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HEALTHCARE & PHARMACEUTICAL

Thoracolumbar Stabilization Device Market Segmentation By Device Type (Anterior Stabilization, Posterior Stabilization and Retractors); By Device Material (Titanium and Stainless Steel) and By End User (Hospitals, Clinics, Ambulatory Surgical Centres and Others) - Global Demand Analysis & Opportunity Outlook 2028

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Extensive insights into the Growth of Thoracolumbar Stabilization Device Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS
  • In February 2020, two spinal devices from Stryker Corporation received FDA 510(k) clearance for safety. Stryker corporations designed and developed Yukon OCT spinal system and Mojave expandable interbody system for providing spinal stabilization. 
  • In December 2018, Medtronics acquired Mazor robotics with a plan of using Mazor X’s robotic guidance system in their spinal implants, navigation, and 3D imaging technology.

Introduction to Thoracolumbar Stabilization Devices

Thoracolumbar is the joint between thoracic spine and the lumbar spine. It consists of one part of vertebral column which is also known as the backbone. It helps in providing support to the spine when it is flexed by developing fascial tension. In case of any injury in the thoracic and lumbar vertebrae thoracolumbar stabilization device is used. The stabilization device is used to strengthen the muscles, reduce or eliminate the instability around the junction and prevent back pain.

Market Size and Forecast

The thoracolumbar stabilization devices market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028 on the back of increasing number of cases with spinal and back injuries. According to National Spinal Cord Injury Statistical Centre (NSCISC), USA records nearly 17,700 new spinal cord injury cases every year. Spinal injuries and back pains are among the most prevalent health issue conditions which is anticipated to be one of the major factors that is contributing to the growth of global thoracolumbar stabilization devices market in the forecast period.

The device type segment is further sub-segmented into anterior stabilization, posterior stabilization and retractors. Posterior stabilization devices segment is anticipated to grow at the highest rate in terms of revenue in the thoracolumbar stabilization devices market on account of usage of posterior stabilization in most of the primary implant cases. Moreover, in the material segment, titanium stabilization devices segment holds a strong presence in the market owing to the popularity it gained from its light weight and dynamic nature. Such factors are anticipated to boost the growth of posterior stabilization segment in the global thoracolumbar stabilization devices market. CLICK TO DOWNLOAD SAMPLE REPORT

Growth Drivers

Increasing Cases of Spinal Injuries

According to National Spinal Cord Injury Statistical Center (NSCISC), the total number of people living in the USA with spinal cord injury rose to approximately 288,000 in 2018 from 285,000 in 2017.

Spinal injury is a major concern amongst individuals of varied age groups worldwide. It is caused due to bad posture habits or at times due to internal injury. People having spinal injury can obtain thoracolumbar stabilization process to stabilize their spinal injury. The increasing incidences of spinal cord injury around the world is further anticipated to drive the growth of the global thoracolumbar stabilization devices market.

Improving Healthcare Facilities 

As per World Bank data, per capita spending on healthcare by governments across the globe in 2016 was 940.61$. A lot more focus is now given on healthcare by the governments of countries all over the world owing to the increasing concern for health diseases that is growing parallel worldwide. Medical facilities are also working constantly on improving the standard and quality of stabilization devices. These combined efforts by government and medical fraternity will aid the growth of the thoracolumbar stabilization device market. 

Importance of Vertebral Health in Improving Quality of Life 

Per capita disposable income across the globe is on a rise leading to a change in the standard of living. Also people are getting conscious about vertebral health. It is considered as an important factor in improving the quality of life. This factor has given a rise in the demand for stabilizing devices.

Restraints

High Initial Investment of Devices to Hamper Market Growth

The initial cost linked with these devices is very high which makes it difficult for commoners to afford it. Penetrating the markets of developing countries where per capita income is low, imposes a stiff challenge in the growth of thoracolumbar stabilization device market.

Lack of Required Equipment and Device Manufacturers to Hamper the Market Growth

Despite the improving healthcare infrastructure, there is a shortage of necessary equipment in order to meet the growing global demand. Not only this, there is a lack of skilled labour in the research and development area as well which may lead to some resistance in the growth of thoracolumbar stabilization devices market in the future.

Market Segmentation

Our in-depth analysis of the thoracolumbar stabilization device market includes the following segments:

By Device Type

  • Anterior Stabilization
  • Posterior Stabilization
  • Retractors

By Device Material

  • Titanium
  • Stainless Steel

By End Users

  • Hospitals
  • Clinics
  • Ambulatory Surgical Centres

By Region

On the basis of regional analysis, the global thoracolumbar stabilization devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.

The market for thoracolumbar stabilization devices in North America is anticipated to hold the largest share in the market on account of presence of leading market players in the region which manufacture and market thoracolumbar stabilization devices. Moreover, the growing cases of spinal and back injuries in this region which further increases the product demand. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of large pool of patients, developing healthcare infrastructure and growing awareness among people in this region. The improving healthcare facilities in the region, especially in countries such as China, India and Japan further raise the demand for thoracolumbar stabilization devices.

The thoracolumbar stabilization devices 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

 Top Featured Companies Dominating the Market

  • Medtronic PLC
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Zimmer Biomet Holdings Inc.
  • Medyssey Co. Ltd.
  • DePuy Synthes Company (Johnson & Johnson)
  • Stryker Corporation
  • B. Braun Melsungen AG
  • NuVasive, Inc.
  • Yellowsteps SAS
  • Aesculap Implant Systems, LLC
  • Ulrich Medical

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