Global Spinal Thoracolumbar Implants Market Overview
Spinal thoracolumbar implants are required for the stabilization and proper positioning of the spine. Increasing incidences of degenerative disc disease on account of growing sedative lifestyles and spinal deformities is anticipated to propel the spinal thoracolumbar implants market. As per World Health Organization estimates, 250,000 to 500,000 people around the globe suffer from spinal injuries every year. The spinal thoracolumbar implants can be implanted by procedures such as, discectomy, laminotomy, foraminotomy, facetectomy and corpectomy. Some of these procedures can be performed in a minimally invasive manner by means of fusion and decompression procedures. On account of changing patient preference from open surgeries to minimally invasive ones, discectomy and laminotomy can be performed as an open as well as minimally invasive surgical procedure. For minimally invasive thoracolumbar implants, tubular retractors are generally used especially for surgical procedures for disk repair, bone removal and insertion of screws and rods. On the back of growing patient awareness regarding surgical implants and procedures, the minimally invasive spinal thoracolumbar implants segment is expected to grow steadily across the globe.
Market Size & Forecast
Currently the global spinal thoracolumbar implants market is observing vibrant growth owing to increasing demand of minimally invasive implant procedures in the market. Advances in healthcare industry in the past few years and growing technological and surgical explorations are projected to drive spinal thoracolumbar implants market besides the wide range of functions of spinal thoracolumbar implants in an immense range of products such as spinal fusion devices, Vertebral Compression Fracture (VCF) treatment devices, non-fusion devices/motion preservation devices, spine biologics, spinal bone stimulators, and others during the forecast period. Spinal thoracolumbar implants market is anticipated to record a CAGR of 5.6% over the forecast period. Spinal thoracolumbar implants market is expected to reach the value of USD 13.2 billion at the end of the forecast period. Many multi-national companies are concentrating towards new product advances in spinal thoracolumbar implants. Moreover, the many advantageous properties of spinal thoracolumbar implants and new methods of implant are discovered on regular basis which is expected to drive the spinal thoracolumbar implants market rapidly.
On the basis of regional platform, global Spinal Thoracolumbar Implants market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
With a well-developed healthcare sector and growing present population sedentary lifestyle, North America is panned to observe substantial growth of spinal thoracolumbar implants market. North America is anticipated to be followed by Asia Pacific in terms of consumption due to expanding spinal thoracolumbar implants requirements in the rising geriatric population of the region. On the back of multiplying degenerative spine disorders and increasing spine injuries along with rise in number of obese population, Asia Pacific is budding as a regional spinal thoracolumbar implants consumption market. Europe is expected to drive demand and positively impact spinal thoracolumbar implants market growth over the forecast period owing to increasing spinal thoracolumbar implants application for minimizing postoperative pain & complications. However, weak economic conditions in countries such as Russia, Spain and others is expected to showcase a more modest growth of the spinal thoracolumbar implants market across the region over the forecast period.
Growth Drivers & Challenges
Increasing Global Geriatric Population
An increasing demand for movement preservation surgeries is expected to create a positive impact on the spinal thoracolumbar implants market. It is observed that there is an increasing number of casualty Ambulatory Surgical Centers (ASCs) offering minimally invasive implant procedures combined with faster recovery times which is further expected to enhance the growth prospects of the spinal thoracolumbar implants market. 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 population from 7.64% in 2010 to 8.7% by 2017 as per the reports of World Bank; and rising demand for minimally invasive spine surgery are firing the growth of the spinal thoracolumbar implants market globally over the forecast period.
Escalating number of Spinal Degenerative Disorders
Moreover, increasing number of spinal degenerative disorders on account of increasing number of obese population accounting for 650 million obese people by 2016 as per WHO, due to adoption of sedentary lifestyles, hormonal imbalance and various other factors is anticipated to contribute significantly in the spinal thoracolumbar implants market growth. Increasing number of spinal displacement and fracture case prevalence is estimated to propel the spinal thoracolumbar implants market robustly over the forecast period.
Stringent Regulatory Guidelines
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.
Our-in depth analysis of the global Spinal Thoracolumbar Implants market includes the following segments:
Global Spinal Thoracolumbar Implants Market is further classified on the basis of region as follows:
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