Market growth factors
Key factors such continuous advancements in spine surgery technologies, increasing incidence of spinal disorders, technological developments in bone grafting products, increasing demand for minimally invasive surgical procedures, rising geriatric and obese population are driving the growth of this market.
What experts says about the growth of this market?
According to the new market research report Spinal Implants Market is expected to reach USD 17.27 billion by 2021, growing at CAGR of 5.3% during the forecast period.
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Spinal Implants and Surgical Devices Market by Technology (Fusion, Fixation, VCF, Decompression, Motion Preservation), Product (Thoracic, Lumbar, Cervical, Interbody, Kyphoplasty, Artificial Discs, MIS, Biologics, Stimulators) – Global Forecast to 2021
Motion preservation/non-fusion technology segment to grow at fastest rate during the forecast period.
On the basis of technology, the global spinal implants market is segmented into three categories, namely, spinal fusion and fixation, vertebral compression fracture treatment, spinal decompression, and motion preservation/non-fusion technologies. The motion preservation/non-fusion segment is expected to grow at the highest CAGR in the next five years, owing to the development of technologically advanced non-fusion devices and rising demand for minimally invasive surgical procedures among patients. The spinal fusion and fixation technology segment has been further divided into two categories, namely, fusion and fixation. The motion preservation/non-fusion technologies segment is further categorized into dynamic stabilization, artificial disc replacement, annulus repair, and disc nucleus replacement.
The thoracic fusion and lumbar fusion devices segment commanded the largest share of the global spinal implants and spinal devices market, in 2016
Based on the type of product, the spinal implants market is classified into seven segments, namely, thoracic fusion and lumbar fusion devices, cervical fusion devices, spine biologics, vertebral compression fracture treatment devices, non-fusion treatment devices, spinal decompression devices, and spine bone stimulators. The thoracic fusion and lumbar fusion devices segment commanded the largest share of the global spinal implants and spinal devices market in 2016. The increasing incidences of spine degenerative diseases, rising preference for minimally invasive spine procedures, and technological innovation are the key factors driving the growth of the thoracic fusion and lumbar fusion market segment.
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The key players in the global spinal implants and surgical devices market are Medtronic, plc (Ireland), DePuy Synthes (U.S.), Stryker Corporation (U.S.), NuVasive, Inc. (U.S.), Zimmer Biomet Holdings, Inc. (U.S.), Globus Medical, Inc. (U.S.), Alphatec Holdings, Inc. (U.S.), Orthofix International N.V. (Netherlands), K2M Group Holdings, Inc. (U.S.), and RTI Surgical, Inc. (U.S.)
Asia Pacific regional segment is estimated to grow at fastest CAGR during the forecast period
As of 2016, North America held the largest share of the global spinal implants and surgical devices market, followed by Europe. However, Asia Pacific is estimated to grow at the highest CAGR from 2016 to 2021 owing to the increasing government healthcare expenditure, presence of a large patient population, and growing awareness about newly developed spine treatment techniques.