Minimally Invasive Spine Surgery Market Size

Minimally Invasive Spine Surgery Market Analysis

The minimally invasive spine surgery market is expected to register a CAGR of 5.5% over the forecast period.

• COVID-19 significantly impacted the minimally invasive spinal surgery market due to the cancellations of elective spine surgeries worldwide in the initial phase of the pandemic. Urgent spine surgeries were performed during the later phase of the pandemic. For instance, an article published in Acta Ortopedica Brasileira journal in July 2022 indicated that urgent surgeries were performed on 60.81% of patients during the later phase of COVID-19 in a tertiary hospital in Latin America. Hence, as the number of COVID-19 cases declined, the market regained its pre-pandemic level in terms of demand for spinal surgery devices.
• Additionally, the increase in incidences of spinal disorders, the rising number of ambulatory surgical centers, and the growing geriatric and obese population were the major driving factors of minimally invasive spine surgeries that drove the growth of the studied market over the forecast period.
• Furthermore, the growing geriatric population boosts the demand for inimally invasive spine surgery, accelerating market growth. For instance, according to Statpearls article updated in July 2022, spinal stenosis is a common condition among the elderly population. The same source indicated that 1 in 1000 people over 65 and 5 in 1000 people over 50 are at an increased risk of developing spinal stenosis. Thus, the geriatric population is at high risk of spinal diseases and hence is estimated to propel the market growth during the forecast period.
• Additionally, the advancements in technology and increasing product approvals, along with partnerships and acquisitions by key players, are helping in the market growth. For instance, in June 2022, Xenco Medical launched its Multilevel CerviKit, a single-use cervical spine implant for cervical spine procedures. It can be used in the ambulatory surgery center setting. Such developments are projected to propel the market growth during the forecast period.
• The advancements in minimally invasive devices are a major driver for its adoption across the globe. Robot-assisted surgery is becoming a fast-moving technology that enhances the accuracy of complex surgeries and reduces patient trauma. For instance, in December 2022, BLK-Max Hospital in India installed an advanced integrated robotic system for spine surgery. The robotic system deploys artificial intelligence (AI) to visualize spinal anatomy during complex surgeries. Therefore, due to continual advancements in robot-assisted surgical systems, the market is expected to grow during the forecast period.
• However, the stringent regulatory framework and high costs of surgical procedures are likely to impede the market growth.