Spinal Implants and Surgical Devices Market by Technology (Fusion, Fixation, VCF, Decompression, Motion Preservation), Product (Thoracic, Lumbar, Cervical, Interbody, Kyphoplasty, Artificial Discs, MIS, Biologics, Stimulators) - Global Forecast to 2021
The global spinal implants and surgical devices market is estimated to reach 17.27 billion by 2021, at a CAGR of 5.3% from 2016 to 2021. Although mature markets (such as North America and Europe) hold larger shares in the spinal implants and surgical devices market in 2016, the Asia-Pacific region is poised to grow at the highest CAGR in the next five years. Factors such as the presence of a large patient population, growing number of obesity cases, increasing government spending on healthcare, and rising income levels are propelling the growth of the spinal implants and surgical devices market in the Asia-Pacific region.
The growth of the global spinal implants and surgical devices market is driven by factors such as technological advancements in spine surgery devices, growing demand for minimally invasive spine surgeries, and increasing aging and obese population with increasing number of spine deformities. In addition, emerging Asian and Latin American nations and growing number of hospitals and surgical centers are offering new growth opportunities for the spinal implants and device manufacturers. Nonetheless, the stringent product approval process, high cost of treatment procedures, uncertainty in reimbursement, and lack of adequate physician and patient awareness/education are the key reasons hampering the growth of the spinal implants and surgical devices market.
In this report, the spinal implants and surgical devices market has been segmented on the basis of technology (covering spinal fusion and fixation, motion preservation/non-fusion, spinal decompression, and spinal vertebral compression fracture treatment technologies), product (including thoracic fusion & lumbar fusion, cervical fusion, spine biologics, vertebral compression fracture treatment, spine bone stimulators, spinal decompression, and non-fusion treatment devices), type of surgery (open and minimally invasive), and region (North America, Europe, Asia-Pacific, and the Rest of the World). The spinal fusion and fixation technology segment is estimated to account for the largest share of the global spinal implants and surgical devices market in 2016. However, the motion preservation/non-fusion technology segment is expected to grow at the highest CAGR during the forecast period. Factors such as advantages of non-fusion surgeries over conventional spine surgeries and increasing launches and adoption of technologically advanced non-fusion spine devices are driving the growth of this market segment.
Geographically, North America is estimated to command the largest share of the global spinal implants and surgical devices market in 2016, followed by Europe. The large market share of the North American region is attributed to the high adoption rate of newly developed treatment technologies and the well-established healthcare infrastructure and reimbursement system in this region. A number of factors such as the increasing incidences of spinal disorders, growth in the aging and obese population, and rising government funding to support R&D of innovative spine treatment devices are further stimulating the demand for spinal implants and spinal devices in North America. However, stringent regulatory policies for product approval and rising government pressure to reduce healthcare costs are negatively affecting the growth of the spinal implants and surgical devices market in North America.
The spinal implants and surgical devices market is highly competitive, with a large number of global and local manufacturers of spinal products. As of 2015, the global spinal implants and surgical devices market was dominated by Medtronic, plc (Ireland) and DePuy Synthes (U.S.), that together accounted for a share of ~38% of the global market. New product launches and product enhancements; agreements, partnerships, and collaborations; and mergers and acquisitions are the major strategies adopted by most of the market players to achieve growth in the spinal implants and surgical devices market.
The report provides a picture on medical devices, instrumentation, and biologic products used in the spine surgeries across all regions. It aims at estimating the market size and future growth potential of this market across different segments such as technology, product type, type of surgery, and regions. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
Reasons to Buy the Report:
From an insight perspective, this research report focuses on various levels of analysis —market share analysis of the top players and company profiles, which together comprise and discuss basic views on the competitive landscape; emerging and high-growth segments of the spinal implants and surgical devices market; and high-growth regions and their respective drivers, restraints, challenges, and opportunities.
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms in garnering a greater market share. Firms purchasing the report could use any one or combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on spine products offered by the top 10 players in the spinal implants and surgical devices market. The report analyzes the spinal implants and surgical devices market by technology, product, and type of surgery, across four geographies
Product Development/Innovation: Detailed insights on current and upcoming technologies, research and development activities, and new product launches in the spinal implants and spinal devices market
Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various spinal implants and surgical devices across geographies
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the spinal implants and surgical devices market
Competitive Assessment: In-depth assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of the leading players in the spinal implants and surgical devices market