Spinal Implants and Devices Market Size is slated to grow notably from 2022 to 2028. This can be reasoned to the growing cases of spinal cord injuries and degenerative disc disorders. As per the National Spinal Cord Injury Statistical Center estimates, currently 296,000 Americans are living with spinal cord injuries with nearly 17,900 new SCI cases being reported almost every year.
Spinal implants and devices business growth is also being propelled by the growing geriatric population which is susceptible to spinal injuries. Spinal disorders severely affect the elderly populations giving rise to spinal pain and deformities. Moreover, elevating trends in the aged populations globally would open new growth avenues for the spinal implants and devices market through 2028.
A spinal implant is a device that is generally used to relieve back pain and support the management of disorders related to the spine. Various healthcare professionals are making use of these devices to treat patients with scoliosis, chronic degenerative disc diseases, or traumatic fracture.
Additionally, the market growth would also witness an escalation owing to the ongoing technological advancements in the business space in the upcoming years. Various studies and researches are going on in the segment to escalate the development of technologically advanced spinal implants, pushing the market growth. For instance, scientists from the University of Cambridge, UK, in June 2021, developed an inflatable, yet mini spinal cord implant that is supported for managing severe chronic back pain.
Based on the type, the spinal biologics segment would account for significant gains in the near future. These are spinal implant materials that change the surrounding environment via active cellular processes that promote differentiation and growth, supporting repair and healing of the injury and other spine conditions. The spin biologics devices are being used in spine surgeries owing to their numerous benefits over traditional materials like pedicle rods and screws that are used in spine fusion.
In terms of the type of surgery, spinal implants and devices are estimated to observe considerable demand for minimally invasive spine surgeries. The segmental growth can be ascribed to the surgery’s positive features like less recovery time and faster and safer results. Other pivotal attributes associated with the inclination towards MIS procedures include less blood loss from surgery, better cosmetic results from smaller skin incisions, reduced reliance on pain medications post-surgery, and more.
Geographically, North America spinal implants and devices market, led by the United States and Canada, is predicted to observe notable growth over the stipulated period. The mounting demand for spinal implants for pain can be backed by the growing cases of spinal cord injuries in the region. Besides, introduction to new healthcare policies, expanding healthcare investment by various central governments, and growing healthcare spending by individuals would as well offer positive impetus to the North America spinal implants and devices market in the ensuing years. As per Centers for Medicare and Medicaid Services, U.S healthcare spending rose by 9.7% in 2020, surpassing $4.1 trillion.
Some of the eminent players operating in the global spinal implants and devices industry include B. Braun Melsungen (B. Braun Holding GmbH & Co. KG), Stryker Corporation, Johnson & Johnson, Alphatec Holdings, Medtronic, Zimmer Biomet Holdings, others.
These solution providers are scaling up their profit margins by engaging in diverse marketing tactics like mergers, acquisitions, and product launches.
In wake of the coronavirus pandemic, the healthcare industry observed a higher inclination towards treating the COVID-affected patients, rather than taking up non-urgent surgeries involving the spine, disc disorders, and others. This led to a moderate downfall in the business graph of spinal implants and devices market during the pandemic phase. Also, disruptions in the supply chain and unavailability of raw materials added to the negative influence of COVID-19 on the overall market expansion.
Market, by Product
Market, by Type of Surgery
The above information is provided for the following regions and countries: