Orthopedic implants are one of the most popular forms of medical implants, which are performed to repair fractures to the bone structure. These medical devices replace the damaged or missing biological structure and provide the required support and enhancement of that organ. Spinal implants are one of such types of implants that are performed to restore or preserve certain spine functions and managing various disorders of the spine. There is a significant demand for these products across various parts of the world. The global spinal implants market has witnessed great transformation over the past few years and is expected to continue the current positive trends for the years to come.
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Spinal Implants Industry Drivers
Traditionally, spinal fusion was considered as the only solution to various serious disorders of the spine including herniated disc, DD and other conditions. However, with introduction of advanced technology, the market is slowly showing its interest and adoption of other, non-fusion technologies. Efficiency of non-fusion technologies to restore the spinal mobility and stability is considered as the biggest driver for spinal implants market. As a result, the spinal surgical devices market is showing vital signs of growth in terms of demand, innovation and revenue channels in different parts of the world. The market is largely driven by advanced technology, innovation, commoditization and globalization witnessed by the market.
Segmentation in Spinal Implants Market
Segmentation in the spinal implants and surgical devices market is largely based on the technologies, products and demand across various geographic regions of the market. Based on the types of technology, the market is divided into five segments, fusion, non-fusion, vertebral compression fracture treatment products, spinal biologics and spinal decompression implants. All these technologies are sub-segmented on the basis of the products and their applications. Based on geographic regions, the market is divided into four regions, which include North America, Europe, Asia Pacific and rest of the world. The rest of the world region includes Latin America and Middle East and Africa.
Forecasting Reports Until 2017
Global spinal implants market is expected to grow at a CAGR of over 5% from 2012 to 2017. At this estimated compound annual growth rate, the implants and spinal surgical devices market is expected to be worth $14,833 million by 2017. In 2013, the same industry was valued at $11,554 million. According to the market research reports, North America was estimated to dominate the global market in 2012. North America is followed by Europe. As far as forecasting is concerned, Asia Pacific region is expected to become the fastest growing market region in the global spinal implants market. These conditions are considered to be positive for the existing businesses in the industry.
Rising number of aging population, increasing investments from industry players, technological advancements and increasing demand for the MIS procedures are the strongest drivers for the industry.