NOIDA, India, Feb. 12, 2021 /PRNewswire/ -- A comprehensive overview of the Kyphoplasty market is recently added by UnivDatos Market Insights to its humongous database. The Kyphoplasty market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Kyphoplasty market. The Kyphoplasty market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Kyphoplasty market at the global and regional levels. The Global Kyphoplasty market is expected to grow at a CAGR of 14.5% from 2021-2027 to reach US$ 3.2 billion by 2027.
Market Overview
Proliferating prevalence of spinal cord injuries coupled with the rise in the aging populations who are more prone to osteoarthritis is resulting in rising spinal problems, therefore, generating the need for kyphoplasty. Kyphoplasty is a vertebral augmentation surgery that is used to treat a spinal compression fracture. As per WHO, around the world, between 250,000 and 500,000 people suffer a spinal cord injury (SCI) Every year. Also, there were 703 million persons aged 65 years or over in the world in 2019 and the number of older persons is projected to double to 1.5 billion in 2050, as per the United Nations. Moreover, the International Osteoporosis Foundation (IOF) revealed that 1 in 3 women over the age of 50 years and 1 in 5 men will experience osteoporotic fractures in their lifetime globally. Furthermore, half of the world's population aged 65 and older suffer from Osteoarthritis, and 80 % of people with symptomatic Osteoarthritis have limitations in movement, while 25 % cannot perform their normal daily activities. Majority of the spinal cord injuries are due to preventable causes such as road traffic crashes, falls, or violence. Out of that around 39.3% of the spinal cord injuries happen due to motor vehicle crashes while 31.8% are due to falls.
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COVID-19 Impact
The surging prevalence of COVID-19 across the globe has transformed the priorities for the healthcare service providers as the hospitals were overcrowded by COVID-19 patients and the spinal surgeons were on the duty for the care of COVID patients. In a study it was found that one in four surgeons reported working outside of their typical scope of practice Reasons for such cancellations are two-fold. Therefore, a sharp decline was witnessed in both orthopedic and spine surgeries as well. In a study, it was revealed that hospitals in the united states experienced around 35% decline in the operations room volume during March-Jul 2020. However, the market for robotic spinal surgeries witnessed an uptick during the COVID period. Moreover, the demand for spinal surgery medical devices and equipment are also witnessed a sharp decline in demand. Zimmer Biomet Holdings, Inc., a company dealing in spinal products, and services company reported Q1 net sales of $1.784 billion, a 9.7% decrease from 2019.
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Global Kyphoplasty Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Product Type, the market is primarily bifurcated into
- Balloon
- Cement Mixing
- Needle
- X-Ray Device
- Delivery Devices
The balloon segment dominated the by product type segment of the Kyphoplasty market in 2019 and will grow at 15.9% CAGR to reach US$ 1.4 billion by the year 2027.
By Applications, the market is primarily segmented into
- Kyphosis
- Spinal Fractures
- Vertebral Alignment
Amongst application, spinal fractures accounted for the largest share and is expected to grow at 15.3% CAGR during the forecast period 2021-2027. In 2019, the spinal fractures segment accounted for a revenue share of almost 43.1%.
By End-Users, the market is primarily segmented into
- Hospitals
- Clinics
- Ambulatory Surgical Centres
In 2019, the hospital segment dominated the global kyphoplasty market with nearly 61.4% of the market share and it is anticipated by 2027, the segment will garner US$ 1.9 billion of the market.
Kyphoplasty Market Geographical Segmentation Includes:
- North America
- Europe
- Asia-Pacific
- Rest of the World
Based on the estimation, the North America region dominated the kyphoplasty market with almost US$ 0.7 billion revenue in 2019. At the same time, the Asia-Pacific region is expected to grow remarkably with a CAGR of 17.8% over the forecast period owing to the surging prevalence of orthopedics among elderly populations and rising motor vehicle accident which causes to spinal fractures.
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The major players targeting the market includes
- Merit medical systems
- Stryker Corporation
- Medtronic
- CareFusion
- Alphatec Spine
- Osseon LLC
- DePuy Synthes (Johnson & Johnson Services, Inc.)
- Globus Medical
- Zimmer Biomet
- Parallax health sciences
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the kyphoplasty market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the kyphoplasty market?
- Which factors are influencing the kyphoplasty market over the forecast period?
- What are the global challenges, threats, and risks in the kyphoplasty market?
- Which factors are propelling and restraining the kyphoplasty market?
- What is the demand in global regions of the kyphoplasty market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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