Spine Implants Global Market Report 2023
Major players in the spine implants market are Medtronic, Depuy Synthes, Johnson & Johnson, Stryker Corporation, NuVasive, Inc., Zimmer Biomet Holdings, Globus Medical, Alphatec Holdings, Orthofix International, and RTI Surgical.
New York, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Spine Implants Global Market Report 2023" - https://www.reportlinker.com/p06280863/?utm_source=GNW
The global spine implants market is expected to grow from $10.50 billion in 2021 to $11.32 billion in 2022 at a compound annual growth rate (CAGR) of 7.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The spine implants market is expected to grow to $15.77 billion in 2026 at a CAGR of 8.6%.
The spine implants market consists of sales of cages, plates, rods values, artificial disc and expandable rods.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Spine implants are the devices used to correct the deformity in the spine, stabilize and strengthen the spine and facilitate fusion of bones in different disorders such as degenerative disc disease, kyphosis, scoliosis, spondylolisthesis, spinal stenosis, and fracture.
North America was the largest region in the spine implants market in 2022.Western Europe was the second largest region in the spine implants market.
The regions covered in the spine implants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main products in the spine implants are spinal fusion devices, non-fusion devices/motion preservation devices, vertebral compression fracture (VCF) treatment devices, spinal bone stimulators, spine biologics.The spinal fusion devices provide a solution for spinal instability and are designed specifically to treat spinal disorders and use surgical procedures to implant titanium-alloy, titanium, stainless steel, and non-metallic devices into the spine.
The various procedures involved are open surgery, minimally invasive surgery (MIS).The various materials in spine implants include metallic, polymeric, and ceramic.
The spinal implants are used in hospitals, specialty orthopedic and spine centres, and ambulatory surgical centres.
The rising incidences of spinal disorders coupled with the usage of minimally invasive surgical procedures are contributing to the growth of the global spinal implants market. According to Branko PRPA, surgical in September 2021, annually there are 1.34 to 4.6 spinal cases per million and 1,400 new cases diagnosed each year, with 33,000 having some type of disability in the US and among them, 30% of the adult female population suffers from lower back pain, compared to 25 percent of the adult male adult population and this is approximately 31% of men acknowledged that their condition affects their employment compared to 20% of women. In 2021, the prevalence of neuropathic pain was found to be between 16% and 55%. And due to the emergence of minimally invasive spine surgical (MISS) approaches, it has now become feasible and efficient for treating a wide range of spinal disorders without long incisions and by avoiding significant damage to muscles surrounding the spine, thereby resulting in fewer post-operative pains and faster recovery. Therefore, the increased prevalence of spinal disorders along with the ease in treatment by MISS approaches is driving the global spinal implants market.
The increased treatment procedural cost is acting as a hindrance to the global spinal implants market growth.According to a study published in 2021, approximately 500,000 lumbar spine surgeries were performed in the US.
The cost of spinal surgeries has increased by 175% globally and in the US, the annual cost of spine care is estimated at $105 billion per patient annually. Increased treatment procedural costs will increase monetary concerns, limiting the market growth.
The innovation of implants in providing minimally invasive and motion-preserving stabilization is a major trend in the spine implants market.For example, RTI Surgical Holdings, a global surgical implant company, has launched the first and only posterior lumbar motion preservation solution, Coflex.
Coflex is a differentiated, minimally-invasive, motion-preserving stabilization implant that is FDA PMA-approved for the treatment of moderate to severe lumbar spinal stenosis (LSS).It can be directly implanted following a surgical decompression, without fusing the bones.
The device comes in different sizes to fit the patient’s anatomy, and this can be performed even in an outpatient setting.
In July 2022, Spineway, a France-based spinal implants manufacturer acquired Spine Innovations for an undisclosed amount.The acquisition would help Spineway to accelerate its innovation and growth and position itself as a leader in this segment.
Spinal Innovations is a French manufacturer of spinal implants.
The countries covered in the spine implant market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The spine implants market research report is one of a series of new reports that provides spine implants market statistics, including spine implants industry global market size, regional shares, competitors with a spine implants market share, detailed spine implants market segments, market trends and opportunities, and any further data you may need to thrive in the spine implants industry. This spine implants market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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