Dublin, April 03, 2024 (GLOBE NEWSWIRE) -- The "Global Spinal Implants Market by Product (Devices (Thoracic, Cervical, Interbody Fusion, Spinal Non-Fusion), Biologics, Stimulators), Application (VCF, Spinal Decompression, Fusion, Non-Fusion), Surgery (Open, MIS), Region & Customer Unmet Needs - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global spinal implants market is projected to reach USD 14.3 billion by 2028 from USD 11.2 billion in 2023, growing at a CAGR of 5.0%
The projected surge in market growth for spinal implants is underpinned by a confluence of compelling advantages. Notably, spinal implants are driven by an aging population, rising cases of spinal conditions, and an increase in research & funding initiatives from public/private organizations for the advancement in spine surgical technologies.
For the forecasting period 2023 - 2028, the APAC region is expected to register a significant growth rate in the market during the forecast period. Asia Pacific comprises India, China, Japan, Australia, South Korea, and RoAPAC. The Asia-Pacific (APAC) region has witnessed a significant increase in the market growth rate for spinal implants. There are several drivers that contributed to this growth:
The Asia Pacific market is experiencing growth due to increased investments by government agencies in emerging countries aimed at enhancing healthcare infrastructure. Additionally, the market is benefiting from the rise in independent orthopedic centers, a substantial patient population, and strategic initiatives by industry players to expand their offerings of spinal implant products in the Asia Pacific region.
Furthermore, the escalating early detection of spinal disorders with improved efficacy for early diagnosis and treatment amplifies the demand for advanced treatment modalities, with spinal implants positioned as a forefront solution. These factors are poised to usher in a phase of robust expansion within the market, consequently shaping the landscape of spinal implant adoption in the forthcoming forecasting years.
Prominent players in this market are Medtronic (Ireland), Johnson & Johnson- Depuy Synthes (US), Stryker Corporation (US), NuVasive (US), among others.
Open surgeries segment to register largest market share in 2022 - 2028
Based on the type of surgery, the spinal implant market is segmented into Open surgeries and minimally invasive surgeries. The open surgeries segment registered the largest market share over the forecast period of 2022 - 2028. The growth of this segment is due to the cases involving intricate spinal deformities like severe scoliosis or advanced kyphosis; open surgeries are frequently the preferred approach.
The direct visualization inherent in open procedures enhances surgeons' ability to effectively address complex anatomical abnormalities. Moreover, surgeons' familiarity and expertise with open techniques can influence the choice of procedure. In some cases, particularly for surgeons trained in traditional methods, open surgeries may be preferred., further fueling the segment's advancement.
Hospitals segment held the largest share of spinal implants market in 2022, by End-user
Based on the end-user, the spinal implants market is segmented into Hospitals and orthopedic centers. In 2022, the hospitals segment accounted for the largest share of the global spinal implants market. The growth of this segment is being propelled by factors including a significant portion of spinal surgeries, ranging from routine procedures to complex interventions, early adoption of advanced spinal implant technologies, and shaping trends through their clinical practices.
The report provides insights on the following pointers:
- Analysis of key drivers (increasing prevalence of spinal disorder diseases, Increasing geriatric population worldwide, Ongoing advancements in spine surgery technologies), restraints (high cost of treatment procedures and uncertainty in reimbursement structure), opportunities (Growth in the number of hospitals and surgical centers, Emerging markets offers high-growth opportunities), and challenges (lack of adequate physicians and limited awareness) influencing the growth of the spinal implants market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the spinal implants market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the spinal implants market across varied regions.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the spinal implants market
Companies Featured
- Medtronic PLC
- Johnson & Johnson Medtech
- Nuvasive, Inc.
- Stryker Corporation
- Globus Medical, Inc.
- Zimmer Biomet Holdings, Inc.
- Orthofix International N.V.
- Ulrich GmbH & Co. KG
- B. Braun Melsungen AG
- Integra Lifesciences Holdings Corporation
- Boston Scientific Corporation
- Abbott Laboratories
- Spineart
- Centinel Spine LLC
- Premia Spine
- Exactech, Inc.
- Life Spine, Inc.
- Atec Spine
- Kuros Biosciences Ltd.
- Bioventus LLC
- Colfax Corporation
- Aesculap Inc.
- Implanet
- Camber Spine Technologies
- Captiva Spine, Inc.
- Medacta International
- Aurora Spine Corporation
For more information about this report visit https://www.researchandmarkets.com/r/s8lhah
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