Facet Replacement Devices: Introduction
- Facet joints are connections between bones and spine through which nerve roots pass from spinal cord to the limbs and other parts of the body. These joints facilitate the desired motion such as bending and twisting at each vertebra and keep the gliding motions within limits.
- Facet replacement devices are primarily used when medical conditions such as arthritis, spinal injury, and facet degeneration hamper the normal functioning of facet joints. Facet replacement devices are implantable medical devices used to replace the damaged facet joints in the spine and restore normal functioning.
- Multiple factors cause facet degeneration such as obesity, uneven distribution of the weight on facet joints, an injury, repetitive movements, arthritis, and deterioration of the vertebral discs
- Different types of facet replacement devices have been developed and many different products are under different stages of clinical trials for regulatory approvals
Facet Replacement Devices Market: Key Drivers
- High prevalence and increase in incidence of spinal disorders and back pain across the globe are projected to drive the global market during the forecast period
- For instance, every year, around 102 million people across the globe are diagnosed with spinal stenosis, with highest estimated incidence rate in Europe (2.2%) and lowest in Africa (0.94%)
- Technological advancements in facet joint replacement devices, clinical research & development in artificial facet joints, and new product launches are likely accelerate the growth of the global market during the forecast period
- However, high cost of surgical procedures and unmet medical needs are projected to hamper the growth of the market in the near future
Total Posterior Systems Segment to Lead Global Market
- In terms of product type, the global facet replacement devices market can be classified into total posterior systems (TOPS), total facet arthroplasty system, dynamic stabilization system, stabilimax NZ, and others. The total posterior systems segment is projected to dominate the global market during the forecast period. Wide applications of the TOPS systems in treatment of degenerated facet joints, lumbar spinal stenosis, and spondylolisthesis is likely to contribute to the segment’s dominant market share during the forecast period.
Hospitals Segment to Dominate Global Market
- Based on end-user, the global facet replacement devices market can be categorized into hospitals, ambulatory surgery centers, and others. The hospitals segment is projected to dominate the global market during the forecast period. Large number of implantable surgical procedures carried out at hospitals, rapid increase in number of orthopedic specialty hospitals in emerging countries, and availability of desired infrastructure at these centers are attributed to the hospital segment’s dominance of the market.
Asia Pacific Facet Replacement Devices Market to Expand Rapidly
- In terms of region, the global face replacement devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is projected to dominate the global facet replacement devices market during the forecast period. High prevalence and increase in incidence rate of spinal stenosis, surge in geriatric population, and increase in diagnosis rates in the region are the key factors expected to boost the growth of the market in North America during the forecast period.
- The facet replacement devices market in Asia Pacific is likely to expand at a high CAGR during the forecast period. This can be ascribed to a rise in the number of people suffering from low back pain in densely populated countries, such as India and China, and improvement of health care infrastructure in the region.
- Significant growth of the health care industry, easy access to health care facilities, and increase in investments in health care by leading players in Asia Pacific are projected to augment the market in the region in the near future
Key Players Operating in Global Facet Replacement Devices Market
The global facet replacement devices market is consolidated, with a small number of international players holding majority share in the global market. Prominent players operating in the global facet replacement devices market include:
- Premia Spine
- ZygoFix Ltd.
- Globus Medical, Inc.
- RTI Surgical.
- Rachiotek LLC
Global Facet Replacement Devices Market: Research Scope
Global Facet Replacement Devices Market, by Type
- Total Posterior Systems (TOPS)
- Total Facet Arthroplasty System
- Dynamic Stabilization System
- Stabilimax NZ
Global Facet Replacement Devices Market, by End-user
- Ambulatory Surgery Centers
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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