Global Spinal Stenosis Implant Market: Overview
One of the major reasons behind spinal stenosis is osteoarthritis (OA), which has largely boosted growth in the global spinal stenosis implants market. The chances of OA are high among women as compared to men according to the data presented by the WHO. This data also presented that more than 10 to 15v percent of adults above 60 years suffer from certain level of OA. Developed countries have a larger number of people suffering it as compared to developing countries.
Presence of large number of geriatric population who are more susceptible to have OA and reside in developed regions are likley to drive demand in the global spinal stenosis implant market. According to Census Bureau reports published in 2016, higher than 8% of the population across globe above 65 years are likely to OA and is expected to touch 17% by the end of 2050. Moreover, sedentary lifestyle and limited physical activity has also boosted growth in the global spinal stenosis implant market. with all these information, increasing regional growth of OA, spinal injuries, and developments taking place in spinal injury treatment will likely to help key market participants operating in the global spinal stenosis implant market.
Global Spinal Stenosis Implant Market: Notable Developments
Leading players in the global spinal stenosis implant market are focusing on various organic and inorganic strategies to strengthen their position in the global market. These players are either making alliance with similar or smaller companies operating in spinal stenosis implants. With this strategy they will get a competitive edge among other players in this market.
For instance, recently Ortho Transmission's transcutaneous osseous integrated skeletal implant technology was acquired by Zimmer Biomet. This technology will help Zimmer Biomet to expand at a large scale and expand its presence in different markets. Another example is of Stryker, who take over Stanmore Implants from SIW Holdings.
Another example is of DePuy Orthopaedics that falls under the DePuy Synthes Companies, a part of Johnson & Johnson, who recently purchased BioMedical Enterprises. These initiatives help companies to make a stronger hold in the market and also give them higher position among the competitors operating on the similar grounds.
Other key market participants in the global spinal stenosis implant market include Zimmer Biomet Holdings. Inc., RTI Surgical, Inc., Johnson and Johnson (DePuy Synthes), Stryker Corporation, Vertiflex, Inc, Orthofix Holdings, Inc., Premia Spine, Ltd. NuVasive, Inc., and Paradigm Spine, LLC.
Global Spinal Stenosis Implant Market: Trends and Opportunities
Currently, the ongoing trend in the global market is of minimally invasive surgery. People nowadays prefer micro surgery at larger and want lesser stay in hospitals. Therefore, less invasive method of spinal stenosis implants surgery are encouraged by market players operating in the global spinal stenosis implants market. Minimally invasive spinal stenosis implants surgery has better results as compared to traditional open techniques. Thus, due to this ongoing trend, the global spinal stenosis implant market is expected to rise significantly in the coming years.
Increasing Number of Spinal Injuries to Strengthen North America Spinal Stenosis Implant Market
With respect to geography, Europe, Latin America, Asia Pacific, North America, and the Middle East and Africa are the key regions analyzed in the global spinal stenosis implant market. Of these, North America is likely to lead the global market, as the number of spinal injuries in the region has grown rapidly. Moreover, availability of advanced healthcare facilities and presence of well-established organizations including North American Spine Foundation has made this region led the global spinal stenosis implant market. According to data provided by Spinal Cord, Inc., there are about 276,000 people suffer from spinal injury and this number is gradually increasing, which has boosted growth in this market in North America.
Asia Pacific is estimated to contribute substantially in the growth of the global spinal stenosis implant market. Increasing investment in healthcare facilities and rising spinal cord injuries due to accidents, falls, or violence has boosted demand for spinal stenosis implants in the Asia Pacific region. Moreover, the growing sedentary life and changing lifestyle has developed obesity among large number of people, which can also be termed as another growth factor driving demand in this market.