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HEALTHCARE & PHARMACEUTICAL

Spinal Surgery Market Segmentation by Products (Thoracic Fusion & Lumbar Fusion Devices, Cervical Fusion Devices, Spine Biologics, Vertebral Compression Fracture Treatment Devices, Non-Fusion Devices, Spinal Decompression Devices, and Spine Bone Stimulators); by Surgery Type; and by End-Users – Global Demand Analysis and Opportunity Outlook 2030

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Inflation And Looming Recession to Haunt Businesses:

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.

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Purchasing power in the couPurchasing 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.                                                         Request Insights

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IN THE NEWS

  • January 2020: Medtronic Plc, announced that they have strategically acquired Stimgenics, LLC, to expand their product portfolio for spinal cord stimulation (SCS) waveform known as Differential Target Multiplexed (DTM) Spinal Cord Stimulation.  

Global Spinal Surgery Market Highlights 2022-2030

The global spinal surgery market is expected to grow by a moderate CAGR of 5.1% during the forecast period, i.e., 2022-2030. The global market for spinal surgery market is expected to witness significant growth in the upcoming years on the back of increasing cases of spinal disorders globally. Along with this, the increasing prevalence of obesity among adults has led to increasing spinal problems, which is projected to create significant opportunities for the global market to grow. According to the Centers for Disease Control and Prevention (CDC), the prevalence of obesity was 42.4% in the year 2017-2018. Additionally, changing lifestyles owing to increasing stress among the millennial population and growing use of caffeine and alcohol is expected to lead to a rising demand for spinal surgical devices in the future. Furthermore, favorably changing patient reimbursement policies to minimize the gap between out-of-pocket expenses and government-covered expenses is expected to result in the rise in the adoption of innovative medical products in the coming years. 

Global Spinal Surgery Market

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The market is segmented by products into thoracic fusion & lumbar fusion devices, cervical fusion devices, spine biologics, vertebral compression fracture treatment devices, non-fusion devices, spinal decompression devices, and spine bone stimulators, out of which, the thoracic fusion & lumbar fusion devices segment is expected to occupy the largest share on account of the increasing number of cases of lumbar degenerative disc diseases across the world.  Moreover, based on end-users, the hospital segment is predicted to hold the largest share in the global market on the back of the increasing number of patients suffering from spinal surgeries and rising number of road accidents globally.  

Major Macro-Economic Indicators Impacting the Market Growth

Healthcare Expenditure

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 Spinal Surgery Market Regional Synopsis

Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The Asia-Pacific region is expected to witness remarkable market growth in the future, with the highest CAGR on the back of the growing number of road-based accident cases and the increasing prevalence of obesity in the region. Moreover, increasing implementation of advanced devices for surgical procedures among Asian countries is evaluated to lead to a rise in the requirement for spinal surgery products. Furthermore, the North American market is expected to hold the most significant share over the forecast period, which can be primarily attributed to the presence of leading healthcare service providers and increasing investment by the market players to innovate surgical products in the region. Along with these, the vast and improved healthcare infrastructure in the United States is one of the major factors assessed to drive the region’s market growth.

Global Spinal Surgery Market

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The global spinal surgery market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global spinal surgery market includes the following segments:

By Product

  • Thoracic Fusion & Lumbar Fusion Devices
    • Posterior Thoracic Fusion and Lumbar Fusion Devices
    • Interbody Thoracic Fusion and Lumbar Fusion Devices
    • Anterior Thoracic Fusion and Lumbar Fusion Devices
  • Cervical Fusion Devices
    • Anterior Cervical Fusion Devices
    • Posterior Cervical Fusion Devices
  • Spine Biologics
    • Demineralized Bone Matrix
    • Bone Substitutes
    • Allograft Bone
    • Cell-Based Matrices
    • Others
  • Vertebral Compression Fracture Treatment Devices
    • Balloon Kyphoplasty Devices
    • Vertebroplasty Devices
  • Non-Fusion Devices
    • Dynamic Stabilization Devices
    • Artificial Discs
    • Annulus Repair Devices
    • Nuclear Disc Prostheses
  • Spinal Decompression Devices
    • Discectomy
    • Foraminotomy
    • Corpectomy
    • Others
  • Spine Bone Stimulators
    • Noninvasive Spine Bone Stimulators
    • Invasive Spine Bone Stimulators

By Surgery Type

  • Open Surgery
  • Minimally Invasive Surgeries

By End-User

  • Hospitals
  • Specialty Clinics
  • Ambulatory Surgical Centers (ASCs)
  • Others

Growth Drivers

  • Increasing Technological Advancements in Surgical Technologies
  • Rising Demand for Minimally Invasive Surgical Procedures

Challenges

  • High Cost of Spinal Surgery
  • Lack of Skilled Surgeons in Underdeveloped Nations

Top Featured Companies Dominating the Market

  •  Stryker Corporation
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Abbott Laboratories
  • Medtronic Plc
  • Orthofix International N.V.
  • Nuvasive, Inc.
  • Boston Scientific Corporation
  • B. Braun Melsungen
  • Aurora Spine Corporation
  • Zimmer Biomet Holdings Inc.
  • Globus Medical

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