The global market for spinal trauma devices is dynamic and highly competitive. A handful of companies hold the major share in the market, resulting in an oligopolistic vendor landscape, finds Transparency Market Research (TMR) in a new study. The report finds that companies such as Medtronic, Stryker Corporation, DePuy Synthes, NuVasive, Inc., and Globus Medical, Inc. held the dominant share of 79.1% in the global spinal trauma devices market in 2014.
In the coming years, the market is likely to witness the competition intensify among key players in response to the rising demand for advanced medical devices. To gain a stronger foothold, a majority of the companies in the market are likely to focus on product differentiation and innovation. While experts forecast positive outlook for the market, concentration of its operations in specific regions may restrict its pace of gains. Considering the market saturation, the competition is unlikely to subside anytime soon. However, strategies undertaken by the leading players to expand their outreach will have an overall positive impact on the market. According to TMR, the global spinal trauma devices market is expected to reach US$4.7 bn by the end of 2023, from US$2.8 bn in 2014. If these figures hold true, the market will exhibit a CAGR of 5.6% between 2015 and 2023. Regionally, North America emerged dominant with a share of 47% in 2014. In terms of type, internal fixation will showcase a stronger CAGR of 6.1% between 2015 and 2023.
Rising Incidence of Spinal Injuries to Fuel Demand for Spinal Trauma Devices
According to the WHO every year between 2,50,000 and 5,00,000 cases of spinal injury is reported around the world. Traffic crashed, road accidents, industrial accidents, and violence are among the common causes of spinal injuries. The rising incidence of spinal injuries has thus emerged as a chief driver of the global spinal trauma devices market. Spinal injuries mostly lead to hospitalization, which fuels the demand for effective treatment thus bolstering sales opportunities for spinal trauma device manufacturers.
Besides accidents, age could be a common factor leading to spinal trauma or injuries. With age bone density decreases, making people more vulnerable to fractures. Rising geriatric population worldwide will therefore fuel the scope for the market’s expansion. Coupled with this, the increasing incidence of osteoporosis will fuel the demand for spinal trauma devices.
On back of recent advances, medical device manufacturers are now able to offer improvements keeping in mind the demand for minimally invasive surgeries. “As a considerably large section of patients worldwide become more aware of the availability of these advanced treatments, the demand for spinal trauma devices will scale higher,” said a lead TMR analyst. Also the demand for minimally invasive surgeries has encouraged manufacturers to focus on technological advancements. Since these surgeries promise faster recovery, their demand is less likely to decelerate in the coming years, thus fuelling scope for the market’s expansion.
Inadequate Healthcare Reimbursement will Restrict Market’s Trajectory in Emerging Nations
On the downside, as several nations are still reeling under absence of proper health insurance scheme, the scope of market’s expansion has remained restricted over the past few years. A majority of patient pool in emerging nations such as India and China still lack access to adequate healthcare facilities and reimbursement policies. This in turn restrains the market’s trajectory to an extent.
Nevertheless, with gradual increase in the healthcare spending across these countries, the sales opportunities for spinal trauma devices will accelerate in the forthcoming years. Also governments are pushing state-funded insurance to extend healthcare assistance to people living in remote areas. This coupled with advancements in bioresorbable implants will guarantee the market’s expansion in the coming years.
This review is based on a TMR report, titled “Spinal Trauma Devices Market (Devices – Internal Fixation Devices (Plate and Screw, Rods and Pins, and Bone Grafts) and External Fixation Devices): Global Industry Analysis, Size, Share, Growth Trends and Forecast 2015 - 2023.”
The report segments the global spinal trauma devices market as:
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