Low back pain is becoming a very common health problem across the globe. Affecting people of all ages from children to elderly, low back pain can be acute or chronic. The prevalence of spine disease is also on a rise due to increasing aging population, changing lifestyle, constant stress, acute or repetitive injuries and various other conditions. There has been a drastic change in spine surgery, with the robotic spine surgery currently being offered by few healthcare providers, giving patients improved outcome than the traditional surgical procedure.
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Manufacturers are also focusing on developing minimally invasive devices. As the less invasive procedure can result in lower pain score and lead to quick recovery time. Surgeons around the world are also focusing on endoscopic techniques leading to less invasive spine care, hence, new technologies are being developed to simplify technically complex procedures.
Spine device manufacturers are also working towards offering better spinal imaging technology for sharper images. Effective in chronic pain conditions, spinal cord stimulation therapy is on a rise, hence, manufacturers are developing spinal cord stimulator devices that can reduce the risk of thermal tissue damage and are compatible with MRI. Companies are also working on stem cell technology and its use in the spine.
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According to the latest report by Fact.MR, the global spine devices market is expected to witness massive growth, registering 7.1% CAGR during the forecast period, 2017 to 2024. Owing to an aging population, occupational posture, obesity, etc., spinal diseases are growing rapidly. Hence, spine surgery has also undergone a significant change, with new spine devices being developed to decompress and stabilize the spine. Following insights show how the global spine devices market will perform in the next five years.
4 Forecast Highlights on Global Spine Devices Market
- North America is projected to remain dominant in the global spine devices market throughout the forecast period from 2017 to 2024. The market is anticipated to witness the robust growth, reaching close to US$ 2,900 million revenues by the end of 2024. Owing to the availability of healthcare infrastructure and increase in investment by the government to improve healthcare across the region, North America is expected to emerge as the biggest market for spine devices.
- Asia Pacific Excluding Japan (APEJ) spine devices market is expected to experience impressive growth through 2024. The rise in a number of accidents resulting in spine injury, improving lifestyle and an aging population are some of the factors boosting the growth of APEJ spine devices market.
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- Spinal plates will emerge as one of the most-preferred spine devices. Towards the end of 2017, Spinal plates are projected to gain nearly one-fourth of the revenue share. Meanwhile, spinal screws will also witness healthy growth, reaching nearly US$ 1,500 million revenue by 2024 end.
- Compared to orthopedic clinics as the end user of spine devices, hospitals will emerge as the biggest users of spine devices. Towards the end of 2024, Hospitals as the end user are projected to surpass US$ 5,600 million revenue. Hospitals are also expected to account for more than two-third revenue share on global revenues by the end of 2017.
The report has also profiled leading players in the global market for spine devices, which will remain active through 2024. These include companies such as NuVasive, Inc., Exactech, Inc., DePuy Synthes, Braun Melsungen AG., Amedica Corporation, Arthrocare, K2M Group Holding, Inc., Medtronic Plc., Zimmer Biomet Holdings, Inc., and Stryker Corporation.
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Regional analysis includes
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
- EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
- CIS & Russia
- Japan
- Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)
- Middle East and Africa (GCC Countries, Turkey, Iran, Israel, South Africa, Rest of MEA)
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