Minimally Invasive Spinal Devices Market: Introduction
- Minimally invasive spinal devices are employed for the treatment of spinal disorders. Usage of minimally invasive devices has been increasing owing to minimal incisions made on the body by these devices, prevention of damage to the spinal muscles, faster recovery, and lesser pain
- Minimally invasive surgery, also known as less invasive spinal surgery, is commonly preferred when medication therapy and physical therapy are not successful in treating back pain
- Minimally invasive surgeries are primarily employed for the treatment of tumor conditions, disc herniation, infection, lumbar degenerative diseases, and fractures
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Key Drivers and Restraints of Global Minimally Invasive Spinal Devices Market
- Prevalence of degenerative spine conditions has been increasing and is known to be of common occurrence in the population. According to the WHO, 80% to 90% of the population in the U.S. is affected by degenerative spine diseases whose symptoms range from back pain to severe limitations in mobility. Rise in prevalence of spinal diseases is likely to propel the minimally invasive spinal devices market.
- Rise in interest toward minimally invasive procedures, owing to shorter scars of surgery, shorter hospital stays, reduced bleeding, and the lesser risk of infections further boost the minimally invasive spinal devices market. Furthermore, minimally invasive spine fusion procedures are known to reduce approach-related morbidity, prevent the disruption of tendon attachment sites of important muscles in the spine, avoid muscle crash injury, and minimize the collateral soft-tissue injury, which in turn boost the minimally invasive spinal devices market.
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North America to Lead Global Minimally Invasive Spinal Devices Market
- In terms of region, the global minimally invasive spinal devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global minimally invasive spinal devices market in 2019, owing to an increase in product approvals in the region in line with the increasing demand for minimally-invasive surgeries in the region. For instance, in October 2017, NuVasive, a leading player in the market received U.S. FDA 510(K) clearance for its TLX interbody system, which are employed in a minimally invasive approach for the TLIF procedure, the MAS TLIF.
- Europe was the second-largest market for minimally invasive spinal devices in 2019. The market in Asia Pacific is projected to expand at a rapid pace, followed by Latin America and Middle East & Africa. Expansion of the market in India can be attributed to an increase in population and awareness among people in the country. Additionally, growing medical tourism in Asia Pacific, owing to the low cost of treatment, further boosts the market in the region. Growing focus of governments of countries in Asia on enhancing healthcare facilities, increase in focus of market players on Asia Pacific to leverage growth opportunities, and increase in the patient pool propel the global minimally invasive spinal devices market.
Key Players Operating in Global Minimally Invasive Spinal Devices Market
Major market players are focused on expansion of their presence in the minimally invasive spinal devices market primarily by adopting inorganic growth strategies. Leading players in the global minimally invasive spinal devices market are:
- NuVasive, Inc.
- DePuy Synthes
- Stryker Corporation
- Globus Medical
- Cook Medical
- Alphatec Spine Inc.
Global Minimally Invasive Spinal Devices Market: Research Scope
Global Minimally Invasive Spinal Devices Market, by Technique
- Percutaneous Pedicle Screw-Rod Fixation
- Cervical Fixation
- Trans-sacral Fixation
Global Minimally Invasive Spinal Devices Market, by Application
- Degenerative Disc Disease
- Spinal tumors
- Spinal deformities
Global Minimally Invasive Spinal Devices Market, by End-user
- Orthopedic Clinics
- Ambulatory Surgical 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?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.