In the device type segment of the spinal surgery devices market, spinal fusion is believed to have the largest market size and is expected to witness a CAGR of 3.22%
As per the scope of the report, the spinal surgery devices market is a significant, money-spinning sub-segment of the orthopedic industry.
NEW YORK, June 25, 2019 /PRNewswire/ --
Market Overview
The global spinal surgery devices market was valued at USD 8,339.81 million in 2018 and is estimated to be valued at USD 10,108.80 million in 2024, witnessing a CAGR of 3.15%. The key factors propelling the growth of this market are the increasing adoption rate of minimally invasive spinal surgeries, increasing technological advancements in spinal surgery, and increasing incidences of obesity and degenerative spinal conditions.
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As per the report of the National Institute of Health, in 2016, more than 1.9 billion adults were overweight, out of which 650 million were obese. It has also been reported that approximately 39% of adults were overweight and 13% were obese, in 2016. These numbers are further expected to increase with changing lifestyles and food consumption methods in developed countries. Along with a likely increase in spinal problems in obese populations, owing to an increase in obesity, the degenerative spinal conditions are also expected to increase.
According to the American Association of Neurological Surgeons, more than 65 million Americans suffer from lower back pain, annually, while according to the Chicago Institute of Neurosurgery and Neuroresearch, by the age of fifty, 85% of the population is likely to show evidence of disc degeneration. So, with the growing geriatric population, the number of people suffering from lower back pain and other degenerative spinal conditions is expected to increase during the forecast period.
Scope of the Report
As per the scope of the report, the spinal surgery devices market is a significant, money-spinning sub-segment of the orthopedic industry. Spine surgery has traditionally been an 'open surgery', wherein, a long incision allows the surgeon to access the spine anatomy.
Key Market Trends
Spinal Fusion is Expected to hold its Highest Market Share in the Device Type Segment
In the device type segment of the spinal surgery devices market, spinal fusion is believed to have the largest market size and is expected to witness a CAGR of 3.22%, during the forecast period.
The spinal fusion device type is sub-segmented into instrumented and non-instrumented spinal fusion, cervical fusion, interbody fusion, and lumbar fusion. Many products in the market provide conventional, yet effective treatments to patients suffering from lumbar spinal stenosis, along with alternative advanced treatments for decompression spine surgery. The major market players manufacture both anterior and posterior dynamic stabilization devices for the lumbar spine. Moreover, many clinical trials are in the process for further development. This factor is likely to offer various benefits to the market studied. A major share of the market studied is occupied by posterior screw fusion systems, due to their increased usage. The share of the same is expected to increase over the forecast period, registering a healthy CAGR.
North America Dominates the Market and Expected to do the Same during the Forecast Period
North America currently dominates the market for spinal surgery devices and is expected to continue its stronghold for a few more years. The United States holds the largest share of the market. According to a survey conducted in the United States, by the National Centre for Health Statistics, more than 65 million Americans suffer from lower back problems, every year. Moreover, in terms of surgery type, spinal fusion has a higher risk of infection and readmission to the hospital, and there is no evidence that it provides greater benefit to patients. However, its use increased by 67% among Medicare patients and is now more common than spinal decompression.
The US segment of the market studied is expected to grow, due to a general shift in the trend toward more minimally invasive surgeries in the spinal implant market, over the forecast period.
Competitive Landscape
The spinal surgery devices market is moderately competitive and consists of several major players. Moreover, with increasing technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by introducing new technologies with better usability. Companies, like Zimmer Biomet, Stryker Corporation, Depuy Synthes, Medtronic, and Globus Medical Inc., hold substantial shares in the market.
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