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