Spine Devices Market to Surpass US$ 17 Bn as Demand for Minimally Invasive Spinal Procedures Grows

2021-11-18

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Advent of Novel Technologies in Spine Surgery to Push Sales of Spine Devices by 1.5x through 2031 Fact.MR’s latest study uncovers critical trends accelerating the growth in the spine devices market. It provides detailed insights into the key factors affecting demand outlook across various market segments in terms of product and end user. The study also highlights various growth strategies adopted by leading players to gain competitive edge in the market. Fact.MR – A Market Research and Competitive Intelligence Provider: According to Fact.MR analysis, the global spine devices market size was valued at US$ 11 Bn in 2020 and is projected to reach around US$ 17 Bn by 2031. The overall demand for spine products is projected to rise at 4.5% CAGR between 2021 and 2031. The swift growth of spine devices market is attributable to the rising incidence of spinal injuries and disorders, growing geriatric population, and increasing demand for minimally invasive spinal procedures. According to the World Health Organization (WHO), every year around 250,000 to 500,000 people suffer from spinal cord injury (SCI) on account of road traffic crashes, falls, diseases and violence. Increase cases of cases will fuel the demand for spinal surgery devices. With continuous advancements in medical device technology, spine treatment options are evolving rapidly. Hence, leading manufacturers are focusing on developing new age spine implants and devices. Products available in the spine devices market such as spinal cord stimulators and spine fixation devices are gaining immense traction in response to their increasing scope of application. Additionally, spinal fusion devices market is expected to grow substantially along with spinal plates market. Furthermore, the integration of robotics and advanced navigation technology (computer-assisted, image-guidance) in spinal surgical procedures has helped the spine devices market to grow at an accelerated pace. These technologies enable surgeons to place spine devices with greater efficiency, accuracy, and precision. This is predicted to bode well for the market. Request a report sample to gain compressive insights at Regionally, North America will continue to remain the most lucrative market owing to the increasing demand for minimally invasive spine procedures, advancements in spine devices, and presence of leading market players. “Ongoing technological advancements to offer advanced spine surgery devices are creating growth avenues for the spine devices manufacturers. In order to capitalize on existing opportunities and stay relevant in the market, they are introducing new products that are more precise and efficient,” says a Fact.MR analyst Key Takeaways from Spine Devices Market Survey The U.S. will continue to dominate the spine devices market on the back of well-established medical device industry and increasing cases of spine injuries due to road crashes and falls. Asia Pacific market is projected to witness the fastest growth rate, with China and India expected to lead the market through 2031. With rapidly increasing geriatric population, high prevalence of spinal disorders and expanding healthcare infrastructure, China is poised to register strong growth during the forecast period. In terms of end user, the hospitals segment is expected to account for majority of revenue share in the global market. Key Drivers Increasing prevalence of spine disorders and injuries is expected to drive the sales of spine device market. Rising preference for minimally invasive spinal procedures and adoption of 3D printed implants will continue to fuel the demand for spine device. Demand for spinal fusion & fixation technologies is positively impacting the market growth. Ask Your Spine Devices Market Related Questions & Get Customized Reports Competitive Landscape Leading players operating in spine device market are focusing on developing advanced products to reduce the complexity of spinal procedures. They have adopted various strategies such as product approvals, mergers, partnerships and acquisitions to expand their global footprint. In March 2021, Spine Wave announced the commercial launch of the Stronghold 3D Titanium Interbody device featuring TiCell 3D advanced technology. The new titanium lumber interbody fusion implant is manufactured by using a direct metal laser sintering manufacturing process (3D printing) to produce a unique surface intended to optimize the implant’s interface and integration with bone. In October 2021, NuVasive, Inc., the leader in spine technology innovation, focused on transforming spine surgery with minimally disruptive, procedurally integrated solutions, announced the launch of the Cohere® TLIF-O implant and upcoming launch of the Cohere TLIF-A implant planned for later in the fourth quarter. With these new products, NuVasive becomes the only company to offer both porous PEEK and porous titanium implants for posterior spine surgery. In November 2021, Spinal Elements, a spine technology company, announced that the Lucent 3D Lumber Interbody System has been successfully used in its first clinical cases with Dr. Thomas Noh, Neurosurgeon at Hawaii Pacific Health and assistant clinical professor at the John A. Burns School of Medicine (JABSOM) at the University of Hawaii and Dr. Douglas H. Musser, D.O. at Youngstown Orthopedics Associates in Canfield, Ohio. Some of the prominent players operating in the spine devices market profiled by Fact.MR are: Exactech Inc. NuVasive Inc. DePuy Synthes Amedica Corporation Braun Melsungen AG Arthrocare Medtronic Plc. K2M Group Holding Inc. Stryker Corporation Zimmer Biomet Holdings Inc. More Insights on the Global Spine Devices Sales Outlook Fact.MR provides an unbiased analysis of spine devices market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for spine devices with a detailed segmentation on the basis of: Product: Spinal Rods Spinal Screws Spinal Hooks Spinal Plates Spinal Cages Spinal Spacers Motion Preservation Devices Total Disc Replacement End User: Hospitals Orthopaedic Clinics ASCs Key Questions Covered in the Spine Devices Market Outlook Report The report offers insight into spine devices demand outlook for 2021-2031 The market study also highlights projected sales growth for spine devices market between 2021 and 2031 Spine devices market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry Spine devices market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others Explore Fact.MR’s Coverage on the Healthcare Domain – Bone Growth Stimulator Market- A crucial element driving the market's expansion is the increased incidence of arthritis over the world. Patients who have had cervical or lumbar spine surgery may use bone growth stimulators as an additional medical device. After a fracture, bone growth stimulators are used to help the spontaneous fusion of the spinal bone. Various technologies are being developed for bone growth stimulation therapy, which is becoming increasingly popular as a result of the rising number of occurrences of accidental bone injuries around the world. Spinal Bulbar Muscular Atrophy Treatment Market- The rising number of patient visits for spinal bulbar muscular atrophy treatment, as well as the rising demand for it, present a lucrative growth opportunity for enterprises investing in the sector. The spinal bulbar muscle atrophy treatment market is also growing due to the shorter turnaround time and lower cost of this operation compared to traditional approaches. Many countries, including the United States, Europe, and Japan, have a reimbursement system in place. Medical Device Technologies Market- Today, MI operations are gaining popularity, notably in the treatment of cancer, particularly solid tumors. These operations have fewer problems, lower the risk of infection, are less painful, and take less time to recover from. As a result of these benefits, their usage has expanded, boosting the medical device technologies market's growth prospects. Medical device technologies will continue to be influenced by technological advances such as mHealth devices, continuous glucose monitoring systems, and insulin administration systems. About Fact.MR Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology to even the most niche categories. 80% of Fortune 1000's trust us in critical decision making. MarketNgage is powered by Fact.MR – our Unified Intelligence Engine, a revolutionary Market Research Subscription platform with a flexible pricing to suit your needs. You can access all our healthcare research reports by signing up with MarketNgage’s Market Research Subscription with FREE credits. MarketNgage is powered by Fact.MR – A Fully integrated research solution for seamless single-window access Widest coverage on emerging markets, nascent products, and disruptive technologies. Contact: Mahendra Singh US Sales Office 11140 Rockville Pike Suite 400 Rockville, MD 20852 United States Tel: +1 (628) 251-1583 E: sales@factmr.com Source: Fact.MR

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K2M Group Holdings, Inc.