Spinal Devices Market Overview
The spinal devices market is segmented on the basis of product which includes Thoracic Fusion and Lumbar Fusion Devices, Anterior Thoracic and Lumbar Fusion Devices, Posterior Thoracic and Lumbar Fusion Devices, Interbody Thoracic and Lumbar Fusion Devices, Anterior Lumbar Interbody Fusion Devices, Posterior Lumbar Interbody Fusion Devices, Transforaminal Lumbar Interbody Fusion Devices, Axial Lumbar Interbody Fusion Devices, Non-bone Interbody Fusion Devices, Bone Interbody Fusion Devices, Cervical Fusion Devices, Anterior Cervical Fusion Devices, Posterior Cervical Fusion Devices, Spine Biologics, Vertebral Compression Fracture Treatment Devices, Non-fusion Devices, Spine Bone Stimulators, Spinal Decompression Devices. Increasing surgical innovations in the field of minimally invasive implant procedures during orthopedic surgeries, technical innovation in implantable devices leading to novel product commercialization directly contributes to an increase in the rate of usage during orthopedic surgical procedures and positively impacts industry growth.
Market Size & Forecast
Spinal Devices Market is anticipated to record a significant CAGR over the forecast period. Rising demand for nominally invasive spine surgery procedure, technological progression in spine operation devices, rising aging and elderly population with growing number of spine irregularities are the key influences firing the growth of the spinal implants market.
Growing incidences of deteriorating disc diseases and rising elderly population more prone to orthopedic disorders are estimated to rise product demand for artificial discs and spinal plates over the forecast period.
On the basis of regional platform, global spinal devices market market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America dictated the global spinal device market due to presence of strict regulatory approval process and ample reimbursement policies. The technological advancements, contribution of nanotechnology to the pharmaceutical packaging market and improvement in manufacturing processes are components which increase the competitive rivalry in the region and ensure high quality standards attracting significant revenue. Europe is the second largest market due to the rise in elderly population and the swelling demand for spinal devices for the treatment of spinal disorders.
Asia Pacific spinal implants market is estimated to provide profitable opportunities for industry expansion due to ongoing development of manufacturing facilities of leading players, growing awareness among patients for novel technologies in the region and existence of high unmet demand.
Our-in depth analysis of the Global Spinal Devices market includes the following segments:
By Surgery Type
Global Spinal Devices Market is further classified on the basis of region as follows:
Growth Drivers & Challenges
An increasing demand for movement preservation surgeries is expected to create a positive effect on demand. It is observed that there is an increasing number of casualty Ambulatory Surgical Centers (ASCs) providing minimally invasive implant procedures combined with faster recovery times are further expected to enhance growth prospects. Factors such as increasing incidence of spinal disorders caused by lifestyle based factors; development of technologically advanced, safer, and cost-effective spinal devices; global rise in the geriatric and obese population; and rising demand for minimally invasive spine surgery are firing the growth of the spinal devices.
However, factors such as high routine costs, stringent regulatory guidelines for the approval of new medical devices, and absence of reimbursements in developing countries are obstructing the growth of the global spinal implants market.
Scope & Context
Overview of the Parent Market
The Global Spine Device Market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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