CHICAGO, Jan. 25, 2024 /PRNewswire/ -- Spinal Implants Market in terms of revenue was estimated to be worth $11.2 billion in 2023 and is poised to reach $14.3 billion by 2028, growing at a CAGR of 5.0% from 2023 to 2028 according to a new report by MarketsandMarkets. The expansion of the spinal implants market is propelled by several synergistic factors, including increasing demand for minimally invasive surgical procedures, escalating spinal disorder prevalence, rising geriatric patient population, growing public-private investments to support for the clinical research and the presence of key market players in developing regions.
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359 - Tables
45 - Figures
335 - Pages
Spinal Implants Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $11.2 billion |
Estimated Value by 2028 | $14.3 billion |
Growth Rate | Poised to grow at a CAGR of 5.0% |
Market Size Available for | 2020-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Product, type of surgery, Application, End User, and Region |
Geographies Covered | North America, Europe, Asia Pacific, Latin America and Middle East & Africa |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Emerging markets offering growth opportunities |
Key Market Drivers | Increase in prevalence of spinal disorder |
Non-Fusion Devices segment to register a significant growth rate over the forecast period of 2022-2028.
Based on the product, the spinal implants market is segmented into Thoracic Fusion and lumbar Fusion Devices, Cervical Fusion Devices, Spine Biologics, Spinal Decompression Devices, Non-Fusion Devices, Vertebral Compression Fracture Treatment Devices, and Spine Bone Stimulators. The surge in spinal disorder and non-fusion procedures often involve less disruption to surrounding tissues and may result in shorter recovery times. Furthermore, The adoption of non-fusion devices in spinal implants reflects a shift toward more patient-centered, minimally invasive approaches that aim to address spinal conditions while preserving motion and reducing the potential for complications associated with fusion surgeries are significant contributors to this segment's substantial market share.
Open Surgeries segment accounted for the significant share of the spinal implants market in 2022-2028.
Based on the type of surgery, Open Surgeries is the preferred application for surgeons in spine surgical procedures for complex spinal deformities, such as severe scoliosis or advanced kyphosis. The direct visualization provided by open procedures allows surgeons to address intricate anatomical abnormalities more effectively. Additionally, In trauma cases, open procedures are often used when the surgeon needs quick access to treat fractures, dislocations, and other severe injuries., is anticipated to bolster the segment's growth.
North America to account for a significant market share in the spinal implants market in 2022.
Based on region, The spinal implants market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, with North America dominating the market share in 2022. This dominance in North America is propelled by factors such as a growing elderly population, a high incidence of spinal disorder, a rise in demand for minimally invasive surgical procedures, and the presence of well-established players with robust spinal implants portfolios. Furthermore, growing research and funding initiatives from public and private organizations are expected to further boost the spinal implants market in North America.
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Spinal Implants Market Dynamics:
Drivers:
- Increase in prevalence of spinal disorder
Restraint:
- Issues related to high cost of procedures
Opportunities:
- Emerging markets offering growth opportunities
Challenge:
- Lack of adequate physicians and limited awareness
Key Market Players of Spinal Implants Industry:
As of 2022, prominent players in the spinal implants market are Medtronic (Ireland), Depuy Synthes- Johnson & Johnson (US), NuVasive (US), Spineart (Switzerland), RTI Surgical (Germany), Zimmer Biomet Holdings (US), Globus Medical Inc. (US), Abbott Laboratories (US) and Boston Scientific Corporation (US), Stryker Corporation (US), among others.
A breakdown of the primary participants referred to for this report is provided below:
- By Company Type: Tier 1-45%, Tier 2-34%, and Tier 3- 21%
- By Designation: C-level-47%, Director-level-33%, and Others-20%
- By Region: North America-35%, Europe-32%, Asia Pacific-25%, Latin America-6%, and the Middle East & Africa-2%
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Spinal Implants Market - Key Benefits of Buying the Report:
The report will help the new entrants/ market leaders/smaller firms in this market with investment evaluation viability within the spinal implants market through a thorough analysis of comprehensive data, thereby facilitating robust risk assessment and enabling well-informed investment determinations. Benefit from meticulous market segmentation encompassing application, end-user, and regional dimensions, affording tailored insights for precise segment targeting. The report also provides an all-encompassing evaluation of encapsulating pivotal trends, challenges, growth catalysts and prospects, thereby empowering strategic decision-making with astute discernment.
The report provides insights on the following pointers:
- Analysis of key drivers (increasing prevalence of spinal disorder diseases, Increasing geriatric population worldwide, Ongoing advancements in spine surgery technologies), restraints (high cost of treatment procedures and uncertainty in reimbursement structure), opportunities (Growth in the number of hospitals and surgical centers, Emerging markets offers high-growth opportunities), and challenges (lack of adequate physicians and limited awareness) influencing the growth of the spinal implants market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the spinal implants market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the spinal implants market across varied regions.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the spinal implants market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Medtronic (Ireland), Johnson & Johnson- Depuy Synthes (US), Stryker Corporation (US), NuVasive (US), among others.
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Electrosurgery Market - Global Forecasts to 2027
Minimally Invasive Surgical Instruments Market - Global Forecasts to 2026
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