Minimally invasive spine surgery (MIS) is preferred due to several benefits such as it does not involve a long cut or incision, which in turn reduces the chances of damage caused to the muscles surrounding the spine.
Portland, OR -- (SBWIRE) -- 09/06/2017 -- Spinal Implants and Devices Market Report, published by Allied Market Research, forecasts that the global market is expected to reach $13,384 million by 2022 from $9,741 million in 2015 with a CAGR of 4.6% from 2016 to 2022. Spinal fusion devices segment held nearly three-fifths of the total market share in 2015.
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Spine implants and devices are used to treat deformities and disorders related to the spine. The market has witnessed significant grown in the recent past due to the increase in government funding to support R&D for innovative spine treatment.
The advent of minimally invasive spine surgery techniques and rising incidence of spinal disorders drive the market growth. In addition, the rise in geriatric population and technological developments in bone grafting products are anticipated to further drive the demand for spinal implants and devices globally. However, the unfavorable reimbursement scenario and stringent regulatory approval process are limitations that restrict the market growth.
Spinal fusion implants are expected to dominate the market throughout the analysis period, owing to various advancements such as the advent of the hook, rod and screw systems, which allow surgeons to correct spinal deformities in a three-dimensional way, and the development of special plates and cages that promote spinal fusion.
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Based on surgery, open spine surgery generated maximum revenue, accounting for almost two-third of the global spinal implants and devices market in 2015. However, the minimally invasive surgery market is estimated to exhibit the highest growth rate of 14.7% during the forecast period.
Spinal Implants and Devices Market Key Findings:
- In 2015, fusion implants led the overall spinal implants and devices market and is projected to grow at a CAGR of 3.4% during the forecast period.
- Non-fusion/motion preservation segment is projected to grow at a CAGR of 10.9% during the forecast period.
- Dynamic stabilization devices segment is expected to grow at a significant CAGR of 10.9%, owing to the use of flexible materials during dynamic stabilization procedure that helps to retain mobility in the spine.
- Balloon kyphoplasty occupied nearly four-fifth of the global vertebral compression fracture devices market in 2015.
- Japan is the major shareholder, accounting for almost one-third of the Asia-Pacific spinal implants and devices market in 2015.
Asia-Pacific is projected to grow at the highest CAGR of 5.7% during the forecast period owing to improvement in healthcare infrastructures and rise in expenditures in emerging markets (India and China) to overcome the unmet medical needs. Technological advancements to develop cost-effective devices in these nations offer a lucrative opportunity for market growth.
The major companies profiled in the report include Alphatec Holdings, Inc., B. Braun Melsungen AG, Depuy Synthes (Johnson & Johnson), Exactech, Inc., Globus Medical, Inc., Medtronic plc, NuVasive, Inc., Orthofix International N.V., Stryker Corporation, and Zimmer Biomet Holdings, Inc.
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