Spinal Implants & Surgical Devices Market Size
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
*Disclaimer: Major Players sorted in no particular order
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Spinal Implants & Surgical Devices Market Analysis
The Spinal Implants and Surgical Devices Market is projected to register a CAGR of 5.6% during the forecast period.
The COVID-19 pandemic had a notable impact on the market which resulted in the cancellation of spinal surgeries to manage, and many hospitals are facing a shortage of professionals to assist with these surgeries. For instance, the NCBI article published in December 2021 reported that over one-third of elective spine surgeries were canceled due to COVID-19. Additionally, the Cureus article published in March 2022 reported that relative search volume for lumbar fusion, lumbar fusion surgery, and lumbar spinal fusion declined during the COVID period by 23%, 15.6%, and 5.4%. Such a decline in spinal surgeries during the outbreak of the pandemic had a significant impact on the growth of the market. However, the resumption of all elective surgeries, including spinal surgeries, during the post-pandemic period is expected to drive the market's growth during the pandemic period.
The spinal implants and surgical devices market is primarily driven by the increasing burden of spinal disorders, rising demand for minimally-invasive surgeries, and technological advancements in bone grafting products.
For instance, the article published in NCBI in October 2021 mentioned that the global incidence of traumatic spinal fractures was 10.5 per 100,000 persons, with an estimated 768,473 new cases of spinal injury annually worldwide. Also, another NCBI article published in November 2022 mentioned that in younger patients, about 50% of spine fractures were due to motor vehicle collisions, with another 25% being due to falls. The report also mentioned that the annual incidence of vertebral compression fracture was 10.7 per 1000 women and 5.7 per 1000 men globally. Similarly, according to Spinal Injury Association United Kingdom 2021, about 2500 people are injured or diagnosed with spinal cord injuries every year, and an estimated 50,000 people are living with spinal cord injuries in the United Kingdom. Such a high incidence of spinal injuries, disorders, and fractures among the global population is expected to drive the demand for spinal implants and surgical devices, thereby contributing to the market's growth over the forecast period.
On the other hand, the rising key players' strategies, such as acquisitions and mergers to develop advanced products, are expected to contribute to the growth of the market. For instance, in February 2021, NuVasive, Inc. acquired Simplify Medical, a privately held company and developer of the Simplify Cervical Artificial Disc (Simplify Disc) for cervical total disc replacement (cTDR).
Thus, the increasing incidence of spinal injuries, fractures, and disorders, along with increasing demand for suitable spinal implants and advanced devices, are expected to drive the market's growth over the forecast period. However, the high cost of the procedures and stringent regulatory approval procedures are likely to hinder market growth.
Spinal Implants & Surgical Devices Industry Segmentation
As per the scope of the report, spinal implants are used in surgeries to treat spinal deformities, such as isthmic spondylolisthesis and spinal stenosis. Most spinal implants are generally made of metals.
The Spinal Implants and Surgical Devices Market is segmented by Technology (Spinal Fusion and Fixation Technologies, Vertebral Compression Fracture Treatment, Motion Preservation/Non-fusion Technologies, and Other Technologies), Product (Thoracic Fusion and Lumbar Fusion Devices, Cervical Fusion Devices, Vertebral Compression Fracture Treatment Devices, Spinal Biologics, Non-fusion Devices, Spine Bone Stimulators, and Other Products), Type of Surgery (Open Surgery, and Minimally-invasive Surgery), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (USD million) for the above segments.
|Spinal Fusion and Fixation Technologies|
|Vertebral Compression Fracture Treatment|
|Motion Preservation/Non-fusion Technologies|
|Thoracic Fusion and Lumbar Fusion Devices|
|Cervical Fusion Devices|
|Vertebral Compression Fracture Treatment Devices|
|Spine Bone Stimulators|
|By Type of Surgery|
Spinal Implants & Surgical Devices Market Trends
This section covers the major market trends shaping the Spinal Implants & Surgical Devices Market according to our research experts:
Minimally Invasive Surgery is Expected to Hold the Significant Market Growth Over the Forecast Period
Minimally Invasive Spine (MIS) surgeries are performed to stabilize the vertebral bones and spinal joints and/or relieve the pressure being applied to the spinal nerves, often a result of conditions such as spinal instability, bone spurs, herniated discs, scoliosis, or spinal tumors. Factors such as the high incidence of spinal disorders, along with the highly increasing demand for effective surgical options and rising adoption of minimally invasive spine surgeries, are expected to contribute to the growth of the studied segment. For instance, the NCBI article published in January 2022 mentioned that the incidence of herniated discs globally was about 5 to 20 cases per 1000 adults annually, and the estimated prevalence of symptomatic herniated discs of the lumbar spine was about 1%-3% of patients. Such incidences of spinal disorders are expected to drive the demand for minimally invasive spinal surgeries, thereby contributing to segment growth.
Additionally, the increasing development of advanced minimally invasive spinal surgeries by various market players is also expected to drive segment growth. For instance, in October 2021, SeaApine Holdings Corporation announced the completion of the first cases in both the United States and Australia for the 7D surgical percutaneous spine module. The release of the percutaneous module represents an application and increased functionality for its 7D flash navigation system.
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North America is Expected to Hold Major Market Share in the Studied Market Over the Forecast Period
The North American spinal implants and surgical devices market is expected to hold a significant share and is expected to show a similar trend over the forecast period. The growth in the region is driven by technological advancement, increasing incidence of spinal injuries, fractures, and disorders, and reimbursement models that incentivize complex fusion surgery.
For instance, the NCBI article published in November 2022 mentioned that approximately 1 to 1.5 million vertebral compression fractures occur annually in the United States alone. The report also stated that annually 40% to 50% of patients over age 80 had a sustained vertebral compression fracture in the United States. Also, the Elsevier article published in May 2022, the prevalence of vertebral fractures in Canada was estimated to be 23.5% in females and 21.5% in males in 2021. Additionally, the article published in Frontiers Journal in September 2022, mentioned that in Canada, more than 86,000 people were affected by spinal cord injuries from either a traumatic or non-traumatic cause. Such a high incidence of various spinal injuries and disorders in North America is expected to drive the demand for spinal implants and surgical devices, thereby boosting the regional market growth.
On the other, the increasing funding from various organizations to treat spinal injuries in this region is also expected to contribute to the market growth. For instance, in January 2022, the University of British Columbia received a USD 24 million grant to treat spinal cord injury and to develop personalized, less invasive treatments. Moreover, the increasing product approvals in this region are also expected to contribute to the market's growth. For instance, in March 2022, Evoke Spinal Cord Stimulation (SCS) System was approved by the Food and Drug Administration (FDA). Evoke System is an implanted, rechargeable spinal cord stimulation system intended to treat long-term (chronic) pain in the trunk or limbs that is difficult to manage. Also, in January 2022, Senza Spinal Cord Stimulation (SCS) system was approved by FDA. It includes an implanted signal generator that is connected to one or two implanted leads and remote control that can turn the stimulator ON or OFF to allow adjustments of therapy settings.
Thus, owing to the abovementioned factors, such as increasing spinal injuries along with the increasing technological advancements and rising product developments, the market is expected to have significant growth in the North American region over the forecast period.
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Spinal Implants & Surgical Devices Industry Overview
The Spinal Implants and Surgery Devices Market studied is moderately competitive, owing to a few major and small players in the market. The market players are focusing on technological advancements and reducing the cost of the products. Some of the major players in the market are Alphatec Spine Inc., Depuy Synthes (Johnson & Johnson), Globus Medical Inc., NuVasive Inc., Orthofix Holdings Inc., RTI Surgical Inc., Stryker Corporation, and Zimmer Biomet.
Spinal Implants & Surgical Devices Market Leaders
Depuy Synthes (Johnson & Johnson)
Alphatec Spine Inc.
*Disclaimer: Major Players sorted in no particular order
Spinal Implants & Surgical Devices Market News
- August 2022: Nexus Spine commercially launched the Press ON posterior lumbar fixations system. PressON features rods that press onto pedicle screws rather than attach using set screws and eliminates the possibility of set screw loosening.
- May 2022: Spinal Simplicity launched the Minuteman G5 implant. The Minuteman is a minimally invasive, interspinous - interlaminar fusion device intended for the fixation and stabilization of the thoracic, lumbar, and sacral spine.
Spinal Implants & Surgical Devices Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Burden of Spinal Disorders
4.2.2 Rising Demand for Minimally-Invasive Surgeries
4.2.3 Technological Advancements in Bone Grafting Products
4.3 Market Restraints
4.3.1 High Cost of the Procedures
4.3.2 Stringent Regulatory Approval Procedure
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value – USD million)
5.1 By Technology
5.1.1 Spinal Fusion and Fixation Technologies
5.1.2 Vertebral Compression Fracture Treatment
5.1.3 Motion Preservation/Non-fusion Technologies
5.1.4 Other Technologies
5.2 By Product
5.2.1 Thoracic Fusion and Lumbar Fusion Devices
5.2.2 Cervical Fusion Devices
5.2.3 Vertebral Compression Fracture Treatment Devices
5.2.4 Spinal Biologics
5.2.5 Non-fusion Devices
5.2.6 Spine Bone Stimulators
5.2.7 Other Products
5.3 By Type of Surgery
5.3.1 Open Surgery
5.3.2 Minimally-invasive Surgery
5.4.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.4.4 Middle East and Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle East and Africa
5.4.5 South America
220.127.116.11 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Alphatec Spine Inc.
6.1.2 Depuy Synthes (Johnson & Johnson)
6.1.3 Globus Medical Inc.
6.1.5 Medtronic Plc
6.1.6 NuVasive Inc.
6.1.7 Orthofix Holdings Inc.
6.1.8 RTI Surgical Inc
6.1.9 Stryker Corporation
6.1.10 Zimmer Biomet
6.1.11 Advin Healthcare
6.1.12 DeGen Medical Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Spinal Implants & Surgical Devices Market Research FAQs
What is the study period of this market?
The Spinal Implants and Surgical Devices Market market is studied from 2018 - 2028.
What is the growth rate of Spinal Implants and Surgical Devices Market?
The Spinal Implants and Surgical Devices Market is growing at a CAGR of 5.6% over the next 5 years.
Which region has highest growth rate in Spinal Implants and Surgical Devices Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Spinal Implants and Surgical Devices Market?
North America holds highest share in 2022.
Who are the key players in Spinal Implants and Surgical Devices Market?
Medtronic, Stryker Corporation, Depuy Synthes (Johnson & Johnson), Alphatec Spine Inc., Zimmer Biomet are the major companies operating in Spinal Implants and Surgical Devices Market.
Spinal Implants and Surgical Devices Industry Report
Statistics for the 2023 Spinal Implants and Surgical Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Spinal Implants and Surgical Devices analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.