Spinal Implants Market Scope
spinal implants market can expect growth at a decent rate of approximately 5.5% from 2017 to 2023 (assessment period), suggests Market Research Future (MRFR). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
The surge in SARS-CoV-2 infection has also boosted the apprehension with regard to reduced supply of essential medical devices that are used for treating not only the novel coronavirus but other disorders and ailments as well. The pandemic has weakened the demand for spine implants since treatments in this regard have been put on hold in favor of COVID patients, leading to slower market growth.
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The pandemic and the resultant global lockdown have prompted companies to accelerate their manufacturing processes. However, the situation has been worsened by the lack of workforce as the social distancing practice has become the norm since the COVID-19 outbreak. Automation and robotics are the latest trends in the spinal implants market, as the adoption of these technologies is helping manufacturers to bridge the supply and demand gap.
Key Growth Boosters and Challenges
Escalating cases of spinal disorders in the face of rising prevalence of sedentary lifestyle and the mounting preference for minimally invasive surgical procedures contribute significantly to the spinal implants market. Global Spine Journal’s article in 2018 said that the global population affected by spinal disorders includes 3.63% low back pain (LBP) and lumbar degenerative spine disease (DSD) together, 5.5% symptomatic disc degeneration, 1.41% spinal stenosis and 0.53% spondylolisthesis. Although implants help facilitate fusion, they need to be removed from the body after a year. To deal with this, researchers are focusing on developing bio absorbable implants.
Constant developments in non-invasive spine surgical approaches have made it feasible and much more effective in the treatment of various types of spinal disorders, preventing long incisions. These approaches also help avoid substantial damage to the muscles that surround the spine, thereby causing lesser pain post operation as well as quicker recovery. Therefore, the provision of easier treatment has bolstered the demand for minimally invasive surgical approaches and has been favorable for the spinal implants market. Emerging markets such as Asia Pacific are projected to foster the demand for spinal implants, while the rising adoption of virtual and augmented reality, 3D printed implants and endoscopic surgery in the region could also be a lucrative opportunity for the top market contenders.
The market for spinal implant is extremely competitive, with various firms adopting strategies such as collaboration, partnership, acquisition and product launch to gain a higher business stand. To cite an instance, in November 2020, Aurora Spine Corporation launched SOLOTM ALIF Stand-Alone Cage system, which is a device that is used as an integrated plate to sustain the natural shape of the spine and also offers stability and support. This 3D printed technology facilitates minimally invasive spinal surgical procedures that helps boost patient safety while improving the clinical outcomes.
Market Segmentation
Spinal implants industry can be considered for product, procedure, and material.
The key products are non-fusion devices/motion preservation devices, spinal fusion devices, spine biologics, spinal bone stimulators, Vertebral Compression Fracture (VCF) treatment devices, and others.
Some of the top procedures studied in the MRFR report include Minimally Invasive Surgery (MIS), open surgery, and others.
Materials that have been analyzed in the report are titanium-alloy, titanium, plastic, stainless steel, and others.
Regional Insight
Spinal implants market can be regionally split into Europe, Asia Pacific/APAC, Middle East and Africa/MEA as well as America.
America remains the top performer in the global market for spinal implants, primarily due to the frequent technological advancements, innovations in manufacturing processes, and the emerging trend of nanotechnology in the pharmaceutical industry. High uptake of various advanced implants in surgeries, rapidly growing elderly populace, and the surging prevalence of spinal stenosis in the region also bolster the expansion rate. Significant healthcare spending helps foster the sales of highly innovative spinal implants in the region, particularly in Canada and the United States.
APAC is one of the fastest emerging markets for spinal implants, in view of the escalating obesity cases and the expanding budgets allocated for healthcare development. Many of the developing countries in the region consist of a huge patient pool, while the governments are increasingly funding R&D activities that aim to come up with more advanced implants. Rising knowledge about the novel spine treatment methods and surge in technical advances to produce cost-effective devices also provide an attractive opportunity.
Key Industry Participants
The key participants in the global industry are SpineGuard (France), Back 2 Basics Spine (Canada), Precision Spine (U.S.), NuVasive, Inc. (U.S.), Exactech Inc. (U.S.), Alliance Spine (U.S.), Medtronic, plc (Ireland), K2M Group Holdings, Inc. (U.S.), RTI Surgical, Inc. (U.S.), Spinal Solutions Inc. (U.S.), Apollo Spine (U.S.), Integra LifeSciences (U.S.), LDR Holding Corporation (U.S.), Globus Medical, Inc. (U.S.), Orthofix International N.V. (Netherlands), Life Spine (U.S.), Amedica Corporation (U.S.), Ascendx Spine (U.S.), Depuy Synthes Inc. (Johnson & Johnson) (U.S.), AESCULAP (U.S.), Accel Spine (U.S.), Captiva Spine Inc. (U.S.), Alphatec Holdings, Inc. (U.S.), Premia Spine (Israel), A-Spine (Taiwan), Quandary Medical LLC (U.S.), Centinel Spine (U.S.), Reliance Medical Systems (U.S.), NLT Spine (U.S.), Spineart Geneva SA (Switzerland), SI-BONE (U.S.), Zimmer Biomet Holdings, Inc. (U.S.), Spine Frontier (U.S.), Stryker Corporation (U.S.), Paradigm Spine LLC (U.S.), and more.
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