The report “Spinal Implant Market” evaluates the market for each product type, region, material, surgery type, and region. The comprehensive report includes trend analysis and historical market data. The report provides information on the market for spinal implants, including the competitive analysis, strategic imperatives and growth avenues. It also includes a competition assessment.
Market Overview & Dynamics
In the 2022-2028 forecast period, the market for spinal implants is expected to grow at around 5% CAGR. The market’s growth is driven by increasing spinal disorders, technological advances in the products and growing demand for minimally invasive treatments.
In recent years, there has been a significant increase in spinal disorders around the world. This has led to a surge in demand for spinal implants. The WHO estimates that between 250,000 and 500,000 people are affected by a spinal injury every year. This is a strong indication of the demand for spinal implants. The rising popularity of minimally invasive treatments is another factor driving global demand for spinal implants.
The market for spinal implants worldwide was valued between US$ 11-12 million in 2021. It is projected to reach US$ 16 billion by 2028.
The increased use of advanced technology within the orthopedic industry has also led to the development of innovative products for the spine segment, which has helped boost the global market for spinal implants. In order to make it easier for patients with spine disorders to be treated, industry players are working hard on developing innovative products. Spine Wave Inc., for example, has introduced a 3D Titanium Lumbar Interbody Device that features advanced technology and features. It will be available in March 2021.
- Open surgery accounted for the largest percentage of surgeries, while minimally invasive procedures are expected to grow at a faster CAGR over the forecast period 2022-2028.
- Based on the application, the lumbar segment commanded a significant market share in 2021 due to increasing incidences of lumbar degenerative disk disease.
Due to its high prevalence of spinal disorders and the adoption of minimally invasive treatments, North America will dominate the global market for spinal implants. Each year, the US sees around 17,500 cases of spinal cord injury (SCI).
Competition Analysis: Medtronic PLC held the prominent market share in 2021
The global spinal implant market is characterized by the presence of a significant number of manufacturers. Nevertheless, leading global players (such as Medtronic plc, DePuy Synthes (Johnson & Johnson), Stryker Corp., NuVasive Inc., B. Braun Melsungen AG, Zimmer Biomet, Globus Medical Inc.) dominate the spinal implant market with more than 75% share. Leading industry players are making significant investments to gain a competitive edge over other players and as well as increase market share in the market space. Key developments observed in recent years include
- In October 2021, the US FDA has granted Breakthrough Device Designation to the VCFix spinal system developed by the Amber Implants.
- In June 2021, eCential Robotics announced a long-term partnership with ChoiceSpine LLC to enhance robotics spine implant surgery.
- In January 2020, Medtronic plc announced the acquisition of US-based Stimgenics LLC – a privately held company that has pioneered a novel spinal cord stimulation (SCS) waveform.
RationalStat has segmented the global spinal implant market on the basis of product type, application, material, surgery type, and region
- By Product Type
- Spinal Fusion Implants
- Plates
- Cages
- Rods
- Screws
- Intervertebral Body Fusion Device (IBFD)
- Spinal Non-fusion Implants
- Dynamic Stabilization Devices
- Artificial Discs
- Cervical
- Lumbar
- Annulus Repair Devices
- Others (Nuclear Disc Prostheses etc.)
- By Application
- Cervical
- Thoracic
- Lumbar
- By Material
- Stainless Steel
- Titanium
- Polyetheretherketone (PEEK)
- Others (Cobalt Chrome)
- By Surgery Type
- Open Spine Surgery
- Minimally Invasive Spine Surgery
- By Region
- Spinal Fusion Implants
-
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Western Europe
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- Rest of Eastern Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- South Africa
- Turkey
- Rest of the Middle East & Africa
- North America
For more information about this report visit https://store.rationalstat.com/store/global-spinal-implants-market-trends-analysis-and-forecast/
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