The growth in spine therapy market have been on the rise due to increasing rate of spinal cord injuries along with easy and effective technologies coming in the picture
Market Size – USD 12.39 Billion in 2019, Market Growth - CAGR of 5.9%, Market Trends – Increasing adoption of effective technologies.
The Global Spine Therapy Market is forecast to reach USD 19.60 Billion by 2027, according to a new report by Reports and Data. Low back pain is becoming increasingly common throughout the globe. It is affecting people of all ages from children to elderly, low back pain can be acute or chronic. The growing demand for spine surgeries and the latest generation spine implants, the advent of bioabsorbable spine implants, and the availability of a wide range of recently approved spine implants are some of the growing trends, which can supposedly contribute to the market’s growth. With the 3D printed, and custom fit spine implants taking the market, growth opportunities for vendors is likely to skyrocket as this increases demand for innovations among consumers. The biodegradable spine implants which are currently available commercially can disrupt the global spine therapy market effectively.
The invasive surgeries segment, on the other hand, is projected to witness faster growth and is likely to increase its share at a CAGR of 6% during the forecast period. Further, high penetration of invasive surgical techniques in emerging countries such as India, Brazil, China, Mexico, and South Africa is boosting the MI spine surgeries segment.
Key companies in the market and profiled in the report are: Medtronic plc., DePuy Synthes, Inc., Stryker Corporation, NuVasive, Inc., Zimmer Biomet Holdings, Inc, Globus Medical, Inc., Alphatec Spine, Inc., Orthofix International N.V. and LDR Holding Corporation
The COVID-19 impact:
The outbreak raised concern on the value of hygiene and healthcare. The market has experienced a downturn over the weeks, which may continue over the next few months. This pandemic has affected the Asia Pacific region the most, with China at the center of the outbreak. Most initiatives have come to a temporary halt in multiple countries. The production, as well as supply, has been put on hold, causing losses to the manufacturers, dealers as well as consumers. The market might be facing a downside for the period. Still, with a rising health concern, the demand would be hitting the roof as soon as there is a development in the condition.
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Further key findings from the report suggest
· The spinal plates are likely to emerge as one of the most-preferred spine devices treated for spinal injuries. Over the forecasted period, spinal plates are projected to gain nearly one-fourth of the revenue share. Meanwhile, spinal screws will also witness healthy growth, and is likely to around USD 1,500 million revenue by 2022 end.
· By 2030, for many countries in Latin America, the number of people aged 60 or older will be 2.5-3.5 times larger than in 2000. The increase of this elderly population is expected to stimulate growth across all spinal therapy procedures, thereby stimulating the growth. The current surge of the U.S. dollar against local currencies throughout many regions has caused a restraint for local importers to profit from expensive MIS devices, which are mainly imported from the manufacturers of Europe and America. The decrement is likely to challenge the MIS transition phase, thereby stunting the market growth.
· 3D printed spinal implants is another technology that has undergone rapid market development. This market has seen substantial growth as surgeons migrated from PEEK (polyetheretherketone) implant materials back to Titanium. This technology has proliferated as access to 3D printing machines has become more readily available due to continued advancements of the technology and cheaper costs, which has a potential to drive the growth of the spinal therapy market throughout the forecasted period.
· Compared to orthopedic clinics as the end user of spine devices, hospitals are likely to emerge as the biggest users of spine devices. Towards the end of 2022, hospitals as the end user are projected to surpass USD 5,700 million revenue, according to our analysts. Hospitals are also expected to account for more than two-third revenue share on global revenues by the end of 2020.
· The spinal therapy market has experienced single digit growth over the past 10 years and is expected to maintain this growth for the foreseeable future. With more than 200 spine product manufactures, the market is predominantly dominated by Medtronic, Depuy Synthes, Stryker, Nuvasive and Globus Medica, whose profiles have been well documented in the report.
· The large tier companies have introduced some new technologies via internal research and development, but the bulk of these new technologies have been acquired from smaller companies. The best example of this trend is seen in the spinal robotic space.
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For the purpose of this report, Reports and Data have segmented into the spine therapy market on the basis of product, application, procedure, technology, end user and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
· Fusion Devices
· Non-fusion Devices
· Stimulation Devices
Application Outlook (Revenue, USD Billion; 2017-2027)
· Open Surgery
· Minimally Invasive Surgery
Procedure Outlook (Revenue, USD Billion; 2017-2027)
Technology Outlook (Revenue, USD Billion; 2017-2027)
· Spinal Fusion and Fixation Technologies
· Vertebral Compression Fracture Treatment
· Motion Preservation Technologies
End User Outlook (Revenue, USD Billion; 2017-2027)
· Hospitals and Ambulatory Surgery Centers
· Specialty Clinics
Regional Outlook (Revenue, USD Billion; 2017-2027)
· North America
o Rest of Europe
· Asia Pacific
o South Korea
o Rest of APAC
· Latin America
o Rest of LATAM
o Saudi Arabia
o Rest of MEA
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Key Takeaways from the Global Spine Therapy Market report:
The global Spine Therapy Market report entails a broad product segmentation.
It methodically evaluates the overall product expanse of this business space.
The report covers pivotal information about the accrued market share of each product type, their profit estimations, and production growth graph.
The report provides the reader with a generic summary of the application gamut of the global Spine Therapy Market.
The report further details the market share and product demand for each application segment.
The study estimates the growth rate of each application segment over the projected timeframe.
Moreover, the report offers crucial information on the different parameters boosting the global market expansion, such as raw material production and market concentration rates.
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