Transparency Market Research Report Added "Spinal Implants and Surgical Devices Market" to its database.
Albany, NY -- (SBWIRE) -- 10/28/2015 -- While the majority of spinal conditions or disorders may not require surgeries, there are instances when surgical interventions may become necessary. Spinal surgeries also become necessary in the case of spinal cord injuries, which can be fatal if proper treatment is not deployed or in case of incorrect diagnosis. Spines are best explained as information superhighways for nerves and the signals they transmit to the rest of the human body. One strong blow to the back is enough to offset vertebrae, which can either tear or push into the spinal tissue, leaving a person paralyzed.
According to the WHO, as many as 500,000 people encounter spinal injuries every year. The fear of premature death also looms upon people with spinal cord injuries, which are increasingly becoming common in low- and middle-income countries. Surgical interventions, therefore, become crucial during such occurrences. These surgical processes are complicated and often require implant systems, which are implanted using specially designed instruments to correct deformities or stabilize and strengthen the spine. Conditions that may require instrumented fusion spinal surgery include chronic degenerative disc diseases, spondylolisthesis, traumatic fractures, scoliosis, and other types of spinal instability.
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Materials Used to Make Spinal Implants and Surgical Devices
The majority of spinal implants are made from metals and metal alloys such as titanium alloy or stainless steel. Nonmetallic compounds are also used to make certain spinal implants. The growing geriatric population and increasing incidence of spinal cord injuries worldwide, together with growing awareness regarding novel therapeutics, are resulting in a higher adoption of newer and advanced technologies by surgeons. While the market for spinal implants and surgical devices is likely to gain from the aforementioned factors, unstable reimbursement policies and price concerns are likely to inhibit its growth to an extent.
Asia Pacific to Exhibit Fastest CAGR in the Market
Regionally, the global spinal implants and surgical devices market is segmented into Asia Pacific, Europe, North America, and Rest of the World. Among these regions, North America continues to hold the largest share in the global spinal implants and surgical devices market. While Europe has emerged as the second largest market for spinal implants and surgical devices, Asian countries are likely to exhibit the fastest growth owing to improved reimbursement policies, high spending on healthcare facilities, large population, and enhanced bargaining position of Asian hospitals.
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On the basis of technology, the global spinal implant and surgical devices market is segmented into spine biologics, fusion, non-fusion, spinal decompression, and devices used for the treatment of vertebral compression fracture.
Intense Competition Prevalent in Global Spinal Implants and Surgical Devices Market
With the presence of several prominent companies such as Globus Medical, DePuy Spine, Stryker Corporation, America, Zimmer, Pioneer Surgical, Biomet Spine, Integra LifeSciences, NuVasive, LDR Holdings, K2M, Alphatec Spine, Orthofix International, Medtronic, Orthovita and Synthes, Exactech, and TranS1, the global spinal implants and surgical devices market is highly competitive. Already established companies in the market are seeking ways to differentiate their products and services, thereby fuelling the prevalent competition. Such recent strategic investments to enhance manufacturing capabilities demonstrate the significance of innovation in the modern marketplace.
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About Transparency Market Research (TMR)
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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