Spinal Implants and Devices Market was worth $ 9,741 million in 2015, estimated to reach $ 13,384 million by 2022, and grew at a CAGR of 4.6% over the study period. Spinal implants and devices have been used to treat spinal deformities such as spinal stenosis and ischemic spondylolisthesis.
An increase in the elderly population, an increase in adoption of minimally invasive surgery techniques, and an increase in the incidence of spinal diseases are expected to drive market growth. Furthermore, technological advances in spinal fixation implants facilitate this growth. However, adverse repayment scenarios and strict regulatory approval procedures are expected to impede market growth.
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Spine implants and devices are used to treat deformities and disorders related to the spine. The market has witnessed significant grown in the recent past due to the increase in government funding to support R&D for innovative spine treatment.
Spinal fusion implants are expected to dominate the market throughout the analysis period, owing to various advancements such as the advent of hook, rod and screw systems, which allow surgeons to correct spinal deformities in a three-dimensional way, and the development of special plates and cages that promote spinal fusion.
Based on surgery, open spine surgery generated maximum revenue, accounting for almost two-third of the global spinal implants and devices market in 2015. However, the minimally invasive surgery market is estimated to exhibit the highest growth rate of 14.7% during the forecast period.
Spinal Implants and Devices Market Key Findings:
- In 2015, fusion implants led the overall spinal implants and devices market and is projected to grow at a CAGR of 3.4% during the forecast period.
- Non-fusion/motion preservation segment is projected to grow at a CAGR of 10.9% during the forecast period.
- Dynamic stabilization devices segment is expected to grow at a significant CAGR of 10.9%, owing to the use of flexible materials during dynamic stabilization procedure that helps to retain mobility in the spine.
- Balloon kyphoplasty occupied nearly four-fifth of the global vertebral compression fracture devices market in 2015.
- Japan is the major shareholder, accounting for almost one-third of the Asia-Pacific spinal implants and devices market in 2015.
Asia-Pacific is projected to grow at the highest CAGR of 5.7% during the forecast period owing to improvement in healthcare infrastructures and rise in expenditures in emerging markets (India and China) to overcome the unmet medical needs. Technological advancements to develop cost-effective devices in these nations offer a lucrative opportunity for market growth.
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The major companies profiled in the report include Alphatec Holdings, Inc., B. Braun Melsungen AG, Depuy Synthes (Johnson & Johnson), Exactech, Inc., Globus Medical, Inc., Medtronic plc, NuVasive, Inc., Orthofix International N.V., Stryker Corporation, and Zimmer Biomet Holdings, Inc.