The global spinal trauma devices market is likely to rise at a significant in the coming few years, says Transparency Market Research. This is mainly due to the increasing research and development activities in the flied. The presence of several local and international players make spinal trauma devices highly competitive and fragmented. Some of the prominent players operating in the spinal trauma device market are NuVasive, Inc., Medtronic, Globus Medical Zimmer Biomet and DePuy Synthes. These players are adopting several strategies such as mergers and acquisitions, collaboration and business expansion in order to fortify their position in the market.
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According to TMR, the global spinal trauma devices market is expected to touch a valuation of US$4.7 bn by the end of 2024. The market is projected to rise at a steady 5.6% CAGR from 2015 to 2024.
Geographically, North America is expected to dominate the global spinal trauma devices market throughout the forecast period. The is mainly due to the significant rise in the geriatric population and the surging adoption of advanced bioresorbable devices in the region.
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Rise in Incidences of Spinal worldwide to Boost Prospects
The global spinal trauma devices market is poised to garner at astonishing growth in the coming few years. This is mainly due to the pioneering research and development activities and innovative approaches adopted by key players in the terms of new drug development. Apart from this, factors like substantial increase in prevalence of spinal disorders, growth in geriatric population across the globe, favorable government policies, and increase in healthcare expenditure are expected to boost growth in the spinal trauma devices market.
Spinal trauma as name suggest refers to severe injury on spinal cord due to accident and rapture. The spinal trauma devices are meant to fix spinal trauma by fixing bone deformities, facilitate bone fusion, strengthen and stabilize the spinal cord, and thereby prevent further damage and complications in the spinal cord.
However, despite several favorable opportunities, growth in the spinal trauma devices market is likely to hamper owing to the proper insurance coverage and high costs of the devices. Along with this, factors like lack of awareness and unavailability of developed healthcare infrastructure in the emerging economies are some other factors expected to limit growth in the spinal trauma device market. Nevertheless, significant rise in disposable income of people across globe is a prominent factor expected to provide lucrative opportunities for the growth of the spinal trauma devices market in the coming few years.
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Advent of Advanced Robotic Surgeries to Drive Market Growth
The last decade has witnessed significant growth in healthcare sector. Several advanced procedures such as robotic surgeries have been introduced with introduction of advanced technology in the market. This is a prominent factor envisioned to drive the global spinal trauma device market.
In addition to this, favorable governmental support in developing countries such as India and China in terms of subsidy and reimbursement for senior citizen is a strong factor expected to drive the global spinal trauma devices market.
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