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Spinal Implant Market size exceeded USD 8.71 billion in 2020 and is anticipated to grow at over 3% CAGR between 2021 and 2027. The rising pervasiveness of spinal diseases along with age is poised to boost the market growth. The growing incidence of spinal deformity is attributable to the adoption of a sedentary lifestyle. Moreover, the rising cases of spinal trauma is expected to spur the market expansion.
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The spread of the COVID-19 pandemic across the globe has impacted the spinal implant market negatively in 2020. The medical device industry witnessed a significant drop in the sales of spinal implant products during initial months of the pandemic. To control the spread of infection, public authorities across countries announced restrictions on the movement of people and goods. Additionally, several elective surgeries were noted to be suspended or postponed indefinitely, enabling maximum hospital capacity for COVID-19 patients.
The increasing prevalence of spondylosis is predicted to propel the demand for market. For instance, in the U.S., 3% of individuals aged 20-29 years and 80% of individuals of 40 or above years suffer from lumbar spondylosis. The increasing prevalence of spondylosis negatively affects the clinical, economic, social condition of the world. Furthermore, rising incidences of spondylosis in the geriatric population is estimated to further stimulate the demand for spinal implants in the industry.
Report Coverage | Details |
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Base Year: | 2020 |
Market Size in 2020: | 8,711.2 Million (USD) |
Forecast Period: | 2021 to 2027 |
Forecast Period 2021 to 2027 CAGR: | 3% |
2027 Value Projection: | 11,761.6 Million (USD) |
Historical Data for: | 2016 to 2020 |
No. of Pages: | 200 |
Tables, Charts & Figures: | 370 |
Segments covered: | Product Type, Indication, Surgery, Material, Application and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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High cost of spinal surgeries especially in developed economies has slowed down the industry growth. According to Modern Healthcare, cost for typical back surgery in U.S. may cost patients around USD 100,000 or more. The overall surgical cost along with medication, therapy, test, and rehabilitation is projected to surpass USD 160,000.
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Spinal fusion implants segment was valued at USD 4.61 billion in 2020. The increasing number of spinal fusion surgeries is set to stimulate the demand for spinal implants and drive the industry expansion. The spinal implant procedure is performed on patients who suffer from degenerative disk disease, spondylolisthesis, spinal stenosis, scoliosis, fractured vertebra, infection, herniated disk, and tumor.
The deformity segment dominated more than 78.8% of the spinal implant market share in 2020 led by the rising incidence of degenerative spinal diseases among the population worldwide. The World Health Organisation stated that about 413 million people across the globe are suffering from degenerative spine disease. Also, the South-East Asian population has the highest incidence rate of the disease. Additionally, the increasing burden of degenerative spine diseases and rising cost of the spinal implants across the globe will result in high industry demand for spinal implants.
The open surgery segment crossed USD 6.35 billion in 2020 impelled by the rising incidences of spinal injuries, spinal cancer, infection, and degenerative disc diseases. It is anticipated that more than 1.62 million instrumented spinal surgeries are performed every year. The growing rate of spinal diseases is one of the prominent factors fostering the demand of spinal implants and spinal surgeries. Also, rising cases of spinal trauma will fuel the indusry progression of spinal implant.
The titanium segment in the spinal implant market is projected to showcase 3% growth rate through 2027 on accunt of the introduction of advanced fusion technology. The elastic modulus of titanium and its alloys are closer to that of bone and its strength is more than that of stainless steel. Moreover, Ti-based alloys produce fewer artefacts in magnetic resonance imaging (MRI) scans and computer tomography (CT). Furthermore, regulatory approval of 3D printed titanium spinal implants across the globe is set to positively impact the industry value.
The lumber segment captured 58.8% of revenue share in 2020 driven by the rising incidence of low back pain (LBP) in the population. LBP affects around 60-85% of adults because of the development of osteophytes in the elder population.
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North America spinal implant market is estimated to attain a CAGR of 2.9% till 2027. The growing incidence of spinal surgery is attributable to increasing spinal deformity among the population and rising geriatric population. The acceptance of advanced spinal fusion techniques along with the availability of innovative implants in the region is slated to enhance the regional growth. High price of the spinal surgeries in the region will further contribute to the industry revenue.
A few key companeis operating in the spinal implant market are Medtronic plc, Johnson & Johnson, Zimmer Biomet, Stryker, Nuvasive, Globus Medical Inc., Alphatec Holdings, Inc., Surgalign Holdings, B. Braun Melsungen AG and SeaSpine Holdings Corporation. These market leaders are focusing on numerous strategies such as acquisitions, mergers, partnerships, new product launches, and collaborations to increase their market share for spinal implant.
Market, By Product Type
Market, By Application
Market, By Material
Market, By Surgery
Market, By Indication
The above information is provided for the following regions and countries: