Global Spinal Implants and Surgery Devices Market Size, Share, Forecast Report, 2020-2027
The global spinal implants and surgery devices market is projected to reach USD 13.8 billion by 2025 from USD 10.3 billion in 2019, at a CAGR of 5.0%. This market is primarily driven by the advancements in spine surgery technologies, increasing incidence of spinal disorders, the launch of advanced bone grafting products, and the increasing adoption of minimally invasive spine surgeries. However, the high cost of spinal surgery and uncertainties surrounding reimbursement are expected to restrain the market growth during the forecast period.
By product, the thoracic fusion & lumbar fusion devices segment accounted for the largest market share in 2019.
Based on product, the spinal implants and surgery devices market is segmented into thoracic fusion and lumbar fusion devices, cervical fusion devices, spine biologics, non-fusion devices, vertebral compression fracture treatment devices, spinal decompression devices, and spine bone stimulators. The thoracic fusion and lumbar fusion devices segment accounted for the largest share of the spinal implants and surgery devices market in 2019. The large share of this segment can be attributed to the increasing incidence of lumbar degenerative disc disease and the growing number of product launches.
Based on technology, the spinal fusion and fixation technologies segment accounted for the largest market share in 2019.
On the basis of technology, the spinal implants and surgery devices market is segmented into spinalfusion and fixation, vertebral compression fracture treatment, motion preservation/non-fusion, and spinaldecompression technologies. The spinalfusion and fixation technologies segment accounted for the largest share of the spinal implants and surgery devices market in 2019. The large share of this segment can be attributed to the rising incidence of target diseases (such as degenerative disc disease and spinal stenosis) with the growing geriatric population across the globe, a growing number of spinal fusion procedures, and technological advancements in spinal fusion techniques and bone grafting procedures.
The open surgeries segment will continue to dominate the spinal implants and surgery devices market in 2025.
On the basis of the type of surgery, the spinal implants and surgery devices market is segmented into open surgeries and minimally invasive surgeries. The open surgeries segment accounted for the largest share of the spinal implants and surgery devices market in 2019. The large share of this segment can be attributed to the increasing preference for open spine surgeries among medical professionals, rising incidence of spinal deformities, and technological advancements in spinal fusion surgeries.
The Asia Pacific region is expected to grow at the highest CAGR during the forecast period.
The spinal implants and surgery devices market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period, primarily due to the improving healthcare infrastructure, rising awareness, improving reimbursement scenario, and the growing insurance coverage in several APAC countries.
Key Market Players
Medtronic (Ireland), DePuy Synthes (US), NuVasive, Inc. (US), Stryker Corporation (US), B. Braun Melsungen AG (Germany), Zimmer Biomet Holdings, Inc. (US), Globus Medical, Inc. (US), Orthofix International N.V. (US), Abbott Laboratories (US), RTI Surgical, Inc. (US), Boston Scientific (US), SeaSpine Holdings Corporation (US), ulrich GmbH & Co. KG (Germany), Spineart (Switzerland), Kuros Biosciences AG (Switzerland), Bioventus, LLC (US), Colfax Corporation (US), Meditech Spine, LLC (US), and Implanet (France) are the prominent players operating in this market.
Medtronic (Ireland) held the leading position in the spinal implants and surgery devices market. To sustain its leading position and ensure future growth, the company focuses on product launches, agreements, partnerships, and collaborations as its key growth strategies. The company also focuses on geographic expansions and the development of low-cost equipment, specifically for developing nations. With a wide product portfolio and strong geographic presence, the company is expected to witness significant growth in the spinal implants and surgery devices market in the coming years.
This research report categorizes the spinal implants and surgery devices market based on product, technology, type of surgery, and region.
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