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Request InsightsJanuary 2022- NuVasive received clearance from the U.S. Food and Drug Administration for expanded indications of use for Attrax Putty with its comprehensive thoracolumbar interbody portfolio for spine surgery.
August 2020- Xtant Medical announced the commercial launch in the United States of the Matriform Si strip for performing spinal fusion procedures.
Global Interlaminar Device Market Highlights Over 2022 - 2031
The global interlaminar device market is estimated to garner a large amount of revenue by growing at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed primarily to the increasing advancements in spine surgery technologies, coupled with the growing prevalence of spinal disorders across the globe. As per a report published by the National Spinal Cord Injury Statistical Center in 2018, the annual incidence of spinal cord injury in the United States alone was 54 cases per 1 million people, or 17,700 new cases every year. Along with these, benefits of interlaminar devices include longer lasting relief from discomfort, shorter hospital stay and recovery time, and better treatment adaptability, which are also expected to accelerate the market growth significantly in the near future. Furthermore, rising emphasis of improving the healthcare infrastructure worldwide, and introduction of unique and novel products by market players are projected to offer lucrative opportunities for market growth in the upcoming years.
The market is segmented by end user into hospitals, clinics, ambulatory surgical centers, and skilled nursing facilities, out of which, the hospitals segment is anticipated to hold the largest share in the global interlaminar device market. This can be accounted to the high preference of patients to get treatment from skilled professionals, and availability of advanced medical equipment in a hospital facility. Additionally, on the basis of surgery type, the minimally invasive segment is predicted to observe significant growth during the forecast period, which can be credited to the growing adoption of minimally invasive spinal surgeries around the world. Apart from this, this type of surgery includes less postoperative pain, and fewer operative and post-operative major complications, which is also assessed to boost the growth of the market segment in the future. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Interlaminar Device Market Regional Synopsis
Regionally, the global interlaminar device market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in North America is estimated to acquire the largest share over the forecast period on the back of the increasing number of patients with spinal cord injuries, and well-established healthcare infrastructure in the region. In addition, high health expenditure, especially in the United States, is also expected to boost the growth of the market in the region in the coming years. According to the Centers for Medicare & Medicaid Services (CMS), the healthcare spending in the United States reached a value of USD 4.1 trillion, growing by 9.7% in 2020. As a share of the nation’s Gross Domestic Product, the health spending accounted for 19.7%. Moreover, the market in Europe is also projected to grab a notable share by the end of 2031, owing to the favorable reimbursement scenario, and growing treatment rates for degenerative spine disorders in the region.
The global interlaminar device market is further classified on the basis of region as follows:
Market Segmentation
Our in-depth analysis of the global interlaminar device market includes the following segments:
By Product Type
By Surgery Type
By End User
Growth Drivers
Challenges
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing advancements in spine surgery technologies, and growing prevalence of spinal disorders globally.
The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022-2031.
The major players in the market are NuVasive, Inc., Zimmer Biomet, Life Spine, Inc., Xtant Medical, Alphatec Holdings, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, surgery type, end user, and by region.
The hospitals segment is anticipated to hold largest market size and is estimated grow at a robust CAGR over the forecast period and display significant growth opportunities.
Poor healthcare infrastructure in underdeveloped regions is estimated to hamper the market growth.
North America will provide more business opportunities for market growth owing to the increasing number of patients with spinal cord injuries, and well-established healthcare infrastructure in the region.
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