Westford, USA, March 27, 2023 (GLOBE NEWSWIRE) -- The spinal implants and devices market is projected to experience significant growth, with the Asia Pacific region leading the way, followed by North America. This regional growth is driven by the increasing prevalence of spinal disorders and the widespread adoption of minimally invasive spinal surgeries. One of the main factors driving this trend is the sedentary lifestyles and hectic schedules of most of the working population, which has led to increased incidences of obesity, back pain, posture-related problems, and other degenerative spinal conditions. In addition, technological advancements have also played a crucial role in the growth of the market. For example, developing advanced bone grafting products has helped improve the success rate of spinal fusion surgeries. Additionally, using materials that are more durable than metal has led to the development of more long-lasting spinal implants and devices, reducing the need for revision surgeries.
According to SkyQuest's research, 300,000 and 550,000 people worldwide suffer from spinal cord injuries yearly. In the US alone, there are around 18,500 new spinal cord injury cases each year. Therefore, an estimated 290,000 individuals with spinal cord injuries represent a significant patient population requiring ongoing care and support. This demographic presents a compelling opportunity for the spinal implants and devices market, which has the potential to help improve the lives of those affected by spinal cord injuries.
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Spinal implants and devices are specialized medical instruments surgically implanted into the spine to provide support and stability. These devices commonly treat spinal conditions, such as degenerative disc disease, spinal stenosis, herniated discs, and scoliosis. The specific type of spinal implant or device used will depend on the patient's condition and the severity of their symptoms. In some cases, multiple devices may be combined to provide the necessary support and stability.
Prominent Players in the Spinal Implants and Devices Market
- Medtronic
- Exactech, Inc.
- Integra LifeSciences
- Stryker Corporation
- Zimmer Biomet
- Orthoflix Medical Inc.
- Globus Medical
- Wenzel Spine
- Abbott
- Tecomet, Inc.
- XTANT Medical
- Jayon Implants
- Captiva Spine, Inc.
- GPC Medical Ltd.
- SINTX Technologies, Inc.
- Spine Wave, Inc.
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Open Surgery Segment to Drive High Traction owing to Rising Prevalence of Chronic Diseases and Advancements in Surgical Technology
The spinal implants and devices market is experiencing rapid growth, with the open surgery segment registering the fastest growth in 2021. This trend is expected to continue from 2022 to 2030, fueled by technological advancements, increasing demand for MIS procedures, and a rising prevalence of spinal disorders. The future looks bright for the spinal implants and devices industry, with innovations and developments promising to improve patient outcomes and quality of life.
The Asia Pacific region is expected to remain the major spinal implants and devices market through 2030, with continued growth driven by factors such as the aging population, rising healthcare expenditure, and increasing adoption of minimally invasive surgical techniques. As the region continues to develop and expand, we will likely see even more innovation and investment in the market, making it an exciting and dynamic area for healthcare professionals, researchers, and manufacturers alike.
Laminectomy Segment to Register Significant Growth Thanks to the Large Patient Population and the Wide Range of Indications
Among the various segments of the spinal implants and devices market, the laminectomy segment emerged as a key revenue generator in 2021. This trend is expected to continue in the coming years. The growing prevalence of spinal disorders, such as degenerative disc disease and spinal stenosis, has increased the demand for laminectomy procedures. In addition, the availability of a wide range of spinal implants and devices, including interbody fusion devices, artificial discs, and spinal cord stimulators, also contributes to the growth of the laminectomy segment.
The North American spinal implants and devices market is expected to remain in a positive zone by 2030. The growing aging population, advancements in medical technology, and an increase in the number of patients seeking treatment for spinal disorders all contribute to this market's growth. As a result, spinal implants and devices industry companies are investing heavily in research and development to develop new and innovative products to meet the growing demand for these devices.
The spinal implants and devices market is a dynamic and highly competitive industry, where staying ahead of the curve requires a broader understanding of industry trends and emerging opportunities. Companies that want to grow their businesses must be well-informed and make strategic decisions that can drive success in this ever-evolving market. SkyQuest's report provides valuable insights and recommendations for companies seeking to expand their presence in the market.
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Key Developments in the Spinal Implants and Devices Market
- OC Spine, a leading medical device company, has announced the clinical launch of its latest innovation, the Focus Interbody System. This cutting-edge system features xCELLerate technology, designed to promote faster and more efficient fusion of spinal bones, resulting in improved patient outcomes. In addition, this technology helps to speed up the healing process by providing a supportive environment for bone cells to grow and develop.
- FloSpine, a leading manufacturer of spinal implants, has recently announced that it has received clearance from the US Food and Drug Administration (FDA) for its innovative 3D-printed spinal implant. The implant is designed to provide patients with a customized solution for spinal fusion surgeries, improving outcomes and reducing recovery times. In addition, this customized approach ensures a better fit and reduces the risk of complications, such as implant migration or failure.
- Companion Spine, a medical technology startup focused on developing innovative treatments for spinal conditions, has announced the successful closure of a $60.1 million Series A funding round. The funding will be used to advance further the development of the company's proprietary spine treatment technologies.
Key Questions Answered in Spinal Implants and Devices Market Report
- How have top companies in the market adapted their marketing strategies to appeal to different demographics or international audiences, and what impact has this had on their success?
- Are there any regulatory or political factors that have influenced the global market's growth, and how have companies navigated these challenges?
- What new trends or emerging technologies are expected to impact the global market in the coming years, and how can companies prepare for them?
- In what ways have companies in the market formed partnerships or collaborations to overcome obstacles or seize new opportunities, and what benefits have they experienced from these arrangements?
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