Favorable patient demographics and the launch of several innovative spinal implants are expected to increase the spinal implants market
The global spinal implants market size by revenue is expected reach over $12 billion by 2024, growing at a CAGR of over 3% during the forecast period. The gradual rise in spinal disorders, including lumbar spine stenosis, degenerative discs, disc herniation, and among others, is one of the major contributing factors for the growth of the spinal implants market. According to the World Health Organization (WHO), the incidence of spinal cord injuries reported annually is between 250,000 and 500,000. Further, the rise in integrated spine surgery procedures is another major driver for the market. Thus, favorable patient demographics is supporting growth.
The introduction of 3D printed and custom fit spinal implants is offering lucrative growth opportunities for vendors as the demand for innovative products with high performance and efficiency is increasing. 3D printed and custom fit implants help to develop a custom-fit implant for the patient and have found expanded usage in the pre-operative and intra-operative settings. Further, the use of bioresorbable spinal implants in spine surgeries offers a new approach to the treatment of several spine disorders/ailments. The use of bioabsorbable materials plays a significant role in specific spinal reconstructive procedures with improved image assessment and fusion healing properties. Thus, commercially available biodegradable implants are likely to disrupt the global market in the coming years.
The launch of several advanced and innovative spinal implants and the demand for the latest generation implants are other factors that are expected to affect the spinal implants market share during the forecast period.
SPINAL IMPLANTS MARKET SEGMENTATION
This research report includes detailed segmentation by
INSIGHTS BY PRODUCTS
As kyphoplasty procedures help to restore vertebral disc height and relieve back pain, the kyphoplasty sub-segment is expected to dominate the market in the coming years
The increasing elderly population and the rise in spinal disorder incidences are driving the spinal fusion implants segment in 2018. The segment is likely to witness faster growth due to the increased preference for non-fusion procedures such as dynamic stabilization and artificial disc replacement devices. Vendors are focusing on introducing innovative products to end-users. For instance, DePuy Synthesis’s PROTI 360° Integrated Titanium allows control of the anterior and posterior height of the spine and received the USFDA approval in May 2018.
Further, the vertebral compression fractures (VCF) treatment devices segment is expected to grow at a significant rate during the forecast period. Nowadays, MI procedures are gaining prominence due to the short recovery period, a low risk of infection, and the shorter hospital stay. However, the kyphoplasty sub-segment is witnessing a higher demand and is expected to dominate the market in the coming years as the kyphoplasty procedure helps to restore vertebral disc height and relieve back pain for a period of two years.
Further, the spinal non-fusion/motion preservation segment is growing significantly. The increasing shift to the non-fusion procedure from other MI and spine fusion procedures is a major factor driving the segment growth. Similarly, the bone growth electrical stimulation devices market is likely to witness growth as the demand for bone growth stimulation devices. The rise in the incidence of spine fractures and other disorders, which require spine fusion procedures as a treatment option, is an important growth driver for the segment. Vendors are also focusing on developing new and improved devices for treating degenerating diseases, spondylolisthesis, and scoliosis.
INSIGHTS BY SURGERY
Technological advancements in implants and spine biologics are likely to contribute significantly to the growth of the MI spine surgery segment
Although the open spine surgery segment witnessed the largest share in 2018, the segment is likely to grow at a slow rate and is expected to witness a decline by the end of the forecast period. The MI spine surgeries segment, on the other hand, is projected to witness faster growth and is likely to increase its share by 2% during the forecast period. Further, high penetration of MI surgical techniques in emerging countries such as India, Brazil, China, Mexico, and South Africa is boosting the MI spine surgeries segment.
Rapid technological advancements, especially in operative techniques, implants, and spine biologics, and equipment, have significantly contributed to the growth of the segment. Vendors are also focusing on developing next-generation spinal implants, which can be implanted using MI procedures.
INSIGHTS BY END-USER
Specialty orthopedic and spine centers are likely to grow at a higher CAGR than hospitals
Hospitals have emerged as one of the largest end-users as they perform a large number of spine surgeries. The hospital segment captured around half of the market in 2018. The exponential growth of spinal training facilities and the increased efficiency in private and corporate hospitals in emerging markets have contributed to the growth of the spinal implants market. Hospitals, specialty orthopedic and spine centers, and ASCs are the three primary end-user segment. Further, key vendors are also focusing on offering robotic-assisted spine surgery and video-assisted surgical platforms for enhancing clinical outcomes of spine surgeries.
Specialty orthopedic and spine centers are likely to grow at a higher CAGR than hospitals as patients are increasingly preferring specialty orthopedic and spine care centers over multi-specialty hospitals. However, ASCs are expected to grow at a faster rate than hospitals and specialty orthopedic and spine centers as they offer cost-effective spine surgeries with improved clinical outcomes.
INSIGHTS BY GEOGRAPHY
Improved healthcare infrastructure and increased healthcare spending are expected to drive APAC market during the forecast period
In 2018, North America dominated the global spinal implants market share followed by APAC, Europe, Latin America, and MEA. North America is expected to retain its dominance during the forecast period, however, the region is likely to grow at a less CAGR than all other regions as the market has reached the maturity stage.
In APAC, Japan, China, India, South Korea, and Australia are the highest revenue generators. Favorable government initiatives, improved healthcare infrastructure, and increased healthcare spending are expected to drive the growth in the region during the forecast period. Further, APAC is likely to offer lucrative business opportunities for vendors as the uptake of a diverse range of spinal implant devices is likely to increase in the coming years.
Europe’s spinal implants market is growing at a moderate rate. Germany, the UK, France, Italy, and Spain are the major revenue contributors in the region. The presence of highly sophisticated healthcare infrastructure, high awareness levels regarding the availability of advanced treatment options for treating spine ailments such as degenerative disc, disc herniation, spondylolisthesis, scoliosis have significantly contributed towards the growth. Also, Latin America and MEA are likely to grow at higher CAGRs than North America. However, these regions are likely to lag Europe and APAC in terms of growth rate.
KEY VENDOR ANALYSIS
The global spinal implants market is highly competitive and dynamic due to the presence of several global, regional, and local vendors offering a diverse range of implants for treating many spine disorders. Collaborations and new product launches will be some of the crucial aspects for companies to maintain revenue growth in the coming years. Further, multiple product launches, strategic acquisitions, and differentiated products are expected to drive the global market.
The global spinal implants market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Spinal Fusion Implants
- Spine Biologics
- VCF Treatment Devices
- Spinal Non-Fusion Implants
- Spine Bone Growth Electrical Stimulation Devices
- Specialty Orthopedic and Spine Centers
- Open Spine Surgeries
- MI Spine Surgeries
- North America
- South Korea
- Latin America
- Saudi Arabia
- South Africa