New York, United States, July 16, 2024 (GLOBE NEWSWIRE) -- As per the Latest Report by Straits Research, the global spinal implants and devices market size was valued at USD 13.97 billion in 2023. It is projected to reach USD 22.39 billion by 2032, growing at a CAGR of 5.5% during the forecast period (2024-2032).
Spinal disorders are treated using devices and implants for the spine. These implants and gadgets' main purpose is to maintain and restore healthy spinal alignment. Worldwide, between 250,000 and 500,000 spinal cord injuries occur each year, according to data from the WHO. The majority of SCIs are brought on by avoidable events like falls, car accidents, and violent crimes. The World Health Organization estimates that there are between 40 and 80 cases of SCI per million people each year. A higher mortality risk results from the fact that patients with SCI are 2 to 5 times more likely to pass away before their time than patients without the condition. Sports or work-related injuries account for the majority of traumatic SCIs. Additionally, the growing elderly population and the number of obese people frequently experience the symptoms of spinal disorders like spinal stenosis, which increases demand for spinal implant surgeries and propels the Spinal Implants and Devices market's expansion.
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Rising Cases of Spinal Disorders Drive the Market
The high prevalence of spinal disorders places a significant financial, social, and medical burden on society. Lower back pain is the second most common reason for disability in the US and a significant factor in absenteeism. For instance, according to the National Spinal Cord Injury Statistical Center, as of June 2022, the National SCIMS Database contained information on over 51,000 people who had experienced traumatic SCI, over 30,000 of whom had follow-up data. Spinal deformities can also be caused by obesity, a poor diet, smoking, and other lifestyle choices. Because smoking damages the cartilage of the spine, cigarette toxins are to blame for the early onset of degenerative spinal changes. Additionally, carrying too much weight for one's height can strain the spine's joints, discs, and vertebrae, among other areas of the back.
New Innovative Technological Advancements give an Opportunity for Exponential Growth
The market demand for sophisticated robotics for screw placement, computer-assisted navigation during spinal surgery, and minimally invasive surgical methods are automatically increased by their capacity to carry out a challenging sequence of operations. Spine navigation technology, for instance, is frequently used during spine procedures to confirm the location of the spine and help with the proper placement of spinal implants, such as screws, plates, and hooks. The production of spine surgery implants using 3D printing has made it possible to create patient-specific templates, which has contributed to the popularity of personalized medicine. The accuracy of surgical procedures, like the placement of pedicle screws, could also be enhanced by new robotic systems being developed for spinal procedures. At the North American Spine Society (NASS) meeting, the Europa System also took home a spine technology award for excellence and innovation in spine surgery. These technological advancements have led to growth in the market for spinal implants and devices.
Regional Analysis
North America region is the highest contributor to the market and is anticipated to grow at a CAGR of 5.2% during the forecast period. According to the U.S. Bone and Joint Initiative, back pain is a major cause of disability among Americans. According to the National Center for Health Statistics, one in four adults suffers from chronic lower back pain. This pain may be brought on by a number of illnesses and conditions, such as spondylolisthesis, spinal stenosis, arthritis, spinal stenosis, or even a history of back injuries. According to the WHO, lower back pain is one of the leading causes of economic burden on people and governments. One of the main causes of the increase in spinal impairment incidences in the United States is the aging of the population.
Europe is anticipated to witness dynamic growth in the spinal implants and devices market, with a CAGR of 6.3% during the forecast period. Spinal disorders (spinal stenosis) are more commonly diagnosed in men and women over the age of 50. As people age, their spine's structural changes, including the thickening of the band of tissues that support the spine and the enlargement of the bones and joints, become the most common cause of spinal impairment. In Europe, the number of people over 60 is rising year over year. The primary causes of physical performance limitations in older people, including frailty, are musculoskeletal problems brought on by aging and the degeneration of the musculoskeletal system.
Asia-Pacific is anticipated to witness a significant CAGR of 6.7% in the spinal implants and devices market during the forecast period owing to an increase in new SCI cases in China and India. Japan's technologically advanced spine procedures have also contributed to the rapid growth. Due to its substantial population, high level of disposable income, and growing patient awareness of cutting-edge spinal implantations, it represents a potential market for spinal implants and devices. Furthermore, Asia-Pacific has developed into a lucrative market for spinal implants and devices as a result of technological advancements and medical tourism. Additionally, more than 2,000 hospitals in India offer spinal surgery, with at least 500 multi-faculty spinal surgery hospitals and super-specialty hospitals offering complex and advanced procedures like microscopic spine surgery. Regional growth is also being fueled by the aging population as well as an uptick in traffic accidents.
The LAMEA region is anticipated to witness a moderate CAGR of 6.8% in the global spinal implants and devices market during the forecast period. Spinal technology and implants are now very profitable in LAMEA. As patients' awareness of minimally invasive procedures has grown, so has the demand for spinal implants and devices. Due to improved access to public healthcare and the presence of local implant manufacturers, Brazil's demand for spinal implants and devices has significantly increased. However, in other countries like Colombia, the cost of implants and surgery is astronomically high due to a lack of domestic manufacturers.
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Key Highlights
- The global spinal implants and devices market size is projected to reach USD 22.39 billion by 2032, growing at a CAGR of 5.5% during the forecast period (2024-2032).
- Based on product, the global spinal implants and devices market is bifurcated into spinal fusion implants, vertebral compression fracture (VCF) devices, spinal bone stimulators, motion preservation devices, and spine biologics. The spinal fusion implants segment is the highest contributor to the market and is anticipated to grow at a CAGR of 4.5% during the forecast period
- Based on the surgery, the global spinal implants and devices market is bifurcated into open spine surgery and minimally invasive spine surgery. The open spine surgery segment is the highest contributor to the market and is anticipated to grow at a CAGR of 5.1% during the forecast period
- North America region is the highest contributor to the market and is anticipated to grow at a CAGR of 5.2% during the forecast period.
Competitive Players
- Medtronic
- Globus Medical Inc.
- Alphatec Spine Inc.
- Johnson & Johnson
- Stryker
- NuVasive
- Zimmer Biomet
- Ulrich GmbH & Co. KG
- Orthofix Holdings Inc.
- RTI Surgical Holdings
- B.Braun Melsungen AG
- Seaspine Holdings Corporation
- Spineart
- Accelus
- Companion Spine
Recent Developments
- October 2022, Seaspine Holdings Corporation announced the commercial launch of the Mariner MIS Wayfinder system. It eliminates the use of traditional guidewires for percutaneous screw placement.
- October 2022, Medtronic launched a new Neurovascular Co-Lab Platform to propel innovation in the treatment of strokes.
Segmentation
- By Product
- Spinal Fusion Implants
- Spinal Bone Stimulators
- Vertebral Compression Fracture (VCF) Devices
- Motion Preservation Devices
- Spine Biologics
- Others
- By Surgery
- Open Spine Surgery
- Minimally Invasive Spine Surgery
- By End User
- Hospitals
- Orthopedic centers
- Ambulatory Surgery Centers (ASCs)
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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