New York, July 15, 2022 (GLOBE NEWSWIRE) -- According to the World Health Organization (WHO), between 250000 and 500000 persons suffer from spinal cord injury, each year. Moreover, according to the Centers for Disease Control and Prevention (CDC), over 1.2 million cases of bacterial meningitis, an infection that damages the spinal cord, are estimated to occur worldwide each year.
Research Nester has published a detailed market report on ‘Global Interlaminar Device Market’ for the forecast period, i.e., 2022-2031 which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions, namely, North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
In 2017, prevalence of low back pain (LBP) was recorded to be approximately 7% of the global population. The global interlaminar device market is estimated to attain a significant revenue by growing at a CAGR of ~5% over the forecast period. The market is anticipated to grow on the back of increasing global prevalence of spinal disorders, and chronic back pain. Moreover, growing incidence of road accidents or road traffic injuries owing to the rise in the vehicular population globally is also estimated to boost the global market growth in the future. According to the World Health Organization (WHO), globally, every year the lives of approximately 1.3 million people are cut short as a result of a road traffic crash. Between 20 and 50 million people suffer non-fatal injuries, with many incurring a disability as a result of their injury. Further, increasing prevalence of diabetes mellitus, and severe infections that damages the spinal cord such as spinal epidural abscess and meningitis, is also expected to boost the global market growth in the future.
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Moreover, spinal injury is one the common sports injuries which happen to players while playing a sport. The global market is estimated to grow during the forecast period on account of growing number of youngsters opting for sports as a career or hobby owing to the growing awareness of sports, rising status of sports persons, and parents being more supportive of their children to play sports. Approximately 9% of all new cases of spinal cord injuries in the United States are related to sports activities. The sports activities that have the highest risk of catastrophic spinal injuries are football, ice hockey, wrestling, diving, skiing, snowboarding, rugby, and cheerleading. Furthermore, technological advancements in the field of spinal surgery, increased health expenditure, and improved healthcare infrastructure worldwide is also anticipated to boost the market growth during the forecast period. According to a report by the World Health Organization (WHO), global spending on health has extended to approximately USD 8 trillion between 2000 and 2018, which is almost a 10% of the global GDP. Moreover, the market is anticipated to grow owing to the increasing demand for minimally invasive spine surgeries or stabilization surgeries, and the extensive use of interlaminar devices in such surgeries. Interlaminar devices give patients long lasting relief, better mobility at treatment level, and also shorten operating time and patient’s stay at hospital. Such factors are projected to boost the market growth during the forecast period.
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Regionally, the global interlaminar device market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share in the global market during the forecast period on the back of increasing number of people with spinal cord injuries and chronic back pain owing to the rise in popularity of sports across the region. For instance, sports and exercise was recorded as a part of daily routine of around 19% of the people in the U.S. in 2019. Moreover, approximately 450,000 people are living with a spinal cord injury, and around 17,000 new spinal cord injuries occur every year in the Unites States. Furthermore, increasing demand for minimally invasive treatments, continuous improvement and innovation in healthcare sector, and increase in healthcare expenditure, is anticipated to drive the market growth in the region during the forecast period. According to the American Medical Association, in the U.S., the healthcare expenditure rose by approximately 9% in 2020. The estimated health expenditure was around 19% of GDP in 2020, but in 2019 it was valued around 17% of GDP. Moreover, according to the Centers for Medicare & Medicaid Services (CMS), U.S. healthcare expenditure raised approximately 9% in 2020, that is almost USD 4 trillion.
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Further, the market in the Europe region is expected to hold the second largest share in the global market across the forecast period, owing to the presence of major medical device manufacturers, improving healthcare infrastructure, and implementation of new health related projects. For instance, approximately 14,000 health related projects were implemented in the time period from 2004 and 2020 in Poland. Further, the rise in degenerative spine diseases, advancement in medical technology, and rising demand for minimally invasive treatments, are projected to boost the market in the region during the forecast period. Along with it, growing incidence of diabetes across the region is also anticipated to drive the market growth across the region in the future. Diabetic people are at increased risk of developing spinal epidural abscess. For instance, approximately 33% of patients with spinal epidural abscess are living with diabetes mellitus. Moreover, approximately 60 million people in Europe have diabetes, and it is estimated that number will increase to 66 million in the next 8 to 10 years.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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The global interlaminar device market is segmented on the basis of end user into hospitals, clinics, ambulatory surgical centers, and skilled nursing facilities, out of which, hospitals segment is anticipated to hold a significant share among all other sub-segments during the forecast period. This can be attributed to the rise in the hospitals development worldwide owing to the growing number of patients. For instance, nearly 15,000 healthcare construction projects were in progress in the United States in 2017. Furthermore, the growing demand for advanced medical equipment in hospitals, increased focus on improving patients’ experience at hospitals, and high expenditure on hospitals across the world. For instance, around USD 1 trillion or above is spent on hospital care per year in the US alone.
Moreover, on the basis of surgery type, the market is divided into open surgery, and minimally invasive surgery, out of which, minimally invasive surgery segment is predicted to garner the largest share over the forecast period, owing to its advantages, such as, lesser operating time, less pain, smaller incision, lower mortality, and less damage to a patient’s body. According to a study by National Library of Medicine (NLM), around 208,300 patients underwent a surgical procedure, either by the open surgery or the minimally invasive surgery approach. The minimally invasive surgery approach showed significantly lesser mortality, reduced sickness, lesser ICU admissions, shorter hospital stay, quicker recovery, and lesser total hospital costs. Moreover, noninvasive surgery method is also extensively used for other general surgeries, such as, cancer surgery and urologic surgery. Growing prevalence of chronic disease such as cancer worldwide is also predicted to boost the segment growth. According to the World Health Organization (WHO), cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020.
The global interlaminar device market is also segmented on the basis of product type.
Global Interlaminar Device Market; Segmentation by Product Type
- Interspinous Distraction Devices
- Coflex Device
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Some of the prominent players and their company profiling mentioned in the report include are NuVasive, Inc., Zimmer Biomet Holdings, Inc., Life Spine, Inc, Xtant Medical Holdings, Alphatec Holdings, Inc., Amedica Corporation, Paradigm Health System, Bioventus LLC, Medical Device Business Services, Inc., and Meditech Spine, LLC. The profiling enfolds growth opportunities, challenges, market trends, competitive analysis and positioning, along with the strategies used by them to stay ahead of their competitors.
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