Spinal Implants Market worth over $11.76bn by 2027

Spinal Implants Market size is set to surpass USD 11.76 billion by 2027, according to a new research report by Global Market Insights Inc.
 

Rising demand for minimally invasive procedures coupled with technologically advanced spinal implants is expected to drive the market growth. The minimally invasive spine (MIS) surgery facilitates faster recovery time, less post-operative pain, reduces the risk of muscle damage, low chance of surgical site infection or complication and others. It was observed that from 2012 to 2018 there has been an increase in the adoption of minimally invasive procedures from 1.8% to 15.1%. The technological advancement in MIS and rising preference for minimally invasive procedures are poised to prove conducive for the market expansion.

 

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Evolution of 3D technology in spine surgery will foster the spinal implants market progression

3D printed technologies provide patient-specific implants and instrumentation, creation of patient-specific pre-operative models for complex surgeries and optimization of the structure of off-the-shelf implants. The initial surgical applications of 3D printing technology were to create patient-specific drill guides and pedicle screws. The future inevitably lies with 3D printing technology, as the demand grows, new technologies are predicted to take over the existing market products. The regulatory bodies are noted to simplify the regulatory implications which will benefit the industry during the forecast timeline.
 

Side-effects associated with the spinal implant may slow down the market demand

Side-effects associated with the spinal implants are one of the serious barriers to revenue growth. The common side effect of a spinal implants is persistent postoperative pain. Any complication in the procedures may result in chronic pain, toxicity, restriction movement, and other long-term risks. Moreover, spinal implant may also lead to various spinal infections. Treatment of such side effects may increase hospital stay, thereby escalating hospital expenditure.
 

An increase in the number of cervical surgeries will spur the segment growth

The artificial disc segment is estimated to reach USD 1.83 billion by 2027 owing to the rising prevalence of severe degenerative disc disease. The prevalence rate of spinal degeneration is around 27.3% and it is increasing with human age. Reports suggest that it is more prominent in adult females than men. Though, 266 million individuals (3.63%) across the globe are suffering from lumbar degenerative spine disease.
 

Browse key industry insights spread across 200 pages with 353 market data tables & 17 figures & charts from the report, “Spinal Implants Market Size By Product Type (Artificial Discs {Cervical, Lumber}, Dynamic Stabilization Devices, Spinal Fusion Implants {Rods, Pedicle Screws, Intervertebral Body Fusion Device (IBFD), Plates, Cages}), Application (Cervical, Thoracic, Lumber), By Material (Stainless Steel, Titanium, Cobalt Chrome, Polyetheretherketone (PEEK)), By Surgery (Open Surgery, Minimally Invasive Surgery), By Indication (Spinal Trauma, Deformity), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/spinal-implant-market
 

High spinal trauma cases will further favor the segment expansion

The spinal trauma segment was valued at around USD 1.84 billion in 2020 led by the rising demand for cost-effective treatments for spinal cord injury procedures. The World Health Organization stated that every year, around 250,000 and 500,000 people suffer from spinal cord injury across the world. The spinal trauma or spinal cord injury is majorly caused by road accidents, sports, violence, or falls. Spinal surgeries are considered the best treatment to stabilize and fix the damaged spine.
 

Rising demand for minimally invasive surgery will fuel the spinal implant

The minimally invasive surgery segment in the spinal implants market crossed USD 2.35 billion in 2020. Post-operative complications associated with open surgery generated the need for minimally invasive procedures. Various advantages of minimally invasive surgery are low infection rate, reduced pain, less recovery time, among others.
 

Significant emphasis of manufacturers on the cobalt-chrome based spinal implants positions it as one of the promising materials in the market

The cobalt chrome segment is anticipated to witness 2.8% growth rate by 2027. The advantages of cobalt-chrome material are that it is very light yet tough, highly biocompatible, resistant to corrosion, and reliable. Further, with several manufacturers including cobalt-chrome based spinal implants in their product offerings, the material is slated to act as one of the prominent substitutes to titanium based spinal implants.
 

Acceptance of sedentary lifestyle and increasing aging population increases the prevalence of cervical spondylosis

The cervical segment captured 32.5% of revenue share in 2020 impelled by the rising incidence of neck pain in the population globally. Globally, the prevalence rate of cervical spondylosis is observed to be over 10%. this is mainly due to the usage of sedentary lifestyle among young adults. Additionally, several instances of cervical pain are associated with aging and hence, an increasing geriatric population leads to an increasing incidence rate. Further, cervical spinal procedures are easier to perform, and discs placed on the cervical region witness less pressure that reduces disc malfunctions.
 

Rising geriatric population in the European region has enhanced the market revenue

Europe spinal implants market will account for over USD 2.35 billion by 2027. In the geriatric population, with increasing age, the prevalence of spinal deformity further increases due to the weakening of the musculoskeletal system. Furthermore, European countries possess the largest share of the geriatric population which boosts the demand for spinal implants during the forecast period. Treatment of spinal deformity in an elderly population is majorly conducted through spinal surgery which is highly recommendable. Technological advancement such as adoption of minimally invasive surgeries allow innovative approaches in the treatment of deformity. Moreover, the spinal implants upgraded over the last decade and the availability of MIS techniques minimizes complications associated with surgery, further impacting the industry expansion.
 

Market players are focusing on launching various spinal implant products to propel the market value

Prominent companies operating in the 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. The market leaders undertake various strategic initiatives to gain a competitive edge in the industry.
 

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