New York, Jan. 27, 2021 (GLOBE NEWSWIRE) -- The global spinal devices market is foreseen to garner nearly USD 15.83 Billion by 2027, displaying a CAGR of 3.5%. Spinal devices are used in cases of spinal cord injuries to support and help restore the body’s mobility. The commonly used spinal devices include thoracolumbar and cervical fixation devices, motion preservation devices, interbody devices, spinal electrical stimulation, and vertebral compression fracture (VCF) treatment. Rising occurrences of spinal cord injuries is a key driving factor for the growth of the global spinal devices market. Spinal cord injuries widely range from ruptured disks to pinched nerves and spinal stenosis. Moreover, these injuries are associated with severe conditions, such as muscle spasms, chronic pain, deep vein thrombosis, osteoporosis, pressure ulcers, urinary tract infection, and respiratory complications. As per the World Health Organization (WHO), around 500,000 people across the globe suffer spinal cord injuries each year.
The augmenting demand for spinal implants worldwide is another fundamental factor bolstering the global market growth. Spinal implants are devices used during surgeries for stabilizing and strengthening the spine, as well as for treating deformity. Spinal implants are widely used in treating spinal disorders like degenerative disc disease, spondylolisthesis, kyphosis, scoliosis, and fracture. Hence, the growing prevalence of degenerative spinal diseases, rising geriatric population, surging number of road accidents and falls, increasing prevalence of lifestyle-induced diseases like obesity are among other factors fueling the market growth. Growing advancements in medical technology and amplifying demand for minimally invasive surgeries have further boosted the demand for spinal devices and implants.
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Manufacturers in the industry have introduced several advanced, minimally invasive treatments for spinal disorders, focused on reducing post-operative pain and enabling speedy recovery. For instance, the Canada-based Aurora Spine Corporation, globally recognized for its cutting-edge spinal technologies, announced its new pain care division in November 2020. In recent times, the company has shifted its primary focus on pain management and has introduced several new products and services, such as SiLO™ and the ZIP™ screwless fusion procedure, which are increasingly being used by neuro and ortho spine surgeons.
Key findings of the report:
- Based on device type, the fusion devices sub-segment was the largest market segment in terms of revenue share in 2019. The sub-segment is likely to maintain its dominance throughout the forecast period, owing to favorable factors, such as the growing rate of spinal disorders and the increasing number of spinal fusion procedures.
- Based on surgery type, the open surgery sub-segment dominated the global spinal devices market in 2019 and is expected to grow further at a 2.2% CAGR over the forecast timeline.
- The hospitals end-user sub-segment accounted for the largest market share in 2019 and is projected to maintain its leading position over the forecast period, expanding at a 3.2% CAGR. The presence of highly skilled healthcare professionals, rising demand for well-resourced diagnostic and operating rooms, improved insurance coverage for healthcare services, and augmented healthcare expenditure are key factors propelling the growth of this segment.
- The spinal devices market in the Asia Pacific is expected to register the fastest CAGR of 4.7% over the estimated period, mainly due to the presence of advanced healthcare infrastructure, increasing investments in diagnostic imaging, and favorable government reimbursement policies.
- The key industry participants include Medtronic, NuVasive Inc., Alphatec Spine Inc., Stryker, DePuy Synthes, Zimmer Biomet, Paragon Medical, Globus Medical, Captiva Spine LLC, and RTI Surgical Holdings Inc.
- In September 2020, Hyprevention, the leading France-based implantable medical device manufacturer, raised new funding to support the commercialization of its latest V-STRUT© vertebral implant product, which is indicated for use in vertebral fracture treatment. The financing is aimed at commercializing the product across the U.S. spinal fracture market.
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For the purpose of this report, the global spinal devices market has been segmented on the basis of device type, disease type, surgery type, end-user, and region:
Device Type Outlook (Revenue, USD Million; 2017-2027)
- Fusion Devices
- Non-fusion Devices
- Spinal Electrical Simulation Devices
Disease Type Outlook (Revenue, USD Million; 2017-2027)
- Degenerative Disc Disease
- Traumas & Fractures
- Complex Deformity
- Others
Surgery Type Outlook (Revenue, USD Million; 2017-2027)
- Open Surgery
- Minimally Invasive Surgery
End-User Outlook (Revenue, USD Million; 2017-2027)
- Hospitals
- Ambulatory Surgical Centers
- Clinics
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Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- U.S.
- Europe
- U.K.
- France
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East & Africa
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