New York, United States , May 29, 2023 (GLOBE NEWSWIRE) -- The Global Spinal Implants and Devices Market Size is to Grow from USD 12.3 billion in 2022 to USD 23.7 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.7% during the forecast period. Throughout the forecast period, the market is expected to increase as a result of growing spinal diseases, fractures, and injuries, as well as rising demand for improved medical technologies and implants.
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Devices called spinal implants are used to fuse the spine, reinforce it, and rectify problems at the spinal level. Spinal implants are used to treat a variety of diseases, including fractures, kyphosis, spondylolisthesis, and scoliosis. Its primary function is to replace natural disc tissue and aid in the union of two vertebrae. Herniated discs, broken bones, and spinal degeneration are the main contributors to this compression. This procedure immobilizes the vertebrae, which completely or significantly lessens the pain caused by the abnormal movement of the vertebrae. The options for spinal therapy are continually expanding because of advances in current spine implants and technology. The primary market drivers for spinal implants and surgical equipment are the rising prevalence of spinal diseases, the growing need for less invasive treatments, and technological advancements in bone grafting products.
The market is anticipated to develop throughout the forecast period as a consequence of an increase in spinal injuries, illnesses, and fractures as well as an increase in demand for better medical devices and implants. For instance, according to data published by the WHO, there are between 250,000 and 500,000 SCI cases reported year worldwide. Additionally, obesity often makes previously existing lower back issues worse and increases the chance that they will return, which increases the need for spinal devices during treatment. Among the most common spine-related conditions affecting older persons are degenerative disc diseases, vertebral compression fractures, spondylolisthesis, and spinal stenosis. Furthermore, Costly procedures and strict regulatory clearance procedures would likely impede market development. Additionally, some strict regulatory criteria and standards apply to the spinal implant sector. For new gadgets, obtaining regulatory permits and certifications may be a time-consuming and expensive procedure.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Spinal Implants and Devices Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Spinal Biologics, Spinal Fusion Devices, Non-Fusion Devices, Vertebral Compression Fracture Treatment Devices, Spinal Bone Growth Stimulators), By Technology (Spinal Fusion & Fixation Technologies, Vertebral Compression Fracture Treatment, Motion Preservation Technologies), By Surgery ( Open Surgery and Minimally Invasive Surgery [MIS]), By Procedure Type (Discectomy, Laminotomy, Foraminotomy, Corpectomy, Facetectomy), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022– 2032." Get Detailed Report Description Here:
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The spinal fusion devices segment is dominating the market with the largest market share over the forecast period.
The market for spinal implants and devices is segmented into several categories depending on the product type, including spinal biologics, spinal fusion devices, non-fusion devices, vertebral compression fracture therapy devices, and spinal bone growth stimulators. Due to an increase in spinal fusion procedures, spinal fusion devices have the greatest market share among these categories, accounting for 58% of sales. With or without internal fixation, technological advances in spinal fusion surgery have led to rapid development, and the expanding list of reasons for spine fusions has also contributed to the increase in demand.
Due to a rise in spinal diseases and patients' choice for less invasive procedures, vertebral compression fracture therapy devices are anticipated to increase at the quickest rate over the projection period.
The market sector with the greatest growing influence all over the projected period is spinal fusion and fixation technologies.
The worldwide market for spinal implants and devices is divided into many segments based on the category of procedure, including mobility preservation, vertebral compression fracture therapy, and spinal fusion & fixation technologies. Due to the inclusion of both posterior and anterior surgical procedures, which span a broad spectrum of techniques, spinal fusion, and fixation technologies held the biggest market share of 68% among these categories over the projection period. The FDA's growing approval of spinal fixation and fusion devices also helped to assist segment expansion.
The laminotomy segment is leading the market with the highest market revenue of 38.1% during the forecast period.
The global market for spinal implants and devices is divided based on the type of procedure, including facetectomy, corpectomy, foraminotomy, laminotomy, and discectomy. Laminotomy, one of the most frequent spine surgeries, had the greatest market share increase of these, increasing by 38.1% during the projected period. It is common practice to combine discectomy with laminectomy. In the United States, these decompressive treatments are the ones that are used most frequently. In the US, the average cost of a spinal decompression procedure is over $23,500.
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North America is influencing the market with the largest market growth over the forecast period.
The North America market is anticipated to develop at the highest rate, with a 48.8% revenue share over the forecast period, due to a growth in SCIs in the US. Furthermore, due to technological developments and an increase in FDA approvals, well-known rivals have witnessed a sizable growth in market revenue in the U.S.
Asia Pacific is predicted to witness growth the fastest throughout the forecast period because of an increase in spinal cord implant (SCI) cases in China and India. Furthermore, Japan has contributed to the speedy development of its extraordinarily difficult spinal surgeries. An aging population and an increase in traffic accidents both play a significant role in regional expansion.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in Global Spinal Implants and Devices Market include Medtronic, Johnson & Johnson, Stryker, NuVasive, Zimmer Biomet, Globus Medical, Inc., Alphatec Spine, Inc., Orthofix Holdings, Inc., RTI Surgical Holdings, Ulrich GmbH & Co. KG, B. Braun Melsungen AG, Seaspine Holdings Corporation, and Others key players
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Recent Development
In November 2022, Excavation Micro, a recent development in minimally invasive surgery (MIS) from NuVasive Inc., offers comprehensive TLIF and decompression options. Therefore, it is anticipated that over the anticipated timeframe, there would be an increase in demand for spinal implants and devices due to the rising developments and new releases.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Spinal Implants and Devices Market based on the below-mentioned segments:
Global Spinal Implants and Devices Market, By Product Type
- Spinal Biologics
- Spinal Fusion Devices
- Non-Fusion Devices
- Vertebral Compression Fracture Treatment Devices
- Spinal Bone Growth Stimulators
Global Spinal Implants and Devices Market, By Technology
- Spinal Fusion & Fixation Technologies
- Vertebral Compression Fracture Treatment
- Motion Preservation Technologies
Global Spinal Implants and Devices Market, By Surgery
- Open Surgery
- Minimally Invasive Surgery
Global Spinal Implants and Devices Market, By Procedure Type
- Discectomy
- Laminotomy
- Foraminotomy
- Corpectomy
- Facetectomy
Spinal Implants and Devices Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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