Global Spinal Implants Market Research Report: By Product (Spinal Fusion Devices, Non-Fusion Devices, Spinal Bone Stimulators), Procedure (Open Surgery, Minimally Invasive Surgery), Material (Titanium, Titanium-Alloy, Steel, Plastic) – Forecast To 2023
Placement of Spinal Implants is considered as the final option in the treatment of treat severe back pain, and spinal injuries cases. Spinal implants play various roles in both, during spinal fusion surgery and without it such as to facilitate the fusion of two vertebrae, improve the stability of the spine, strengthen the spine and correct any deformities.
Accident and trauma cases along with hyper-obesity disorders drive the demand for spinal implants, causing severe spinal injuries. The augmented demand leads the market growth of spinal implants, increasing the market size. Resultantly.
During the past couple of decades, with the technological advancements, Spinal Implants have undergone several bettering transformations for instance – Expandable Interbody or Resorbable Implants, attributing to the market growth. With each innovation and bettering efforts, Spinal Implant market has garnered prominence & value on the global platform.
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Considering the phenomenal growth the market is witnessing, Market Research Future (MRFR) in its recently published study report mentions that the market is expected to further accrue by 2023, growing at a CAGR of 5.5% during the review period 2017-2023.
Technological advancements transpired into the medical technology is dominant driving force behind the growth of the Spinal Implants market. Worldwide, several researches are ongoing wherein scientists & surgeons are relentlessly working to develop and refine implants that can offer the best results to the patients and improve their quality of life as well.
As a result of these research activities, some phenomenal advances have taken places into the field of spinal implants. Such as the innovation of hook, rod and screw systems that allow surgeons to correct spinal deformities with the 3D view; the development of special plates and cages that promote spinal fusion; and the emergence of sturdy miniature implants for children among various other. These efforts have paid off well fuelling the market growth, increasing the uptake of these implants extensively.
Simultaneously, growing prevalence of conditions and disorders such as Arthritis of the Spine, Scoliosis and Other Deformities of the Spine, Broken Vertebrae, Spondylolisthesis and Slip Disk (Herniated Disk) foster the market growth. Also, the growing geriatric population drives the demand for the spinal implants over the next five years, helping the revenue blossom.
Bio-Resorbable Spinal Implants is the vibrant ongoing trend in the market observed by MRFR scholars during the analysis. This trend (Bio-Resorbable Spinal Implants) will undoubtedly escort the market to further ascended heights.
Global Spinal Implant Market – Segments
MRFR analysis is segmented into four key dynamics:-
By Products: Comprises Spinal Fusion Devices (thoracolumbar, cervical fixation, and interbody fusion devices, others.), Non-Fusion Devices, Spinal Bone Stimulators, and Vertebral Compression Fracture (VCF) treatment devices, among others.
By Materials: Titanium, Titanium-Alloy, Stainless Steel, and Plastic among others.
By Procedures: Open Surgeries and Minimally Invasive Surgeries (MIS) among others.
By Regions: North America, Europe, APAC and Rest-of-the-World (RoW).
Spinal Implant Global Market – Regional Analysis
Globally, North America accounts for the leading market for Spinal Implant. Countries like U.S. and Canada play a vital role in the growth of this market. Factors such as the technological innovation, advancement in manufacturing processes, and contribution of nanotechnology, substantiate the market growth. Higher per capita healthcare expenditures and rising R&D funding to develop new techniques are some of the major factors supporting the growth of the market in the region. Europe is expected to be the second-largest market, demonstrating a phenomenal growth throughout the forecast period. Factors such as the financial support from the government for research and development activities, the increase in geriatric population and the increasing demand for spinal implants and devices for the treatment of spinal disorders in the region drive the market growth. Furthermore, the Asia Pacific Spinal Implant market is emerging as one of the lucrative markets. Rising cases of obesity disorders, increasing healthcare expenditure, increasing government funding, and the presence of a large patient population, along with the growing awareness about novel spine treatment techniques in the region are the major driving forces for the growth of the market.
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Global Spinal Implant Market – Competitive Analysis
The market is highly competitive and witnesses a number of key players and increasing investments by them transpired in R&D activities to bring about innovations in these implants. Key Manufacturers strive to develop implants that can offer surgeons a superior option for spinal fusion surgery without much of the challenges associated with the surgical procedure.
By leveraging the controlled incremental expansion design that can allow surgeons to restore disc height and optimize the implant efficiently, for each patient literally, these manufacturers try to offer a unique, cutting-edge implant design and surgical solutions to help achieve spinal balance in patients.
Some of the leading players operating in the global spinal implant market are Depuy Synthes Inc. (Johnson & Johnson) (US), Medtronic, plc. (Ireland), Stryker Corporation (US), Zimmer Biomet Holdings, Inc. (US), NuVasive, Inc. (US), Globus Medical, Inc. (US), Orthofix International N.V. (Netherlands), Alphatec Holdings, Inc. (US), K2M Group Holdings, Inc. (US), Amedica Corporation (US), RTI Surgical, Inc. (US), Exactech Inc. (US), LDR Holding Corporation (US), Integra LifeSciences (US), Quandary Medical LLC (US), Alliance Spine (US), AESCULAP (US), Apollo Spine (US), Ascendx Spine (US), Premia Spine (Israel), A-Spine (Taiwan), Accel Spine (US), Back 2 Basics Spine (Canada), SI-BONE (US), Centinel Spine (US), Captiva Spine Inc. (US), Life Spine (US), NLT Spine (US), SpineGuard (France), Paradigm Spine LLC (US), Reliance Medical Systems (US), Precision Spine (US), Spinal Solutions Inc. (US), Spineart Geneva SA (Switzerland), and Spine Frontier (US)
Industry/ Innovation/ Related News:
June 21st, 2018 – CoreLink, LLC (US), a leading global spinal implant and instrument company announced the acquisition of Expanding Orthopedics, Inc. (EOI – Israel), an innovative spinal implant and product design firm. CoreLink has acquired an array of patents and in-development products addressing the expandable interbody and spinal fusion market in addition to the FDA cleared expanding and articulating FLXfit and FLXfit 15 titanium TLIF interbody systems.
These assets combined with CoreLink’s unique in-house design and manufacturing capabilities provide tremendous opportunities for the company (CoreLink) and their business partners. Furthermore, the acquisition will also offer two key benefits for CoreLink and its customers – a very compelling offering in the growing expandable interbody product category and a portfolio of innovative intellectual property from which CoreLink can advance in spine care.
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