Increasing Prevalence of Degenerative Disc Disease Leading to Steady Growth of Spinal Surgery Products Market: Fact.MR Analysis
FACT.MR
8 min read
FACT.MR
Key Factors Anticipated To Propel Market Revenue Growth over the Projected Period Include Rising Rates of Adult and Adolescent Scoliosis, Growing Biomaterial Usage in Spinal Implants, And Increased Accessibility to Spinal Fusion Procedures
Seoul, South Korea, July 29, 2022 (GLOBE NEWSWIRE) -- As per industry analysis by Fact.MR, a market research and competitive intelligence provider, the global spinal surgery products market is projected to expand at a CAGR of 4.3% and reach a market value of US$ 15.5 billion by the end of 2030.
The market is divided into degenerative disc disease, traumas & fractures, complicated deformities, and others based on disease indication. Due to the rising number of disc replacement procedures and the increased demand for artificial discs, degenerative disc disease is predicted to hold the largest share of the market in 2022. One of the most common problems in the world today is lower back pain, which is predicted to favour the growth of the degenerative disc disease market.
Increase in the number of births with abnormalities causing modification or misalignment in the spinal column and rising elderly population are predicted to drive the complicated deformity sector. The traumas & fractures market is expected to grow significantly between 2022 and 2030 due to the rise in spinal injuries and fractures, attractive reimbursement scenario, and the need for less invasive procedures.
Which Regions Should Spinal Surgery Product Manufacturers Focus On?
“Presence of Key Market Players & High Prevalence of Chronic Illnesses Driving Sales of Spinal Surgery Equipment in North America & Europe”
The market is anticipated to be dominated by North America throughout the forecast period. The reasons for North America's dominance in the global market are new product releases, strategic alliances, increasing biologics research, and an increase in the prevalence of spinal illnesses.
The main factors driving market expansion in Europe include favourable health reimbursement, strong demand for medical equipment in Germany and the U.K., and rising rates of spine surgery. It is anticipated that government funding and active investment will dominate the Europe market.
Due to the rising geriatric population, increasing prevalence of degenerative illnesses, and lower back discomfort, the demand for orthopedic spine devices in the Asia Pacific region is anticipated to soar during the projected period.
One of the main factors boosting the spine surgery products market in Latin America, the Middle East, and Africa is the expansion of prominent manufacturers' distribution networks in emerging countries and rising healthcare spending.
Key Segments Covered in the Spinal Surgery Products Industry Survey
By Device :
Fusion Devices
Non-fusion Devices
Others
By Disease Indication :
Degenerative Disc Disease
Complex Deformity
Traumas & Fractures
Others
By End Use :
Hospitals
Ambulatory Surgery Centers
Specialty Clinics
Others
By Region :
North America
Latin America
Europe
East Asia
South Asia & Oceania
MEA
Competitive Landscape
Key players are engaging in a variety of strategic measures to increase their market shares, including mergers and acquisitions, technology partnerships, collaborations, and the creation and introduction of cutting-edge products.
Cohere TLIF-O implant and Cohere TLIF-A implant for posterior spine surgery were both introduced by NuVasive in October 2021.
Stryker declared a definitive merger agreement in January 2022, under which, it would pay US$ 79.25 per share, or a total equity value of roughly US$ 2.97 billion, and a total estimated value of roughly US$ 3.09 billion, to procure all the issued and outstanding shares of common stock of Vocera Communications, Inc.
Key Takeaways from Spinal Surgery Products Market Study
The global spinal surgery products market is set to reach a valuation of US$ 15.5 billion by 2030.
Demand for spinal surgery products is expected to rise at a CAGR of 4.3% from 2022 to 2030.
Due to the rising number of Americans experiencing lower back pain and other ailments related to the spine each year, the United States currently holds a dominant position in the North America market for spinal surgery devices.
As more spinal fusion procedures are performed, spinal fusion equipment is expected to hold the highest market share in 2022. High growth has been brought on by technological advancements in spine fusion surgeries, whether internal fixation is used or not.
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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