Spinal Implants and Surgery Devices Market Size to Reach USD 14.70 Billion in 2027 Growing at a CAGR of 4.6%, according to Emergen Research
Emergen Research has published its latest report titled “Spinal Implants and Surgery Devices Market By Product Type, By Technology, By Surgery Type, By End-User, Forecasts to 2027”
According to Emergen Research, the global spinal implants and surgery devices market size was USD 10.22 Billion in 2019 and is expected to reach USD 14.70 Billion in 2027 and register a revenue CAGR of 4.6% during the forecast period, 2020-2027.
Spinal implants are medical devices used for treatment of degenerative disc disease, scoliosis, kyphosis, and fracture. Many types of back pain and deformity are treated using spinal implants. Its main purpose is to assist in the fusion of two vertebrae and the replacement of natural disc material. The World Health Organization (WHO) estimates that between 250,000 and 500,000 people suffer from spinal cord injury (SCI) each year globally. The majority of spinal cord injuries are due to falls, road traffic accidents, or violence, which surges demand for spinal implants in the market. In addition, lack of diet and lifestyle choices, rising obesity, increasing working population, and an ageing population have all contributed to an increase in back difficulties globally, resulting in a significant rise in demand for medical services treating spine disorders and their symptoms, which drives market growth.
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In addition, technological advancements in healthcare sector, innovations in spine surgical procedures, increasing research activities for the development of advanced bone grafting products, are other factors expected to positively impact spinal implants and surgery devices market revenue growth throughout the forecast period. However, lack of reimbursement policies, high cost of spinal surgeries, complexities in healthcare insurance policies and unfavorable government regulations on surgical producers are factors expected to restrain spinal implants and surgery devices market revenue growth over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Spinal Fusion & Fixation Segment Revenue to Expand at a Rapid CAGR:
Spinal fusion & fixation segment is expected to register a rapid revenue CAGR over the forecast period attributed to increasing incidences of spinal disorders. Spinal fusion is a surgical procedure that permanently joins two or more vertebrae in spine, preventing them from moving. Techniques for spinal fusion are aimed to mimic the natural healing process of damaged bones.
Hospitals to Register Significant Revenue Growth:
Hospitals segment is expected to register significant revenue growth over the forecast period owing to government and private initiatives to increase number of hospitals, rising elderly population, growing demand for healthcare services due to increasing incidences of spinal implants, advancements in medical and biological science, availability of health insurance and increase in development of professional nursing.
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period due to ongoing technological advancement in surgical procedures, availability of medical reimbursement policies favoring fusion surgery in surgeries related to spinal, and increasing number of patients suffering from spinal cord injuries and disorders. Further, presence of well-established healthcare infrastructure, rising elderly population and growing patient awareness regarding regular health checkups in US are other factors expected to contribute to market growth in the region.
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Major Companies in the Market Include:
- Stryker Corporation
- RTI Surgical Inc.
- Nuvasive Inc.
- Zimmer Biomet Holdings Inc.
- Boston Scientific
- Depuy Synthes
- B. Braun Melsungen
- Abbott Laboratories
- Orthofix International NV
- Medtronic PLC
For the purpose of this report, Emergen Research has segmented the global spinal implants and surgery devices market on the basis of product type, technology, surgery type, end-user, and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Thoracic Fusion & Lumbar Fusion Devices
- Cervical Fusion Devices
- Spine Biologics
- Vertebral Compression Fracture Treatment Devices
- Spinal Decompression Devices
- Spine Bone Stimulators
- Non-Fusion Devices
- Dynamic Stabilization Devices
- Artificial Discs
- Annulus Repair Devices
- Nuclear Disc Prostheses
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Spinal Fusion & Fixation
- Vertebral Compression Fracture Treatment
- Spinal Decompression
- Motion Preservation
Surgery Type Outlook (Revenue, USD Billion; 2017-2027)
- Open Surgery
- Minimally Invasive Surgery
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Specialty Clinics
- Ambulatory Surgical Centers
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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