Diversifying product portfolio, mergers and acquisitions, and expanding regional footprint are among the key strategies adopted by companies to gain competitive edge in the global spine surgery products market. The market currently witnesses a high prevalence of competition, which is further influenced by the presence of several well established players. The market also offers lucrative prospects for the entry of new players. Given the scenario, the competitive trends are unlikely to change in the near future. With indications about competition getting fiercer in the coming years, the market players are increasingly investing in research and development. On account of this, they are able to offer innovations gaining immense traction, finds Transparency Market Research (TMR) in a recent study. Some of the leading companies operating in the global spine surgery products market are Globus Medical, Stryker, Medtronic, Aesculap Implant Systems, LLC (B. Braun Company), NuVasive, K2M, Zimmer Biomet, Alphatec Holdings, Inc., DePuy Synthes, Orthofix International N.V., and RTI Surgical, Inc.
Growth strategies adopted by these companies have a significant impact on the overall market. According to TMR, from value worth US$10.2 bn in 2016, the global spine surgery products market is likely to reach US$16.7 bn by the end of 2025. Between 2017 and 2025, the market is likely to showcase a CAGR of 5.8%. Regionally, North America held dominance, with leading share in the global market in 2016. The region’s lead is attributable to the increasing incidence of spinal injuries it witnessed over the past few years. The speedy approvals received by spinal surgery products will also aid the market’s expansion in North America. By end users, hospitals emerged as the key segment in 2016. The rising hospitalization due to spinal disorders, increase in hospital care, and the availability of a wide range of services at a single site are likely to boost growth witnessed in the hospitals segment in the coming years.
Rising Incidence of Spine Disorders to Fuel Demand for Spine Surgery Products
The rising number of spine disorders and surgeries, increasing geriatric population and their vulnerability toward spinal injuries, and rising incidence of accidents leading to spine injuries among young generation are the chief drivers of the global spine surgery products market. Besides technological innovations, physician recommendations for spine surgery is likely to accelerate market’s growth pace in the coming years. Alongside the rising occurrences of spinal injuries, the demand for safer, technologically advanced, and more cost-effective spinal devices has risen as well. This, coupled with the preference for minimally invasive procedures is fuelling growth witnessed in the spine surgery products market. According to TMR, the surge in the number of trained surgeons in response to the expanding patient base will enable the market exhibit strong growth in the coming years.
Stringent Regulatory Approvals to Dampen Growth Rate to an Extent
On the downside, stringent regulations with regards to the approval of novel therapeutics and devices may hamper the market’s growth to certain extent. In addition, lack of adequate reimbursement facilities in emerging nations and high procedural costs may restrict the market. Furthermore, risk of infections due to implants or grafts, which may give rise to serious complications and spine disorders are key factors hindering the market’s growth. Nonetheless, with technological advancements these challenges can be mitigated.
This review is based on a TMR report, titled “Spine Surgery Products (Product - Fusion Products (Cervical Fusion, Interbody Fusion, Spinal Fixation, Minimally Invasive Surgical (MIS) Devices, and Spine Biologics (Demineralized Bone Matrix and Synthetic Bone Graft Substitutes)); Non Fusion Products (Motion Preservation, Spine Stimulators and Vertebral Compression Fracture (VCF) Devices); End User – Hospitals and Ambulatory Surgical Centers (ASCs); Application - Vertebral Fracture Repair and Spinal Fusion) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025.”
The report segments the global spine surgery products market as:
- Global Spine Surgery Product Market Revenue, by Product
- Fusion Products
- Cervical Fusion
- Interbody Fusion
- Spinal Fixation
- Minimally Invasive Surgical (MIS) Devices
- Spine Biologics
- Demineralized Bone Matrix
- Synthetic Bone Graft Substitutes
- Non Fusion Products
- Motion Preservation
- Spine Stimulators
- Vertebral Compression Fracture (VCF) Devices
- Fusion Products
- Global Spine Surgery Product Market Revenue, by Application
- Vertebral Fracture Repair
- Spinal Fusion
- Global Spine Surgery Product Market Revenue, by End User
- Ambulatory Surgical Centers
- Global Spine Surgery Product Market Revenue, By Geography
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC countries
- South Africa
- Rest of Middle East & Africa
- North America
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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