Spinal implants & devices market worth $15.73B in 2020

Cleveland, Ohio – According to a new MarketsandMarkets research report, Spinal Implants and Spinal Devices Market – By Product, Technologies, Minimally Invasive Device, Decompression – Global Forecast to 2020, the global spinal implants and spinal devices market is expected to reach $15.73 Billion by 2020, growing at a CAGR of 5.6% from 2015 to 2020.

The spinal implants and spinal devices market, by technology, includes spinal fusion and fixation, vertebral compression fracture treatment, and motion preservation/non-fusion technologies. Based on products, the global spinal implants and spinal devices market is divided into six major segments, namely, thoracic fusion and lumbar fusion devices, cervical fusion devices, spine biologics, vertebral compression fracture treatment devices, motion preservation/non-fusion treatment devices, and spine bone stimulators. Bases on the type of surgery, the global spinal implants and spinal devices market is divided into two segments, namely, open surgery and minimally invasive surgery. The spinal decompression devices market, by type of procedure, covers discectomy, laminotomy/laminectomy, foraminotomy/foraminectomy, facetectomy, and corpectomy procedures.

A number of factors such as rising incidence and prevalence of spinal disorders; development of technologically advanced, safer, and cost-effective spinal devices; global rise in the old age and obese population; and rising demand for minimally invasive spine surgery are fueling the growth of the spinal implants and spinal devices market. On the other hand, stringent regulatory guidelines for the approval of new medical devices, high procedural costs, and lack of adequate reimbursements in developing countries are restricting the growth of the global spinal implants and spinal devices market.

As of 2015, North America is estimated to hold the largest share of the global spinal implants and spinal devices market, followed by Europe. However, the Asia-Pacific market is expected to grow at the highest CAGR of 8.2% from 2015 to 2020. A number of factors, including rising healthcare expenditure in developing nations owing to growing income levels, increasing government funding, presence of a large patient population, rising obesity cases, and growing awareness on the newly developed spine treatment techniques and devices are propelling the growth of the spinal implants and spinal devices market in the Asia-Pacific region. However, challenges associated with this market, such as scarcity of expertise and trained healthcare workers and lack of adequate patient awareness restricts the market growth in this region.

Medtronic plc (U.S.), DePuy Synthes (U.S.), Stryker Corp. (U.S.), NuVasive Inc. (U.S.), Zimmer Biomet Holdings Inc. (U.S.), Globus Medical, Inc. (U.S.), Alphatec Holdings Inc. (U.S.), Orthofix International N.V. (Netherlands), K2M Group Holdings Inc. (U.S.), and LDR Holding Corp. (U.S.) are the key players operating in the global spinal implants and spinal devices market.

Source: MarketsandMarkets