In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The Tether – Vertebral Body Tethering System is the first spinal tether device that recently received approval by the US Food and Drug Administration (FDA). The device, developed by Zimmer Biomet, intends to treat idiopathic scoliosis among children and adolescents and can be used as an alternative to other forms of scoliosis treatments such as bracing and fusion surgeries.
Scoliosis is a medical condition that affects the spinal cord of a person, resulting in the formation of a sideways curvature in the spine. When this disorder occurs among children, which is very common, it is known as pediatric scoliosis. Scoliosis can be caused due to some other major disorders such as cerebral palsy and muscular dystrophy. It can even begin to form as a result of the genetic composition of a person. The disorder is capable of causing severe deformities in the body if not treated at an early stage. The main symptoms of scoliosis are pain in neck and back, respiratory and cardiac disorders. Scoliosis can be diagnosed with the help of x-ray of the spine along with additional CT scan and MRI scans in case of tumors.
According to the National Scoliosis Foundation, scoliosis affects around 2-3% of the population in the United States every year, which is estimated to be around 7 million people in the country. The disorder is mostly diagnosed among children between the ages of 10 and 15 and is much more likely to occur among girls as compared to boys.
The different types of pediatric scoliosis include congenital scoliosis, infantile idiopathic scoliosis, juvenile idiopathic scoliosis and neuromuscular scoliosis. Congenital scoliosis occurs in newborns as it develops before birth and results in a bent C or S-shaped spine. Infantile scoliosis is affects children under the age of 3 and is an idiopathic condition that has no known underlying cause. Juvenile scoliosis is another type of idiopathic scoliosis that mainly occurs among children between the ages of 4 and 10. The last form of scoliosis, neuromuscular scoliosis, is caused by disorders of the brain, spinal cord and the muscular system.
The pediatric scoliosis treatment market is anticipated to record a significant CAGR over the forecast period i.e. 2019-2027. The market is segmented by scoliosis type, by treatment and by region, out of which, the treatment segment is further segmented into physical therapy, scoliosis braces, surgery and others. Based on treatment methods, the scoliosis braces segment is anticipated to hold the largest share in the pediatric scoliosis treatment market on account of increasing preference of braces for the correction of this disorder among children. As surgery is not recommended for people below a certain age, braces are estimated to have a high demand for the prevention of any further growth in curvature of the spine till the person grows old enough for surgical treatment. A study on scoliosis surgery was published by the International Journal of Orthopaedics Sciences in 2017 that was conducted on patients with scoliosis between the ages 8-56. The data of scoliosis surgery cases occurring from 2009 to 2016 was collected and analyzed. It was found that scoliosis surgery effectively treats and corrects various forms of scoliosis and has minimal complications.
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The large number of children suffering from scoliosis and other back problems is raising the demand for improved and effective treatment methods for the disorder and is thus estimated to increase the market growth during the forecast period.
Statistics presented by UNESCO state that expenditure on research and development contributed towards an estimate of 2.2% of the world’s GDP in 2016. Moreover, the R&D expenditure in North America region was around 2.65% of the GDP, while it was calculated to be around 2.1% of the GDP in China in the same year. The growing government funding and initiatives for various research and development activities by a large number of developed and developing regions for the treatment and management of scoliosis is a major factor estimated to boost the market growth.
The lack of skilled professionals, stringent FDA approval and limited number of scoliosis treatment methods available for the patients, especially children, is a major growth restraining factor and is anticipated to hamper the growth of pediatric scoliosis treatment market.
Our in-depth analysis of the pediatric scoliosis treatment market includes the following segments:
On the basis of regional analysis, the pediatric scoliosis treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Pediatric scoliosis treatment market in North America is anticipated to retain the largest share in the market on account of rising advancements in the medical industry which result in development of new treatment methods for scoliosis. Presence of the prominent market players in this region is another factor estimated to support the growth of this market. The market in Asia-Pacific is anticipated to observe the highest growth during the forecast period as a result of increasing research and development activities and improving healthcare infrastructure in the region.
The pediatric scoliosis treatment market is further classified on the basis of region as follows: