Wilmington, Delaware, United States, Jan. 15, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The spine surgery products industry was valued at US$ 13.3 billion in 2022. A CAGR of 4.5% is forecast from 2023 to 2031, reaching US$ 20.0 billion at the end of 2031. Market growth in emerging markets can be driven by ongoing developments and improvements in healthcare infrastructure, which can broaden access to advanced spinal surgery products and procedures.
Spine surgery products must meet rigorous regulatory standards to ensure their safety and efficacy. Innovations are encouraged by regulatory approvals and support, which in turn propels market growth. Patients and healthcare professionals are becoming more knowledgeable about advanced spine surgery products and techniques.
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Advanced diagnostics and genetic testing can inform surgeons on each patient's most appropriate implant and treatment approach. Biotechnology and regenerative medicine research may result in innovative products promoting natural healing. A growth factor, stem cell, or other biological material could improve the outcome of spine surgery.
As remote surgery and telemedicine advance, surgeons can collaborate more closely, providing guidance and performing procedures remotely. Specialized care could become more accessible, particularly in areas with limited access to health care. Implants and models customized with 3D printing can aid preoperative planning. With this technology, implant fit can be improved, surgery time can be reduced, and patient outcomes can be improved.
Key Findings of the Market Report
- The emergence of minimally invasive surgical devices is expected to drive the market in the years to come.
- In terms of the global landscape in 2022, North America dominated the market.
- In terms of application, the spinal fusion segment is expected to drive demand for spine surgery products.
- Based on end-user, the hospital segment is expected to create a market for spine surgery products.
Global Spine Surgery Products Market: Growth Drivers
- Surgical techniques such as minimally invasive surgery, robotics, and navigation systems have improved the precision and safety of spine surgeries. These innovations benefit both surgeons and patients, contributing to the market's growth. Lifestyle factors, sedentary habits, and sedentary behavior have increased as spinal disorders and conditions have become more widely known. As a result, spine surgery products and procedures will likely increase demand.
- The global healthcare industry, including investments in medical devices and surgeries, is growing. Spine surgery products are becoming more popular due to increased financial commitment to healthcare infrastructure. Minimally invasive spine procedures are more popular than traditional open surgeries because they require shorter recovery periods, reduce pain, and are associated with fewer complications. Minimally invasive spine surgery trends have boosted the demand for the product.
- Healthcare systems are focusing on quality outcomes and cost-effectiveness to improve patient outcomes. Manufacturers of spine surgery products need to provide long-term benefits that reflect these principles. As minimally invasive technology continues to evolve, less trauma, shorter recovery times, and fewer complications are likely to result.
- The future will likely focus on refining and expanding minimally invasive approaches. Spine surgery products will likely be designed to focus more on comfort, patient preferences, and satisfaction as patient empowerment and involvement in healthcare decisions increase. Enhanced postoperative support and improved patient education could be part of this effort.
Global Spine Surgery Products Market: Regional Landscape
- North America holds a substantial share and is expected to maintain its position during the forecast period. The spine surgery products market is expected to grow in the near future as the availability of minimally invasive surgery, robotic-assisted surgery, and 3D printing continues to advance. Spine surgery products are becoming more popular with the rise of herniated discs, degenerative disc disease, and spinal stenosis.
- Stem cells and bone morphogenetic proteins (BMPs) are driving rapid changes in the market for implants and biologics. Medical industries, including the FDA, are subject to strict standards and regulations. Spine surgery products are subject to these standards and regulations.
- Approximately 65 million Americans suffer from lower back pain each year, according to the National Center for Health Statistics. These figures are expected to increase with changing lifestyles and food consumption habits.
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Global Spine Surgery Products Market: Key Players
Global companies are expanding their product portfolios and acquiring strategic businesses to expand globally. Several investments are also being made in the latest advances in spine surgery instrumentation so that surgeons can provide customized products that will ensure effective treatment.
Leading market players also incorporate cutting-edge technologies into spinal surgery products, such as artificial intelligence.
- DePuy Synthes
- Stryker
- Medtronic
- Zimmer Biomet
- Globus Medical
- K2M
- NuVasive
- Aesculap Implant Systems, LLC (B. Braun Company)
- RTI Surgical Inc.
- Alphatec Holdings Inc.
- Orthofix International N.V.
Key Developments
- In January 2024, Aurora Spine Corporation, which designs and manufactures innovative medical devices to enhance spinal surgery outcomes, participated in the J.P. Morgan Healthcare Conference in San Francisco.
- In January 2024, Alphatec Holdings, Inc., a provider of innovative spine surgery solutions, provided revenue guidance for 2024 and leaked fourth-quarter and full-year revenue results.
Global Spine Surgery Products Market: Segmentation
By Product
- Fusion Products
- Cervical Fusion
- Interbody Fusion
- Spinal Fixation
- Minimally Invasive Surgical (MIS) Devices
- Spine Biologics
- Demineralized Bone Matrix
- Synthetic Bone Graft Substitutes
- Non Fusion Products
- Motion Preservation
- Spine Stimulators
- Vertebral Compression Fracture (VCF) Devices
By Application
- Vertebral Fracture Repair
- Spinal Fusion
- Others
By End User
- Hospitals
- Ambulatory Surgical Centers
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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