Introduction:
The spinal devices market is at the forefront of healthcare innovation, contributing to the diagnosis, treatment, and management of spinal disorders and conditions. This dynamic sector encompasses a wide array of devices designed to support, stabilize, and enhance the functionality of the spine. This article provides a comprehensive overview of the spinal devices market, exploring key trends, technological advancements, and the evolving landscape of spinal care.
Market Summary:
The global spinal devices market size was USD 13.1 billion in 2022 and is expected to reach USD 19.8 billion in 2032, and register a revenue CAGR of 4.1% during the forecast period. The increase in spinal illnesses such as degenerative disc disease, spinal stenosis, and herniated discs, as well as an older population that is more susceptible to these ailments, are the main factors driving the market revenue growth. The market revenue growth is expanding as a result of technological developments in the creation of spinal devices, such as the use of 3D Printing technology.
According to the World health Organization (WHO), each year, globally, around 250,000 and 500,000 individuals suffer a spinal cord injury. Preventable causes, including road traffic accidents, falls, or violence, are the major contributors to the spinal cord injury, and individual suffering from the condition are more likely to die prematurely as compared to healthy individuals, with low and middle-income economies having the worst survival rates. Spinal cord injury is linked with a peril of occurrence of secondary conditions, which can be incapacitating and sometimes cost a person’s life, such as urinary tract infections, deep vein thrombosis, muscle spasms, pressure ulcers, osteoporosis, chronic pain, and respiratory complications.
As per the Global Health and Aging report published by the WHO (World Health Organization), the number of people aged 65 years or older is estimated to increase from a projected 524 million in 2010 to approximately 1.5 billion by 2050, with significant percentage of increase in developing economies. Additionally, the number of people aged 65 years or older is anticipated to considerably surpass children younger than 5 years of age by 2050. Aging leads to the deterioration of facet joints resulting in several spinal disorders. Thus, the increasing prevalence of diseases in the growing geriatric population is likely to propel the growth of the market in the forecast period.
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Further key findings from the report suggest
- By device type, fusion devices contribution to the largest market share in 2020. Spinal fusion procedure is usually done for the treatment of spinal disorders, such as degenerative, deformity, traumatic, and tumor, among others.
- By surgery type, open surgery dominated the market share in 2020 and is likely to grow at a rate of 2.2% in the forecast period. Open surgery gives the visual information essential to diagnose a condition accurately. Also, some kinds of surgeries need access to larger areas to insert materials like in the case of an aortic aneurysm repair when a stent cannot be placed.
- By end-users, hospitals held the largest market share in 2020 and is expected to grow at a rate of 3.2% in the forecast period. The factors including well-resourced operating & diagnostic rooms, higher purchasing power, existence of highly skilled healthcare professionals, and improved health coverage for hospital-based healthcare services from several private and group insurance plans, among others, are responsible for the high market share of hospitals.
- The market in the Asia Pacific region is likely to grow at the fastest rate of 4.7% in the period 2019-2028, due to the improving healthcare infrastructure, rising investments in diagnostic imaging, and better reimbursement scenario.
- Key participants include Medtronic, DePuy Synthes, Stryker, Zimmer Biomet, NuVasive Inc., Alphatec Spine Inc., Globus Medical, RTI Surgical Holdings Inc., Captiva Spine LLC, and Paragon Medical, among others.
Future Prospects:
The spinal devices market is poised for continued growth as technological innovations and patient-centric approaches reshape spinal care. Advancements in materials, robotics, biologics, and patient-specific solutions are expected to drive the market forward. The focus on minimally invasive techniques and the integration of smart technologies in spinal devices will likely contribute to improved outcomes, reduced recovery times, and enhanced patient satisfaction. As the understanding of spinal conditions evolves, the spinal devices market will remain a dynamic force in advancing the field of orthopedic and neurological care.
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