Jersey City, NJ, May 15, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Minimally Invasive Spine Technologies Market Size, Share & Trends Analysis Report By condition (Herniated Disc, Spinal Stenosis, Degenerative Disc Disease, Spinal Deformity, Spinal Fracture, Spinal Infection, and Spinal Tumor) and end user (Hospitals, Ambulatory Surgery Centers, and Orthopedic Clinics)- Market Outlook And Industry Analysis 2031"
The Global Minimally Invasive Spine Technologies Market is estimated to reach over USD 8.13 billion by 2031, exhibiting a CAGR of 10.7% during the forecast period.
The discipline of minimally invasive surgery has been revolutionized by surgical robots, and surgeons' acceptance of them is growing internationally. The value of minimally invasive surgical (MIS) procedures is significantly improved for the patient as well as insurance providers because they are considerably less expensive than in-patient and traditional open surgeries with the same results.
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In the upcoming years, this pattern is likely to persist. The rising introduction of the latest products and a rising count of product updates by various market leaders for acquiring a considerable market share are expected to create robust growth opportunities during the anticipated period. For example, Abbott introduced a minimally invasive heart valve repair device in India in December 2020 to treat mitral regurgitation.
Compared to conventional open surgeries, minimally invasive surgeries are lesser frightening. Traditional or old procedures carried out using standard laparoscopic tools could be hard and painful. The process is carried out using unique, smaller equipment and minimally invasive laparoscopic cameras inserted through smaller incisions. After minimally invasive surgeries, patients can recover more quickly and with less pain.
Recent Developments:
- In October 2021, Medtronic became the only business to combine spinal implants, biologics, navigation, robots, and AI-powered data for surgeons and patients, expanding the ecosystem of minimally invasive spine surgery.
List of Prominent Players in the Minimally Invasive Spine Technologies Market:
- AMS Group
- Alphatec Holdings, Inc.
- Aurora Spine, Inc.
- B. Braun SE
- Boston Scientific Corporation
- Globus Medical, Inc.
- Johnson & Johnson
- Medtronic plc
- NuVasive, Inc.
- ORTHOFIX MEDICAL INC.
- Precision Spine, Inc.
- Richard Wolf GmbH
- Spineart
- Spineology Inc.
- Stryker Corporation
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Minimally Invasive Spine Technologies Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 3.30 Bn |
| Revenue forecast in 2031 | USD 8.13 Bn |
| Growth rate CAGR | CAGR of 10.7 % from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Condition, End-user |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers:
The market is expanding as a result of numerous technological advancements, including the creation of sophisticated bone grafting solutions and the use of materials that are more durable than metal. In the population of the world, degenerative spinal diseases are becoming more common. The estimated 413 million people who suffer from degenerative spine disease globally, according to the World Health Organisation, are anticipated to drive the expansion of the market for spine implants and surgery equipment. In addition, it is predicted that an increase in hospitals and surgical facilities would create new growth possibilities for the market for spinal implants and surgical equipment in the years to come.
Challenges:
On the other hand, it is anticipated that the market for spinal implants and surgical devices will grow slowly over the targeted period due to the rising cost of treatment methods. The need for spinal implants and surgical equipment may face additional difficulties in the near future due to a shortage of physicians and a lack of knowledge and education.
Regional Trends:
Over the forecast period, the minimally invasive spine surgery market is anticipated to expand in North America. The adoption of minimally invasive procedures, the prevalence of spinal illnesses, and technical developments in the field of spine surgery will all play a significant role in the market's growth over the coming years. The fundamental reason for the rapid development of ambulatory surgical centers (ASCs) across the country in the United States, among other things, is the reduced cost of outpatient surgical services. In the United States, there are more than 180 ASCs that conduct minimally invasive spine surgery (MISS), according to Becker's Healthcare data updated in January 2022, with Florida having the most ASCs that perform MISS with 21 out of all other states in the country. Therefore, it is anticipated that over the course of the forecast period, the growth of the examined market in the country will be driven by the rise in ASCs in the nation offering low-cost and affordable MISS.
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Segmentation of Minimally Invasive Spine Technologies Market-
By Condition-
- Herniated Disc
- Spinal Stenosis
- Degenerative Disc Disease
- Spinal Deformity
- Spinal Fracture
- Spinal Infection
- Spinal Tumor
By End User-
- Hospitals
- Ambulatory Surgery Centers
- Orthopedic Clinics
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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