Albany, NY -- (SBWIRE) -- 05/16/2018 -- The global spinal trauma devices market has been envisioned by Transparency Market Research (TMR) to be highly competitive and dynamic. With only a couple of industry players securing a weighty share for spinal trauma devices, the market has been foreseen to uphold an oligopolistic competitive landscape. Players such as NuVasive, Inc., Medtronic, and DePuy Synthes could exhibit a lasting dominance in the market. In the recent past, as per a TMR report, these players had added up to a substantial market share.
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According to TMR, the global spinal trauma devices market could reach a valuation of US$4.7 bn by 2023 at a 5.6% CAGR for the forecast timeframe 2015–2023. Internal fixation devices have been predicted to make the cut in the market with a higher CAGR of 6.1%. Although North America could boast of a dominating share in the market, Asia Pacific has been projected to hold on to an exponential CAGR of 7.1%.
Due to the rising demand for technologically sophisticated medical equipment, the competition between leading players of the global spinal trauma devices market could reach another level in the coming years. In this regard, it has been forecasted that product innovation could be one of the most popular tactics adopted by players in order to institute a resilient presence in the market. There could be a possibility of market saturation on account of the operations of top players being concentrated in particular regions. As a result, the competition in the market has been anticipated to not fade away until the end of 2023.
Growing Spinal Injuries Leading to Hospitalization Promote Significant Upsurge in Demand
The surging number of spinal injury cases has been envisaged to set the tone for growth in the world spinal trauma devices market. There could be an increasing demand for effective treatment options as these incidences mainly lead to hospitalization. Consequently, the application of spinal trauma devices could become necessary as such treatments may not be possibly conducted without the use of the equipment. Besides this, the growth in the geriatric population could provide a considerable contribution to the market as this demographic is more susceptible to fractures owing to the decrease in bone density commonly occurring with age. Furthermore, the elevation in the incidence of osteoporosis could fuel the demand for spinal trauma devices.
The development of novel technological breakthroughs has been prognosticated to be encouraged in the world spinal trauma devices market with the snowballing trend of minimally invasive procedures. With that mentioned, the demand for minimally invasive spinal trauma devices could increase noticeably in the near future.
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Absence of Suitable Health Insurance Schemes in Emerging Nations Upsets Growth
In developing regions, the scope of the expansion of the international spinal trauma devices market could be constrained by the unavailability of acceptable health insurance schemes. Companies dealing with spinal trauma devices could find it challenging to extend their footprint in developing markets such as India and China as the populations therein still struggle with the lack of primary healthcare facilities.
Nevertheless, the steady rise in healthcare spending could augur well for the international spinal trauma devices market. Governments providing competent healthcare services with the implementation of state-funded insurance have been prophesied to create opportunities in the market. The advent of bioresorbable implants and drawbacks of traditional metal devices such as follow-up surgeries associated with metallic fixators could bring in new prospects in the market.
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