Market Research Future (MRFR) has published a cooked research report on the “global spinal implant market” that contains the information from 2023 to 2030. The spinal implant market is projected to register a CAGR of 5.01% during the forecast period of 2023 to 2030.
Spinal implants market Highlights
The global spinal implant market is accounted to register a CAGR of 5.01% during the forecast period and is estimated to reach USD 12.65 billion by 2030.
The growth of the global spinal implants market is attributed to the growing demand for minimally invasive spine surgery and growing incidences of spinal disorders due to the sedentary lifestyle. Additionally, advancements in spine surgery are expected to boost the market growth. However, the stringent regulatory approval procedure is hampering the growth of the market.
Key Players
MRFR recognizes the following companies as the key players in the global spinal implant market— Medtronic Plc (Ireland), Johnson & Johnson Services, Inc. (US), Stryker Corporation (US), B. Braun Melsungen AG (Germany), Nuvasive, Inc. (US), Zimmer Biomet Holdings Inc. (US), Orthofix Medical Inc. (US), Globus Medical (US), Alphatec (US), Ulrich Medical (Germany), and others.
Segment Analysis
The global spinal implant market has been segmented based on product type, material, procedure, and end user.
On the basis of product type, the global spinal implant market has been divided into spinal fusion devices, non-fusion devices, spine biologics, and others. The spinal fusion devices are further segmented into thoracic fusion & lumbar fusion devices, cervical fusion devices, expandable fusion cages, and others, and non-fusion devices into dynamic stabilization devices, artificial discs, annulus repair devices, nuclear disc prostheses, and others. The spinal fusion devices segment held the largest market in 2022 with a market share of 47.23%, owing to the wide range of advantages, one of which is that these devices reduce post-decompressive deformities.
Based on material, the spinal implant market is segmented into metallic material, polymers material, ceramic material, and others. The metallic material segment accounted for the largest share in 2022 and polymers material is the fastest-growing segment. Metallic materials include titanium, titanium alloy, and stainless steel. Titanium metal is favorable for use in the human body due to its resistance to corrosion, biocompatibility, and weight-bearing strength. It is also compatible with an MRI. Innovasis, Inc. (US) is the first company to receive US FDA 510(k) clearance for its stand-alone ALIF titanium system highlighting HAnano Surface.
On the basis of procedure, the spinal implant market is segmented into open surgery and minimally invasive surgery. The open surgery segment accounted for the largest market with a market share of 63.53% in 2022 due to increasing numbers of people performing different open surgeries such as laminectomy, disc replacement, interlaminar implant, and foraminotomy.
Based on end user, the spinal implant market is segmented into hospitals, orthopedic centers, and others. The hospitals segment accounted for the largest share in 2022 and orthopedic centers is the fastest growing segment during the forecast period, i.e., 2023 to 2030. Moreover, orthopedic centers offer the best orthopedic procedures to their patients, including using the latest technology for surgeries.
Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Spinal Implant Market Research Report
Regional Analysis
The global spinal implant market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America further includes the US and Canada. Europe includes countries such as Germany, France, the UK, Italy, Spain, and the rest of Europe. The spinal implant market in Asia-Pacific has been segmented into Japan, China, India, Australia, South Korea, and the rest of Asia-Pacific. Moreover, the rest of the world comprises the Middle East, Africa, and Latin America.
The developed healthcare infrastructure, high adoption of technological advancements, and presence of highly active market players are positively contributing to the growth of the spinal implant market in North America. In addition, the presence of organizations such as the North American Spine Foundation to raise awareness and provide education to healthcare professionals and the public is further contributing to the market's growth.
Europe has the second-largest market share due to factors such as technological advancement and high demand for minimally invasive surgeries. Furthermore, increasing the number of developments in novel and effective technologies in spine care is anticipated to drive demand for these implants and devices. For instance, in September 2021, Medtronic (Ireland) announced the latest additions to its minimally invasive spine surgery ecosystem. The additions include Catalyft PL and PL40, Space-D Access System, and Accelerate Graft Delivery System with Grafton DBF.
Asia-Pacific is anticipated to register the highest growth rate over the forecast period due to healthcare infrastructure, facility improvements, and rising ageing demographics. Furthermore, the increasing number of deaths due to violence and road accidents is also propelling the growth of the region. For instance, as per the report published by the National Crime Records Bureau (NCRB), 354,796 cases of road accidents were registered in India in 2020.
The rest of the world spinal implant market is segmented into major regions, namely the Middle East, Africa, and Latin America. Factors such as the growing burden of spinal implants due to the growing geriatric population, sedentary lifestyles and physical inactivity, and the increasing prevalence of minimally invasive surgeries are significantly contributing to the region’s growth.
Key Findings of the Study
- The global spinal implant market is expected to reach USD 12.65 billion by 2030 at a CAGR of 5.01% during the forecast period.
- The Europe region held the second largest market share of the global market, owing to the increasing incidences of spinal related diseases and high adoption of technological advancements.
- Based on material, the metallic material held the largest market in 2022, with a market share of 48.17%.
- Medtronic Plc (Ireland), Johnson & Johnson Services, Inc. (US), Stryker Corporation (US), B. Braun Melsungen AG (Germany), Nuvasive, Inc. (US), Zimmer Biomet Holdings Inc. (US), Orthofix Medical Inc. (US), Globus Medical (US), Alphatec (US), Ulrich Medical (Germany) and others are the key players in the market.
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Base Year | 2021 |
Companies Covered | 15 |
Pages | 128 |
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