Spinal Implant and Devices Market to Reach Higher by 2027, Globally

A comprehensive overview of the spinal implant and devices market is recently added by UnivDatos Market Insights to its humongous database. The spinal implant and devices market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the spinal implant and devices market. The Spinal Implant and Devices market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Spinal Implant and Devices market at the global and regional levels. The Global Spinal Implant and Devices Market is expected to grow at a CAGR of X% from 2021-2027 to reach USD X million by 2027.

Market Overview

The growth of this market is driven owing to advancements in spine surgery technologies, increasing incidence of spinal disorders, the launch of advanced bone grafting products, and the increasing adoption of minimally invasive spine surgeries. For instance, In August 2019, Mantiz a South Korean specialist producer of spinal implants entered a partnership with Shining 3D Tech. Co. to use Shining 3D machines to produce medical implants. In addition to this, In 2017, Aesculab launched the lumbar artificial disc replacement, the activL Artificial Disc, which is now available at several hospitals. It is considered to be the next evolution of artificial discs, as it has an extra dimension of motion, which is not found in any other product in the market. With this latest generation disc available in the United States, spine surgeons believe they can cost-effectively provide artificial disc replacement to patients, making travelling overseas for surgery unnecessary.

The rapid rise in the ageing population is amongst the significant factors expected to fuel the growth and demand of spinal implants and surgical devices market. In addition, the increase in the number of cases of spinal disorders and constant innovation in spinal surgery technologies are also anticipated to push the growth in the global spinal implants and surgical devices market over the forecast period of 2021 to 2028. For instance, every year, around the world, between 250 000 and 500 000 people suffer a spinal cord injury (SCI). An estimated annual global incidence is 40 to 80 cases per million population. Up to 90% of these cases are due to traumatic causes, though the proportion of non-traumatic spinal cord injury appears to be growing.

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COVID-19 Impact

The coronavirus disease (COVID-19) has spread across the globe. Further, owing to increase in number of corona virus patients, governments have imposed several rules and lockdown across the globe, which has resulted into closure of manufacturing and production operations of companies operating in the spinal implant and devices market. In addition, hospitals have also independently announced a reduction, postponement, or cancelation of elective surgeries, including many orthopedic and spine cases as practitioners and surgeons are engaged in treating corona patients. This discontinuity in proceedings of business operations and other related procedures directly influences revenue drift of the market. Therefore, the aforementioned factors are expected to hamper the spinal implant and devices market growth during the forecast period.

Global Spinal Implant and Devices Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Product Type, the market is primarily bifurcated into

• Thoracic Fusion and Lumbar Fusion Devices
• Cervical Fusion Devices
• Vertebral Compression Fracture Treatment Devices
• Spinal Biologics
• Non-fusion Devices
• Spine Bone Stimulators
• Others

Amongst all the product types, the thoracic fusion and lumbar fusion devices segment dominated the global Spinal Implant and Devices market and will grow at X% CAGR to reach USD X million by the year 2027.

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By Technology, the market is primarily segmented into

• Spinal Fusion and Fixation Technologies
• Vertebral Compression Fracture Treatment
• Motion Preservation/Non-fusion Technologies
• Others

On the basis of technology, the spinal implants and surgery devices market is segmented into spinal fusion and fixation technologies, vertebral compression fracture treatment, motion preservation/non-fusion, and others. The spinal fusion and fixation technologies segment accounted for the largest share of the spinal implants and surgery devices market in 2020. The large share of this segment can be attributed to the rising incidence of target diseases (such as degenerative disc disease and spinal stenosis) with the growing geriatric population across the globe, a growing number of spinal fusion procedures, and technological advancements in spinal fusion techniques and bone grafting procedures..

However, the trend of adoption of Motion Preservation/Non-Fusion segment is increasing at a rapid pace and is expected to be the fastest-growing segment during the forecast period.

Spinal Implant and Devices Market Geographical Segmentation Includes:

• North America (United States, Canada and Rest of North America)
• Europe (Germany, United Kingdom, Italy, France, Spain, and Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea and Rest of Asia-Pacific)
• Rest of the World

Based on the estimation, the North America region dominated the Spinal Implant and Devices market with almost USD X million revenue in 2020. At the same time, Asia Pacific region is anticipated to witness highest growth over the next 5 years on account of increasing patient awareness levels, increasing healthcare expenditure coupled with improving healthcare facilities in the emerging economies of India and China.

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The major players targeting the market includes

• Medtronic PLC
• DePuy Synthes
• NuVasive, Inc.
• Stryker Corporation
• B. Braun Melsungen AG
• Abbott Laboratories
• Boston Scientific
• Zimmer Biomet Holdings, Inc.
• Globus Medical, Inc.
• Orthofix International N.V

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the spinal implant and devices market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

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Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Spinal Implant and Devices market?

• Which factors are influencing the Spinal Implant and Devices market over the forecast period?

• What are the global challenges, threats, and risks in the Spinal Implant and Devices market?

• Which factors are propelling and restraining the Spinal Implant and Devices market?

• What are the demanding global regions of the Spinal Implant and Devices market?

• What will be the global market size in the upcoming years?

• What are the crucial market acquisition strategies and policies applied by global companies?

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