The High Prevalence of Spinal Cord Injuries (SCI) along with Increasing Geriatric Population are Expected to Boost the Growth of the Global Thoracolumbar Spine Devices Market at a CAGR of 4.7% During the Forecast Period of 2022 to 2030

Pune, India, October 2022, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Thoracolumbar Spine Devices Market.

Market Highlights

The Thoracolumbar Spine Devices Market is expected to reach USD 8,584.8 Million by 2030 at 4.7% CAGR during the forecast period 2022 -2030.

The human spinal cord, based on anatomy, is divided into three sections, namely cervical, thoracic, and lumbar. The cervical section is located at the beginning of the skull comprising of the first seven vertebrae. The thoracic spine is the midback consisting of the next 12 vertebrae, and the section from ribs to sacrum comprises the lumbar section consisting of the five lower vertebrae.

The increasing obese population, high prevalence of spinal cord injuries (SCI), and increasing geriatric population are expected to enhance the market growth. However, the stringent regulatory policies, lack of awareness for the use of advanced technologies, and product recalls are projected to curb the growth of the market.

Segment Analysis

The global thoracolumbar spine devices market, by product type, has been segmented into spinal implants, devices and instrumentation, and spine biologics. Based on type of surgery, the Thoracolumbar spine devices market has been categorized as open surgery and minimally invasive surgery (MIS). The by material segment is further segmented as titanium, stainless steel, biomaterials, and others. Based on end user, the thoracolumbar spine devices market has been categorized as hospitals and clinics, ambulatory surgery centers, academic institutes and research centers, and others.

Regional Analysis

The Global Thoracolumbar Spine Devices Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.

The existence of medical device companies, developed healthcare infrastructure, significant per capita healthcare spending, high funding for research & development projects, focused researches in spine disorders along with grants from government healthcare agencies, and high adoption of advanced medical technologies in the US and Canada are likely to support the dominance of the Americas during the forecast period.

Europe is anticipated to account for the second-largest market share during the forecast period. The market growth in Europe can be attributed to factors such as the increasing number of individuals affected by spinal cord injuries. For instance, according to the Association for Spinal Injury Research, Rehabilitation, and Reintegration, the number of people diagnosed with a spinal cord injury in the UK is 2500 per year.

Asia-Pacific is likely to be the fastest-growing region in the global thoracolumbar spine devices market. The growing geriatric population and booming medical tourism sector in India, China, Australia, and Malaysia are likely to impact the regional market growth during the forecast period. According to the United Nations Department of Economic and Social Affairs (UN DESA), in 2017, 12% of the population in Asia and 17% in Oceania was aged 60 or above, which is projected to increase to 24% and 23%, respectively by 2050. This elderly population is more prone to develop thoracolumbar spine disorders, which are fostering market growth. India held a share of 16.2% in the Asia-Pacific thoracolumbar spine devices market in 2018.

The Middle East & Africa market is projected to show gradual growth during the forecast period. In this region, the Middle East is anticipated to dominate owing to factors like increasing growth in the medical tourism sector. For instance, according to the Dubai Health Authority (DHA), in 2016, the medical tourism sector showed a significant growth of 9% to 10%, and more than 326,649 patients from all over the world visited Dubai for medical treatments.

Explore In-depth Market Details [Table of Content, List of Figures, List of Tables] of Thoracolumbar Spine Devices Market Research Report

Market Players

MRFR recognizes the following companies as the Key Players in the Global Thoracolumbar Spine Devices Market—Orthofix Holdings, Inc. (US), Alphatech holdings, Inc. (US), B. Braun Melsungen AG (Germany), Depuy Synthes (US), Exactech, Inc. (US), Globus Medical, Inc. (US), Medtronic Plc (Ireland), NuVasive, Inc. (US), ZIMMER BIOMET HOLDINGS, INC. (US), and STRYKER CORPORATION (US).

Key Findings of the Study

·The Global Thoracolumbar Spine Devices Market was valued at USD 6,531.2 million in 2018 and is estimated to grow to USD 8,584.8 Million by 2030 at a CAGR of 4.7% during the assessment period

·The Americas accounted for the largest share of the global market due to the presence of key market players, sophisticated healthcare infrastructure, and increasing R&D in the field of thoracolumbar spine devices.

·Based on product type, the spine biologics segment accounted for a market share of 23.5% in 2018

·On the basis of the end user, the hospitals and clinics segment dominated the market and accounted for a share of 48.7% in 2018