According to TechSci Research report, “Spinal Implant Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028,” the global spinal implant market is anticipated to grow at an impressive rate in the forecast period, 2024-2028. This can be ascribed to the increasing demand for minimally invasive surgeries due to reduced hospital stays and shorter recovery periods. Additionally, the growing demand for advanced technologies in surgical procedures for easy recovery of spinal infusion in developed countries in North America and Europe is expected to create lucrative opportunities for global spinal implant market growth in the coming years. Besides, the growing incidence of lumbar degenerative disc diseases and the growing number of traffic accidents will drive market growth over the years. Similarly, growing research and development on the advantages of using biocompatible materials in the production of surgical instruments and implants are propelling the growth of the market during the forecast period. Also, increasing investment by government organizations for developing better healthcare infrastructure and implantation devices is further expected to support market growth.
However, the high costs of spinal surgery and side effects associated with spinal fusion slow down the growth of the global spinal implant market in the forecast period. Also, a lack of awareness about the new surgical procedures for the treatment of spinal disorders in emerging countries can further restrict the growth of the global spinal implant market. Similarly, the uncertainties surrounding reimbursement procedures for the treatment of spinal abnormalities can further restrict the growth of the market during the forecast period.
The global spinal implant market can be segmented by product type, application, material, surgery, indication, region and competitive landscape.
Based on the Product type, the global spinal implant market can be segmented into artificial discs, dynamic stabilization devices, spinal fusion implants, and others. The Spinal Fusion Implants segment dominated the market in 2022 and is expected to continue maintaining its dominance throughout the forecast period. This can be ascribed to the growing number of spinal fusions due to increasing spine injuries caused by fractures and the increasing number of spine problems such as tumors, and spondylolisthesis. Also, technological advancements in spine fusion procedures without internal fixation may boost the growth of the market during the forecast period.
Based on Surgery, the market can be divided into Open Surgery, and Minimally Invasive Surgery. The Minimally Invasive Surgery segment is expected to dominate during the forecast period on account of the increasing demand by patients for the shorter recovery period, shorter hospital stays, less pain, less scarring surgery, and smaller incisions procedure which will increase accuracy and decreased risk of complications related to surgeries. Similarly, the rising incidence of spinal deformities along with the increasing incidence of Klippel Feil syndrome or spine abnormalities among newborns worldwide and females also seem to be affected slightly more than males, which will boost the market growth during the forecast period.
Browse over XX market data Figures spread through 110 Pages and an in-depth TOC on “Global Spinal Implant Market.”
Major companies operating in the global spinal implant market are:
- Medtronic Plc
- Johnson & Johnson
- Zimmer Biomet, Inc.
- Stryker Corporation
- NuVasive, Inc.
- Alphatec Holdings, Inc.
- Surgalign Holdings, Inc.
- B. Braun Melsungen AG
- SeaSpine Holdings Corporation
- Globus Medical Inc.
In October 2021, NuVasive announced a Cohere TLIF-O implant and also announced the upcoming launch of the Cohere TLIF-A implant for posterior spine surgery.
In November 2020, Medtronic completed its friendly tender offer for Medicrea International SA, which is a French company that specializes in spinal surgery technologies through predictive modeling, AI, and patient-specific implants.
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“North America is expected to dominate the Global Spinal Implant market on account of the growing prevalence of spinal problems across the region, especially United States. Similarly, the rapidly growing aging population and growing prevalence of spinal disorders and impairments such as spinal stenosis can further enhance the demand for spinal implantation which will boost the market growth during the forecast period. Also, improvements in healthcare infrastructure and growth in healthcare expenditure in emerging countries will further drive market growth over the years. Furthermore, growing public awareness about new spinal implantation surgeries, growing medical tourism, and rising government initiatives for public healthcare in the region are further contributing to the demand for spinal implants. Besides, the growing number of new companies in the market and technological advancements in the development of new spinal implant surgeries for the treatment of spinal disorders is further expected to create lucrative opportunities for market growth” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Spinal Implant Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Product Type (Artificial Discs, Dynamic Stabilization Devices, Spinal Fusion Implants, Others), By Application (Cervical, Thoracic, Lumber), By Material (Stainless Steel, Titanium, Cobalt Chrome, Polyetheretherketone (PEEK), Others), By Surgery (Open Surgery, Minimally Invasive Surgery), By Indication (Spinal Trauma, Deformity) and By Region”, has evaluated the future growth potential of global spinal implant market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global spinal implant market.
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