Healthcare

Global Spinal Surgery Devices Market

April 21, 2022
ID: SR/HC-211
Format:Pdf
Pages:220

Global Spinal Surgery Devices Market, By Type (Spinal Decompression, Spinal Fusion, Fracture Repair Devices, Arthroplasty Devices, Non-fusion Devices), and By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa)-Global Forecast to 2028.

Description

Table Of Contents

Methodology

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Description

Spinal Surgery Devices Market Overview

The global Spinal Surgery Devices market was valued at USD 9532.8 Million and is expected to reach USD 13440 Million with a CAGR of 5.0% during the forecast period, 2022-2028. Technological improvements aid market expansion. Several major corporations are investing in research and development to develop novel products. The development of medical robots to aid surgeons, for example, is a significant accomplishment in the field. On the back of the rising incidence of spinal illnesses worldwide, the global market for spinal surgery is predicted to rise significantly in the coming years. Furthermore, the rising prevalence of obesity among adults has increased spinal disorders, which is expected to drive considerable growth in the global market. In addition, rising cases of spinal degeneration or deformities, rising cases of road accidents and fatal falls, growing patient pool, and increasing volumes of surgical procedures in hospitals and ambulatory surgical centers are expected to drive global market revenue growth over the forecast period.

What are Spinal Surgery Devices?

A Spinal Surgery Equipment is a tool or device used to execute certain activities or produce desired results during a surgery or procedure, such as changing biological tissue or providing access to observe it. Spinal abnormalities such as degenerative disc disease and spondylolisthesis are treated using these devices. Surgical methods implant titanium, titanium-alloy, stainless steel, or non-metallic items into the Spine, sometimes known as spinal implants, devices, or hardware. Spinal instrumentation is a long-term remedy for spinal instability.

Growth Driver

New Product Launches to Drive the Adoption of Spine Fusion Devices

The spinal device industry is fiercely competitive, with major manufacturers regularly developing new and sophisticated products to maintain their market share. Furthermore, minimally invasive operations are gaining acceptance worldwide, prompting manufacturers to release devices designed specifically for minimally invasive spinal fusion surgery. Aliphatic Spine, for instance, announced the commercial introduction of Invictus, a spine fixation platform designed for open, minimally invasive, or hybrid surgical procedures, in July 2019. The market for spinal fusion devices is expected to be steered by such advancements.

Opportunity

The emergence of Robotic Spine Fusion Surgeries to Fuel the Market

Surgical robots are increasingly being used in the spine industry, with several hospitals now offering robotic surgery to treat numerous spinal illnesses. Many companies concentrate on developing surgical robots that may utilize in conjunction with their implants and navigation aids in spinal procedures. This has prepared the door for a slew of strategic partnerships, and new product launches projected to propel the market forward. The technology may be combined with the company’s spine implants, navigation, and 3D imaging capabilities to provide healthcare providers with a complete solution. Mounting adoption of such robotic systems is expected to drive the spinal fusion devices market growth during the forecast period.

Restraint

Changing regulatory landscape in the medical device industry

Medical device manufacturers face a highly unpredictable regulatory environment. The average time it took to approve a 510(k)-application climbed by 43% between 2005 and 2010, while the time it took to get a premarket approval increased by 75%. The US Food and Drug Administration (FDA) wants additional clinical evidence on a product’s clinical safety and efficacy. As a result, corporations are investing more in clinical trials, the approval process is taking longer, and more funding is needed for in-depth post-marketing surveillance investigations. These delays also hamper the market for less invasive surgical devices in the authorization. Small manufacturers are likewise restricted from entering the market due to such regulatory reforms.

Pre-Covid-19 impact on the global Spinal Surgery Devices market

Before the pandemic, the industry grew due to a growing preference for minimally invasive, robotic, and computer-assisted surgery. The market is being driven by technological advancements and the adoption of innovative operations by growing countries. The robotics and computer-assisted industry were still in their early stages, but it was gaining traction.

Covid-19 impact on the global Spinal Surgery Devices market

The development of the COVID-19 pandemic has altered how medical treatment is delivered around the world. Many hospitals and departments have been re-profiled for treating COVID-19 patients due to the increasing demand brought on by the rising rate of COVID-19 hospitalizations. As a result, numerous elective procedures have been canceled or postponed worldwide to reserve or allocate low capacities and resources (such as hospital beds and patient care staff) to COVID-19 patient care.

Post Covid-19 impact on the global Spinal Surgery Devices market

Following the pandemic, the market is expected to be driven by an increase in the number of surgical procedures performed and technological improvements. Robotic devices and 3D monitoring are more common as technology progresses, improving precision and patient care. Several major corporations are investing in research and development to develop novel products. Furthermore, increased patient awareness and surgical affordability will drive the number of procedures performed during the projection period.

Type Segmental Analysis

Based on the Type, the global Spinal Surgery Devices market is categorized into Spinal Decompression, Spinal Fusion, Fracture Repair Devices, Arthroplasty Devices, and Non-fusion Devices. The Spinal Fusion segment accounted for a significant market share in 2021 and is expected to continue to be the leading segment during the forecast period. There are a variety of gadgets on the market that give conventionally effective treatments for lumbar spinal stenosis patients and innovative alternative treatments for decompression spine surgery. An increasing number of product releases and approvals contribute to the segment’s growth. The market is rising due to increased spinal illnesses and a growing elderly population. According to the CDC, as of 2019, approximately 34.0 percent of the adult population and 62.0 percent of the elderly population were impacted by spinal abnormalities.

Region Segmental Analysis

Based on the regional segmental analysis, the Spinal Surgery Devices market is characterized by North America, Europe, Asia Pacific, South America, and Middle East & Africa. The North American region is expected to dominate the Spinal Surgery Devices Market rate during the forecast period, 2022-2028. The older population, the rise in spinal disorders, and the increased incidence of sports injuries and deadly accidents drive the demand for Spinal Surgery Devices in North America. Furthermore, the region’s well-established healthcare infrastructure will likely drive market expansion. Furthermore, important player advancements are projected to enhance market growth by creating huge untapped opportunities. Orthotic launched the M6-C artificial cervical disc in April 2019, making it the first commercial implant to expand its market share.

Competitor Analysis

Companies include Zimmer Biomet, B. Braun Melsungen, Depuy Synthes, Abbott Laboratories, Stryker Corporation, Medtronic, Globus Medical Inc., Aurora Spine Corporation, Boston Scientific Corporation, and Other prominent players are the key players in the Spinal Surgery Devices market.

Key Stakeholders

Market research and consulting firms
Industry associations
Global Spinal Surgery Devices manufacturing firm
Local Governments
Regulatory bodies
Suppliers
Retailers

Technological Advancement

In January 2020, Medtronic Plc announced the strategic acquisition of Stimgenics, LLC, to expand its product range for the Differential Target Multiplexed (DTM) Spinal Cord Stimulation waveform.
In October 2018, NuVasive (US) and Biedermann Motech GmbH & Co. KG (Germany) formed a strategic alliance to share intellectual property and collaborate on cutting-edge complex spine solutions.

Scope of the Report

Report Attribute	Details
Revenue in 2021	USD 9532.8 Million
The revenue forecast in 2028	USD 13440 Million
Growth Rate	5.0%
Historical data	2017 – 2020
Base Year	2021
Forecast period	2022 – 2028
Region covered	America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	Zimmer Biomet, B. Braun Melsungen, Depuy Synthes, Abbott Laboratories, Stryker Corporation, Medtronic, Globus Medical Inc., Aurora Spine Corporation, Boston Scientific Corporation, and Other prominent players.

Market Modelling

By Type

Spinal Decompression
- Corpectomy
- Discectomy
- Facetectomy
- Foraminotomy
- Laminotomy
Spinal Fusion
- Cervical Fusion
- Interbody Fusion
- ThoracoLumbar Fusion
Other Spinal Fusions
Fracture Repair Devices
Arthroplasty Devices
Non-fusion Devices

By Region

North America
Europe
Asia Pacific
South America
Middle East & Africa

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Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What are Spinal Surgery Devices?

What is the growth rate of the Spinal Surgery Devices market?

The global Spinal Surgery Devices market was valued at USD 9532.8 Million and is expected to reach USD 13440 Million with a CAGR of 5.0% during the forecast period, 2022-2028.

What are the driving factors for the global Spinal Surgery Devices market?

Technological improvements aid market expansion. Several major corporations are investing in research and development to develop novel products. The development of medical robots to aid surgeons, for example, is a significant accomplishment in the field.

What are the restraints in the global Spinal Surgery Devices market?

Changing regulatory landscape in the medical device industry is estimated to create an obstacle to the growth of the global market over the forecasted period by 2028.

Which region is expected to have the largest share in global Spinal Surgery Devices?

The North American region is expected to dominate the Spinal Surgery Devices Market and continue this growth rate, followed by Europe and the Asia Pacific forecast, 2022-2028.

Who are the major players in the global Spinal Surgery Devices?

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Global Spinal Surgery Devices Market