A new Transparency Market Research report states that the global spinal trauma devices market approximated US$2.9 bn in 2014 and is predicted to reach US$4.7 bn by 2023, by expanding at a CAGR of 5.60% from 2015 to 2023.
Albany, NY -- (SBWIRE) -- 06/13/2016 -- A spinal trauma is an injury of the spinal cord and results in either a permanent or temporary change in the cord's normal motor, sensory, or automatic functions. The vertebrae protect the tissues in the spinal cord, but they can be dislocated or broken in the event of an accident or catastrophic falls as these exert excessive pressure on the spinal cord. The severity of the damage caused to the nervous tissue helps in determining which body functions are lost or compromised. In these cases, spinal trauma devices are utilized for stabilizing the spine's posterior area while preventing pressure on the affected area and to restore motion.
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As stated in the report, the increasing occurrence of traumatic spinal injuries and the rising healthcare expenditure globally are amongst the major factors propelling the development of the market for spinal trauma devices. In addition, the advent of minimally invasive techniques and new technological developments within the field of trauma fixation will also augment the growth of the market. Furthermore, the increasing usage of non-metallic (bioabsorbable) materials in place of metallic materials for internal spinal fixators is a key growth opportunity in the market. However, the lack of health insurance policies within a number of emerging nations is a key factor that may inhibit the growth of the market for spinal trauma devices.
On the basis of device type, the market is segmented into internal fixation and external fixation devices. Amongst these, internal fixation devices are further segmented into rods and pins, plates and screws, and bone grafts. External fixation devices are further segmented into spinal cord stimulators, Ilizarov devices, robotic exoskeletons, collars, halo vests, and spinal braces.
Out of these two, in 2014, the segment of internal fixation devices led the market with a sizeable share of 60.5% owing to the rising demand for durable and effective spinal fixation devices. On the other hand, the segment of external fixation devices is poised to experience slow growth in the forecast horizon. The plate and screws sub-segment of internal fixation devices constituted the largest share of 60.1% in 2014. On the other hand, the bone grafts sub-segment is predicted to be the most swiftly developing segment in the market.
Geographically, the report segments the market into Europe, North America, Latin America, Asia Pacific, and Rest of the World (RoW). Amongst these, the North America spinal trauma devices market held the largest share of 47.2% in 2014 owing to the increasing initiatives taken by governments in countries within this region to increase the awareness about bioabsorbable materials amongst both doctors and patients. On the other hand, Asia Pacific is predicted to be the most promising spinal trauma devices market and is predicted to rise at the highest CAGR of 7.10% between 2015 and 2023.
As per the report, the players dominant in the market, are DePuy Synthes, Medtronic plc., Stryker Corporation, Globus Medical, Inc., CONMED Corporation, and ReWalk Robotics, among others. Amongst these, Medtronic plc., DePuy Synthes, and Stryker Corporation held the largest, second-largest, and third-largest share in the market, respectively, in 2014. These companies constituted a share of 32.80%, 24.60%, and 9.20%, respectively, in the same year.
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