The global spinal devices market is set to witness remarkable expansion, projected to grow at a CAGR of 5.3% during the period 2022-2032. According to comprehensive market research, the industry is anticipated to achieve a valuation of US$ 21.96 billion by 2032, experiencing significant progression from its 2022 valuation of US$ 13.1 billion.
Several factors contribute to the projected growth trajectory of the spinal devices market. A prominent catalyst is the rise in spinal cord injuries, attributed to the prevalent sedentary lifestyle adopted by many individuals. This trend is expected to propel the demand for spinal devices throughout the forecast period. Furthermore, the increasing global geriatric population is anticipated to drive sales, as age-related conditions such as osteoporosis often lead to spinal complications.
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Technological advancements within neurology have also revolutionized the medical devices market, with manufacturers developing innovative spinal devices capable of facilitating spinal implants. These advancements are poised to augment the market share of spinal devices in the coming years.
The surge in road accidents and sports-related injuries globally is another significant contributor to the growth of the spinal devices market. Road accidents often result in severe spinal cord injuries, prompting increased adoption of spinal devices for treatment and rehabilitation. Similarly, the rising incidence of sports-related injuries is expected to further fuel the demand for these medical devices.
“The anticipated growth of the global spinal devices market underscores the critical role these devices play in addressing a wide range of spinal conditions and injuries,” said FMI. “As technological innovation continues to drive advancements in neurology and medical devices, we remain committed to delivering cutting-edge solutions that enhance patient outcomes and improve quality of life.”
With a robust outlook for the future, stakeholders in the spinal devices market are poised to capitalize on emerging opportunities and drive continued innovation in the field of spinal care.
Spinal Device Market: Drivers and Restraints
Drivers:
- Advancement in Technology: Development of minimally invasive surgeries (MIS) and robotics in spine surgery is leading to faster recovery times, less pain, and smaller incisions, driving up adoption rates.
- Increasing Spinal Surgeries: The rising prevalence of spinal stenosis, spondylosis, and other spinal conditions due to an aging population and growing awareness of treatment options are increasing the demand for spinal devices.
- Large Patient Pool: As highlighted, a significant population suffers from spinal cord injuries and dysfunction. This patient pool represents a large potential market for spinal devices.
Restraints:
- Therapeutics and Pain Management Drugs: Ongoing research on pain management drugs and non-surgical therapies could reduce the need for spinal surgeries, potentially hindering the growth of the spinal device market.
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Spinal Device Market: Key Players
Some of the key players in the global spinal device market include Stryker, Vertiflex Inc., Smith & Nephew, Siemens Healthcare GmbH, RTI Surgical, Orthofix Holdings, Inc., Medtronic, Zimmer Inc., CONMED, Aspen Medical Products and others.
Spinal Device Market: Segmentation
The global spinal device market is classified on the basis of device type, end user and geography.
Based on device type, the global spinal device market is segmented into the following:
- Allografts
- Bridge
- Connector
- Plate Fixation System
- Drug Infusion system
- Electrosurgical
- Portals
- Others
Based on end user, the global spinal device market is segmented into the following:
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Spinal Surgery Rehabilitation Centers
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest Of Latin America)
- Western Europe (Germany, Italy, U.K, Spain, France, Nordic countries, BENELUX, Rest Of Western Europe)
- Eastern Europe (Russia, Poland, Rest Of Eastern Europe)
- Asia Pacific Excluding Japan (China, India, ASEAN, Australia & New Zealand, Rest Of APEJ)
- Japan
- Middle East and Africa (GCC countries, S. Africa, N. Africa, Rest Of MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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