebral body, the trial's findings demonstrated that the spinejack system is superior to alternative methods.
- Medtronic unveiled the Infinity OCT spinal system in September 2018. The device was developed to ensure effective cervical spinal surgery and is outfitted with biologics and navigation. The efficiency of the neck and upper back fusion processes will be improved with increased usage of the infinite OCT spinal system.
- Spectra Wave Writer spinal cord stimulators were launched in Europe in 2019, by Boston Scientific. Through the application of electric impulses, the gadget can treat persistent spinal cord damage.
Growth Factors
One of the main factors driving the growth of the orthopedic trauma devices market is the rising cases of osteoarthritis.
- For instance, the National Spinal Cord Injury Statistical Center reported that in the U.S. there are roughly 54 cases of spinal cord injury per million people every year.
Developments in spinal surgical implants by leading players are also expected to fuel demand growth over the coming years.
- For instance, the Go-2 targeted epidural spinal stimulation device was given breakthrough status by the U.S. FDA in June 2020, with the goal of promoting the recovery of leg motor function in patients with spinal cord injury (SCI).
- To increase their market share, businesses are focusing on developing technologically sophisticated trauma devices. The technological and functional developments in spinal trauma devices boost sales growth.
Key Segments in Spinal Trauma Devices Industry Research
- By Product:
- Internal Fixation Devices
- External Fixation Devices
- By End User:
- Hospitals
- Ambulatory Surgical Centers
- Clinics
- Others
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global spinal trauma devices market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of product (internal fixation devices, external fixation devices) and end user (hospitals, ambulatory surgical centers, clinics, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
Trauma Devices Market: According to the global trauma devices market report by Fact.MR, worldwide sales of trauma devices are predicted to rise at a high CAGR of 7% from 2022 to 2030. The market is valued at US$ 9.3 billion in 2022 and is likely to reach US$ 15.9 billion by 2030-end.
Spine Devices Market: Sales revenue from the global spine devices market was recorded at US$ 11 Bn in 2020, and is predicted to increase 1.5X by the end of the decade. Demand for spine products is anticipated to rise at a CAGR of 4.5% through 2031.
Spinal Surgery Products Market: The global spinal surgery products market enjoys a valuation of over US$ 11 billion in 2022 and is set to further expand at a CAGR of 4.3% to reach US$ 15.5 billion by the year 2030.
Spinal Surgery Tables Market: The spinal surgery tables market is expected to have a CAGR of 6.9% during the forecast period. The spinal surgery tables market is expected to rise due to the increasing number of spinal injuries.
Spinal Bulbar Muscular Atrophy Treatment Market: The growing number of incidences of spinal bulbar muscular atrophy is driving the growth of the market. Rapid turnaround time and lower cost of this procedure over conventional methods are also fuelling the growth of the spinal bulbar muscular atrophy treatment market.
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