Report analyzes comprehensive information on Global Spinal Devices Market By Product Type (Fusion Devices (Cervical Devices, Thoracolumbar Devices, Interbody Devices, and Biologics), Non-Fusion Devices (Vertebral Compression Fracture Devices, Artificial Discs, Dynamic Stabilization Devices, and Others), and Stimulation Devices) By Disease Indication (Degenerative Disc Disease, Complex Deformity, Traumas & Fractures, and Others), By End User (Hospitals & Ambulatory Surgery Centers, Specialty Clinics and Others) and Regional Forecast, 2019-2026.
The global spinal devices market is anticipated to gain momentum from the increasing demand for orthopedic spine devices. Spinal Devices Market is projected to reach USD 15.74 Billion by 2026, thereby exhibiting a CAGR of 3.9% during the forecast period. However, the spinal devices market size was valued at USD 11.59 Billion in 2018.
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The report provides elaborate analysis of the spinal devices market trends, status, pros and cons of enterprise products, competition patterns, regions, industrial policies, macroeconomic policies, and more. In other words, it would aid all the entrepreneurs in establishing a panorama of all the characteristics and industrial developments.
Increasing Availability of High-quality Treatment Options to Boost Growth
The spinal devices industry is exhibiting a tremendous amount of technological advancements. It, in turn, is leading to the launch of a variety of innovative orthopedic devices and implants. They are providing high-quality treatment to those patients who are suffering from spinal disorders. The large patient pool across the world is demanding for customized implants and minimally invasive solutions. All these would augment the spinal devices market growth during the forecast period.
Rising Number of Spine Surgeries to Fuel Demand for Medical Devices in Europe
Geographically, the spinal devices market is divided into the Middle East and Africa, Europe, North America, Asia Pacific, and Latin America. Out of these regions, North America is expected to dominate the market owing to strategic collaborations and new product launches. Also, the rising prevalence of spinal diseases would contribute to the market growth. The Centers for Disease Control and Prevention asserted that in 2016, in the U.S., 8.0% of the adults had high-impact chronic pain and over 20.4% of the adults were affected by chronic pain. Hence, it would propel the demand for orthopedic spine devices in this region during the forthcoming period.
Europe, on the other hand, would showcase notable growth owing to favorable health reimbursement policies. Furthermore, in the U.K. and Germany, there is a rise in the number of spine surgeries and it is resulting in an increasing demand for medical devices.
Key Players Focus on Bagging FDA Approval & Completing Acquisitions to Widen Product Portfolio
The market consists of numerous large companies that are focused on gaining new contracts in the emerging nations to strengthen their position and have maximum spinal devices market share. Combined with this, they are adopting novel technologies to provide top-quality products to their clients. Here is a list of a couple of the latest developments that occurred in the industry:
November 2019: Difusion Technologies, Inc., a biotechnology company based in Texas, declared that it has received the FDA 510K clearance for Xiphos-ZF, its interbody device. It is considered to be the first spinal implant that is created from ZFUZE, a new biomaterial. Several studies have proved that the ZFUZE material brings about significant reductions in Interleukin 6 and Interleukin 1-Beta. At the same time, it generates a pro-reparative M2 macrophage response. IL6 and IL1-Beta are associated with fibrous tissue formation.
November 2018: Stryker, a medical technologies firm, headquartered in Michigan, announced that it has completed the acquisition of K2M Group Holdings, a manufacturer and marketer of medical products. The total deal was worth USD 1.4 Billion. The finalization of the deal came to light two days after the shareholders of K2M validated the acquisition in a meeting.
Fortune Business Insights lists out some of the prominent companies operating in the spinal devices market. They are as follows:
- RTI Surgical Holdings, Inc.
- Medtronic
- DePuy Synthes (Johnson & Johnson Services, Inc.)
- Alphatec Spine, Inc.
- Stryker
- Globus Medical
- Zimmer Biomet
- Aesculap, Inc. (B. Braun Melsungen AG)
- NuVasive, Inc.
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Spinal Devices Market COVID-19 Impact Analysis
