The global spine therapy market is forecast to reach USD 19.60 Billion by 2027, according to a new report by Reports and Data.
The global spine therapy market is forecast to reach USD 19.60 Billion by 2027, according to a new report by Reports and Data. Low back pain is becoming increasingly common throughout the globe. It is affecting people of all ages from children to elderly, low back pain can be acute or chronic. The growing demand for spine surgeries and the latest generation spine implants, the advent of bioabsorbable spine implants, and the availability of a wide range of recently approved spine implants are some of the growing trends, which can supposedly contribute to the market’s growth. With the 3D printed, and custom fit spine implants taking the market, growth opportunities for vendors is likely to skyrocket as this increases demand for innovations among consumers. The biodegradable spine implants which are currently available commercially can disrupt the global spine therapy market effectively.
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The invasive surgeries segment, on the other hand, is projected to witness faster growth and is likely to increase its share at a CAGR of 6% during the forecast period. Further, high penetration of invasive surgical techniques in emerging countries such as India, Brazil, China, Mexico, and South Africa is boosting the MI spine surgeries segment.
Further key findings from the report suggest
- The spinal plates are likely to emerge as one of the most-preferred spine devices treated for spinal injuries. Over the forecasted period, spinal plates are projected to gain nearly one-fourth of the revenue share. Meanwhile, spinal screws will also witness healthy growth, and is likely to around USD 1,500 million revenue by 2022 end.
- By 2030, for many countries in Latin America, the number of people aged 60 or older will be 2.5-3.5 times larger than in 2000. The increase of this elderly population is expected to stimulate growth across all spinal therapy procedures, thereby stimulating the growth. The current surge of the U.S. dollar against local currencies throughout many regions has caused a restraint for local importers to profit from expensive MIS devices, which are mainly imported from the manufacturers of Europe and America. The decrement is likely to challenge the MIS transition phase, thereby stunting the market growth.
- 3D printed spinal implants is another technology that has undergone rapid market development. This market has seen substantial growth as surgeons migrated from PEEK (polyetheretherketone) implant materials back to Titanium. This technology has proliferated as access to 3D printing machines has become more readily available due to continued advancements of the technology and cheaper costs, which has a potential to drive the growth of the spinal therapy market throughout the forecasted period.
- Compared to orthopedic clinics as the end user of spine devices, hospitals are likely to emerge as the biggest users of spine devices. Towards the end of 2022, hospitals as the end user are projected to surpass USD 5,700 million revenue, according to our analysts. Hospitals are also expected to account for more than two-third revenue share on global revenues by the end of 2020.
- The spinal therapy market has experienced single digit growth over the past 10 years and is expected to maintain this growth for the foreseeable future. With more than 200 spine product manufactures, the market is predominantly dominated by Medtronic, Depuy Synthes, Stryker, Nuvasive and Globus Medica, whose profiles have been well documented in the report.
- The large tier companies have introduced some new technologies via internal research and development, but the bulk of these new technologies have been acquired from smaller companies. The best example of this trend is seen in the spinal robotic space.
The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.
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Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
Medtronic plc., DePuy Synthes, Inc., Stryker Corporation, NuVasive, Inc., Zimmer Biomet Holdings, Inc, Globus Medical, Inc., Alphatec Spine, Inc., Orthofix International N.V. and LDR Holding Corporation
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Spine Therapy Market Segmentation:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Fusion Devices
- Non-fusion Devices
- Stimulation Devices
Application Outlook (Revenue, USD Billion; 2017-2027)
- Open Surgery
- Minimally Invasive Surgery
Procedure Outlook (Revenue, USD Billion; 2017-2027)
- Discectomy
- Laminotomy
- Foraminotomy
- Corpectomy
- Facetectomy
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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