Thoracolumbar spine devices are used in this region to provide steady support to the spine and avoid bending of the thoracic spine. Thoracolumbar junction is the junction between the thoracic spine and the lumbar spine. The junction consists of the part of the vertebral column from the eleventh thoracic vertebra to the first lumbar vertebra. Thoracolumbar Spine Devices Market is expected to register a CAGR of 3.72% to reach USD 8,484.7 Million by 2025
The increasing obese population, high prevalence of spinal cord injuries (SCI), and increasing geriatric population are expected to enhance market growth. However, the stringent regulatory policies, lack of awareness for the use of advanced technologies, and product recalls are projected to curb the growth of the market.
The market is expected to witness a profitable growth owing to the high prevalence of spinal cord injuries (SCI). According toa study published by the National Spinal Cord Injury Statistical Center in 2019, the annual incidence of SCI is approximately 54 per million people in the US or around 17,730 new cases each year. The approximate number of individuals affected by SCI in the US is 291,000. High prevalence of spinal cord injuries, in turn, increases the demand for thoracolumbar spine devices used in analysis. Thus, an increase in the prevalence of spinal cord injuries is expected to boost the global thoracolumbar spine devices market for the duration of the forecast period.
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Segmentation Overview of the Global Thoracolumbar Spine Devices Market
The Global Thoracolumbar Spine Devices Market is categorized into various segments. These major market segments are further categorized into various sub-segments to study the market in detail. The segmentation study offers detailed market study considering various growth determinants and geographical dynamics.
Global Thoracolumbar Spine Devices Market, by Product type
Global Thoracolumbar Spine Devices Market, by Type of Surgery
Global Thoracolumbar Spine Devices Market, by Material
Global Thoracolumbar Spine Devices Market, by End User
Regional Overview of the Global Thoracolumbar Spine Devices Market
The global thoracolumbar spine devices market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
Americas accounted for the largest market share of in 2018, due to the presence of key market players, sophisticated healthcare infrastructure, and increasing R&D in the field of thoracolumbar spine devices.
Europe is anticipated to account for the second-largest market share during the forecast period. The market growth in Europe can be attributed to the research and development by manufacturers for the launch of innovative products. For instance, ZygoFix Ltd, in 2018, initiated the first in a human clinical study for its clock spinal facet joint fixation system.
Asia-Pacific is likely to be the fastest-growing region in the global thoracolumbar spine devices market. The high growth rate is due to owing to the presence of a large patient base, availability of skilled healthcare personnel, and a defined regulatory framework enabling accelerated product approvals. India held a share of 16.2% in the Asia-Pacific thoracolumbar spine devices market in 2018.
The Middle East & Africa market is projected to show gradual growth during the forecast period. The Middle East would spearhead the market growth, attributing to facts such as the developing healthcare infrastructure, booming medical tourism, budding medical device industry, and gradually increasing adoption of medical diagnosis modalities in the Gulf Cooperation Council (GCC).
The major companies functioning in the Global thoracolumbar spine devices market are concentrating on firming their global ways by entering into untouched markets. The Prominent Players in the Global Thoracolumbar Spine Devices Market are Orthofix Holdings, Inc. (US), Alphatech holdings, Inc. (US), B. Braun Melsungen AG (Germany), Depuy Synthes (US), Exactech, Inc. (US), Globus Medical, Inc. (US), Medtronic PLC (Ireland), NuVasive, Inc. (the US), ZIMMER BIOMET HOLDINGS, INC. (US), and STRYKER CORPORATION (US).