Spinal Implants and Surgical Devices Market Size

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.