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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

Buy Now Report ID: 3280 | Published Date: Feb 09, 2023

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


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Global Spinal Surgery Market
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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.


Market Segmentation

Market-Growth-Drivers

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


Healthcare Expenditure
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Top Featured Companies Dominating the Market

top-features-companies
    •  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

In-the-news

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.  


preview-analysis

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

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.


Author Credits:  Radhika Gupta, Shivam Bhutani


Key Questions Answered in the Report

1) What are the major factors driving the growth of the spinal surgery market?

Ans: Growing advancements in surgical technologies and increasing demand for minimally invasive surgical procedures are the key factors driving market growth.

2) What would be the CAGR of spinal surgery market over the forecast period?

Ans: The market is anticipated to attain a 5.1% CAGR over the forecast period, i.e., 2022-2030.

3) What are the challenges affecting the spinal surgery market growth?

Ans: High cost of spinal surgery and lack of skilled professionals in underdeveloped nations are estimated to hamper market growth.

4) Which region will provide more business opportunities for growth of spinal surgery market in future?

Ans: 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.

5) Who are the major players dominating the spinal surgery market?

Ans: 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.

6) How are the company profiles selected?

Ans: 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.

7) What are the segments in the spinal surgery market?

Ans: The market is segmented by products, surgery type, end-user, and by region.

8) Which segment under the products segment captures the largest market size in the spinal surgery market?

Ans: 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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