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. CLICK TO DOWNLOAD SAMPLE REPORT
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.
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.
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.
The global spinal surgery market is further classified on the basis of region as follows:
Our in-depth analysis of the global spinal surgery market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing advancements in surgical technologies and increasing demand for minimally invasive surgical procedures are the key factors driving market growth.
The market is anticipated to attain a 5.1% CAGR over the forecast period, i.e., 2022-2030.
High cost of spinal surgery and lack of skilled professionals in underdeveloped nations are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increasing incidence of obesity among adults and rising road accident cases.
The major players dominating the spinal surgery market are Stryker Corporation, Abbott Laboratories, Medtronic Plc, Orthofix International N.V., Nuvasive, Inc., Boston Scientific Corporation, and others.
The company profiles are selected on the basis of 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 products, surgery type, end-user, and by region.
With respect to products, the thoracic fusion & lumbar fusion devices segment is anticipated to hold the largest market share on the back of increasing prevalence of lumbar degenerative disc diseases globally.
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