This research report on the spinal implant market covers market sizing and forecast, market share, industry trends, growth drivers, and vendor analysis. The market study includes insights on segmentation by products (spinal fusion implants, spine biologics, VCF treatment devices, spinal non-fusion implants, and spine bone growth electrical stimulation devices), end-users (hospitals, specialty orthopedic and spine centers, and ambulatory surgical centers (ASCs)), surgery (open spine surgery and MI spine surgeries), and geography (North America, APAC, Europe, Latin America, and MEA).
Favorable patient demographics and the launch of several innovative spine implants are expected to increase the spine implant market
The gradual rise in spinal disorders, including lumbar spine stenosis, degenerative discs, disc herniation, and spinal stenosis among others, is one of the major contributing factors for the growth of the spinal implant 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 spinal implant market. Thus, favorable patient demographics is supporting market growth.
The introduction of 3D printed and custom fit spine 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 spine 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 spine 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 spine implants are likely to disrupt the global spine implant market in the coming years.
The launch of several advanced and innovative spine implants and the demand for the latest generation implants are other factors that are expected to affect the spine implant market during the forecast period. The global spinal implant market is expected to reach more than $12 billion during the period 2024.
Spinal Implant Market: Segmentation
This market research report includes a detailed segmentation of the market by spinal fusion implants, end-users, surgery, and geography.
Spinal Implant Market: 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 market 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, spinal stenosis, and scoliosis.
Spinal Implant Market: 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 market 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 spine implants, which can be implanted using MI procedures.
Spinal Implant Market: 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-users of the spinal implant market. 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.
Spinal Implant Market: 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 implant market followed by APAC, Europe, Latin America, and MEA. North America is expected to retain its dominance during the forecast period, however, the market 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 global spinal implant market 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 implant 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, spinal stenosis, spondylolisthesis, scoliosis have significantly contributed toward market 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.
Profiled Countries in Spinal Implant Market Report
Key Vendor Analysis
The global spinal implant market is highly competitive and dynamic due to the presence of several global, regional, and local vendors offering a diverse range of spine 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 spinal implant market.
Key Vendors in the Global Spinal Implant Market
Other Prominent Vendors are ARCA-MEDICA, Astrofiks, Alphatec Spine, A-SPINE, Biorthex, Captiva Spine, CarboFix Orthopedics, Camber Spine, Corentec, CTL Amedica, Centinel Spine, CoreLink, FH ORTHO, iSpine, LfC, Life Spine, Maxxspine Deutschland, Medacta International, Medicrea, Meditech Spine, medyssey, MicroPort Scientific, Neuro France Implants, Orthofix, OsteoMed, Paradigm Spine, Precision Spine, Premia Spine, RD Medical, RTI Surgical, S14 IMPLANTS, Safe Orthopedics, SeaSpine, SI-BONE, SIGNUS Medizintechnik, Spinal Elements, Spinal Kinetics, Spine Wave, Spineart, SpineCraft, Spineology, Spineway, TAEYEON Medical, Trans1, Tria Spine, TST, ulrich medical, wenzel spine, Zavation, Z-Medical, ZygoFix
Key Market Insights
The report provides the following insights into global spinal implant market for the forecast period 2019–2024.
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