Analysis by Product (Static, and Dynamic); by Indication (Lumbar Spinal Stenosis, Degenerative Disc Disease, and Others); and by End User (Hospitals & Clinics, Orthopedic Clinics, and Ambulatory Surgical Centers) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
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The global interspinous spacers market is estimated to garner a revenue of ~USD 138 Million by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 71 Million in the year 2022. The growth of the market can be attributed primarily to the rising incidence of lumbar spinal stenosis in the population worldwide, owing to unhealthy lifestyles, illnesses, and accidents. For instance, a report of 2022 calculated that about 12% of American adults suffer from lumbar spinal stenosis, and nearly 19% of the population older than 60 years suffer from spinal stenosis.
Apart from the aforementioned factors, there are several other factors that are responsible for market growth. These factors are the increasing cases of degenerative disc disorders along with lumbar spinal stenosis, and other spinal disorders. Furthermore, with the rising cases of chronic and acute disorders, the demand for minimally invasive surgeries has soared which in turn is anticipated to bring lucrative growth opportunities for market expansion. Also, the high number of product approvals from government regulatory agencies, growth in technological advancement, and favorable compensation policies for patients is expected to generate significant revenue during the analysis period. In addition, the surge in awareness level about interspinous spacers and the advantages offered by them is also considered to fuel market growth.
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~USD 71 Million |
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Forecast Year Market Size (2033) |
~USD 138 Million |
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Regional Scope |
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Growth Drivers
Increasing Base of Geriatric Population - Older adults over 60 suffer from low back pain and spinal disorders more frequently than other health conditions. Most spine surgeries are performed for lumbar spinal stenosis (LSS) among patients over 65 years old. Thus, the growing elderly people population is anticipated to drive global interspinous spacers market growth over the forecast period. The World Health Organization (WHO) forecasts that 2.1 billion people will be over 60 years old by 2050 in the world, an increase of 900 million from 2015.
Rising Incidence of Degenerative Disk Disease Worldwide –Owing to the adoption of unhealthy lifestyles and a surge in cases of incidents, traumas, and accidents, the cases of degenerative disk diseases have also soared. As a result, the demand for interspinous spacers is expected to rise as it is widely used in the treatment process of these diseases. It was observed from a recent report of 2020 that around 40% of adults in the world age 40 or above are diagnosed with at least one degenerated vertebral disc. This percentage increases to 90% with people of age 60 and above.
Growing Success Rate of Disk Replacement Surgery - The results of a recent study have shown that artificial disc replacement surgery has a success rate of 87% globally.
High Expenditure on Research and Development Activities – The recent focus of the government to develop novel interspinous spacers to treat spinal disorders and disk diseases is expected to create a positive outlook for market expansion in the future. As of 2020, the World Bank calculated the global research and development expenditure to represent 2.63% of GDP, up from 2.2% in 2018.
Innovative Product Development by Manufacturers - Major key players working in the market is an investment in the R&D sector to develop technologically advanced interspinous spacers which in turn is expected to rise the sales of interspinous spacers in the healthcare sector. In April 2022, Spinal Simplicity launched the Minuteman G5 implant, long-awaited by the medical device community. In the thoracic, lumbar, and sacral spines, the Minuteman device is designed to fixate and stabilize the spine with minimally invasive surgery.
Challenges
The global interspinous spacers market is segmented and analyzed for demand and supply by end-user into hospitals & clinics, orthopedic clinics, and ambulatory surgical centers. Among these segments, the hospitals and clinics segment are attributed to holding the largest market share by the end of 2033 in the global interspinous spacers market owing to the rising number of spinal surgeries carried out in hospitals. Moreover, the growing number of hospitals across the world is expected to augment segment growth over the forecast period. The Organization for Economic Cooperation and Development (OECD) stated that the number of hospitals present in the United States grew from 5,564 in 2015 to 6,090 in 2019. Furthermore, the presence of proper facilities to carry out surgical producers to fit interspinous spacers along with favorable reimbursement policies offered by various hospitals across the globe is another factor expected to impetus a significant revenue generation.
The global interspinous spacers market is also segmented and analyzed for demand and supply by indication into lumbar spinal stenosis, degenerative disc disease, and others. Out of these, the lumbar spinal stenosis segment is projected to hold the largest share, backed by rising cases of lumbar spinal stenosis across the world. A recent report suggested that in the United States around 200,000 adults are affected by lumbar spinal stenosis, resulting in considerable pain and disability. Furthermore, the increased requirement of minimally invasive procedures by patients is expected to bring profitable opportunities for segment growth. Also, the rising number of spinal disorders is leading to increased spinal surgeries which again rises the demand for interspinous spacers during treatment procedures.
Our in-depth analysis of the global interspinous spacers market includes the following segments:
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By Product |
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By Indication |
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By End User |
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The North America interspinous spacers market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the increasing prevalence of spinal diseases and back pain along with increased healthcare spending on the treatment process. The healthcare spending of the United States reached USD 4.1 trillion in 2020, representing 19.7% of the country's GDP, according to the Centers for Medicare & Medicaid Services. Further, the presence of a strong healthcare network in the region, along with the availability of supportive policies by the regulatory bodies that promote the development of novel and technologically advanced interspinous spacers are also anticipated to contribute to the market growth in the region. In addition, the region's expanding healthcare industry and the presence of a high number of hospitals and clinics in the region are also anticipated to boost market growth during the forecast period. Moreover, the burgeoning geriatric population with lumbar spinal stenosis and degenerative disc disease along with rising accidents and incidents leading to disorders is also projected to fuel the market growth in the region.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Rising prevalence of lumbar spinal stenosis, the growing geriatric population, and increasing healthcare spending are the major factors driving the growth of the interspinous spacers market.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2033.
Ans: Complications associated with the surgery along with the increased risk of reoperation after interspinous spacer placement and the high cost of the implant surgery are expected to hinder the market growth in the forecast period.
Ans: The market in the North America region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Spine Wave, Inc., Boston Scientific Corporation, Globus Medical, Inc., Spinal Simplicity, Life Spine, Inc., NuVasive, Inc, Medtronic plc, Zimmer Biomet, Alphatec Holdings, Inc, Paradigm Spine LLC., and others.
Ans: 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.
Ans: The market is segmented by product, indication, end-user, and by region.
Ans: The hospitals & clinics segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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