Global Spinal Trauma Devices Market Insights
The rising awareness about the recent medical advances among patients will strengthen the position of spinal trauma devices manufacturers in the global market. As per Transparency Market Research (TMR), the paradigm shift from metallic fixators to bioresorbable implants will fuel demand from the global spinal trauma devices market. The market is also likely to gain impetus from the rising demand for minimally invasive surgeries.
Despite witnessing favorable growth opportunities, the lack of proper insurance facilities may limit the market’s expansion across developing economies. Nevertheless, the presence of high unmet medical demands in these countries will provide lucrative opportunities for the spinal trauma devices manufacturers.
TMR says that the global spinal trauma devices market stood at US$2.8 bn in 2014. Rising at a CAGR of 5.6%, the market is expected to reach US$4.7 bn by the end of 2023.
Better Efficiency offered by Internal Fixation Devices Fuels their Demand Considerably
Based on type, the global spinal trauma devices market is bifurcated into external fixation devices and internal fixation devices. Of these, the internal fixation devices segment is expected to dominate the market, and is expected to have the highest CAGR of 6.1% between 2015 and 2023. During the same forecast period the external fixation devices market is expected to expand at a CAGR of 4.7%.
Internal fixation devices have emerged as inexpensive and efficient methods of treating spinal injuries. In the last couple of years, the demand for internal fixation devices has surpassed that of external fixation devices because the former offers better flexibility, durability, and requires comparatively lesser post-operative follow-ups than the latter. The internal fixation devices segment can be further classified into bone grafts, rods and pins, and plate and screws. Of these, plate and screws held the largest share in the internal fixation segment in 2014. In the same year the plate and screws segment was valued at US$1.05 bn.
The external fixation devices segment includes spinal stimulators, braces, exoskeletons, Ilizarov devices, halo vests, and collars. Certain risks associated with external fixation devices such as redness, swelling, pain in the operated, and tightening of the skin, will limit the growth of the segment to an extent.
U.S. and Canada Hold High-value Opportunities for Spinal Trauma Devices
North America leads the global spinal trauma devices market. It held a share of 47% in the overall market in 2014. The U.S. and Canada have been exhibiting the most lucrative prospects for the spinal trauma devices market in North America. The rising reports of road accidents leading to spinal injuries and the introduction of the latest technologies in the medical industry are crucial factors fuelling demand for spinal trauma devices in North America.
The regional market is also significantly gaining from the increasing geriatric population and the surging adoption of premium-priced bioresorbable devices. The North America spinal trauma devices market is projected to expand at a CAGR of 5.1% between 2015 and 2023.
Asia Pacific, according to TMR, will exhibit the highest CAGR of 7.1% during the forecast period. The emerging nations in Asia Pacific exhibit immense potential due to the increasing prevalence of spinal disorders, rising geriatric population, favorable government policies, and the increasing healthcare expenditure.
Some of the leading companies operating in the global spinal trauma devices market are Stryker Corp., CONMED Corp., Medtronic, Smith & Nephew plc, NuVasive Inc., DePuy Synthes, Spinal Technology Inc., Arthrex Inc., ReWalk Robotics, Orthofix International NV, and others.
Global Spinal Trauma Devices Market: Overview
The global spinal trauma devices market is expected to witness a substantial growth due to growing awareness about recent medical developments. As per National Spinal Cord Injury Database, the number of registered cases of spinal cord injuries is over 288,000 per year in U.S. itself. Moreover, the major factor that increases this number is aging population of the countries. Since the number of elderly people is higher in the U.S. that youth, the number is expected to lunge even higher in near future. Therefore the growing geriatric population across the globe shall account for major growth of the global spinal trauma devices market.
What Might Impede the Growth of Global Spinal Trauma Devices Market?
- High Cost of Hospitalization: Medical services can be highly expensive in some countries. This factor shall impede the growth of global spinal trauma devices market. Since these devices are majorly used by elderly people, they might not be able to afford the expensive devices or the complete treatment that they must take in order to live a normal life after the spinal cord injury. Moreover, the nature of injury might also be critical on elderly people which shall further restrict them from using the devices. This factor shall also hamper the growth of global spinal trauma devices market.
- Changing Insurance Policies: Looking at the growing rate of accidents and spinal injuries across the globe, the insurance companies are modifying their policies. However, these changes might not be in favor of the patients which might hike the cost of the spinal trauma devices. This is another challenge that might hinder the global spinal trauma devices market to showcase desired growth.
Though market is poised with challenges, the stabilizing economy and growing disposable income of the people across the globe shall help the global spinal trauma devices market to have sustainable growth prospect in coming years.
This report on the spinal trauma devices market studies the current and future prospects of the global market. Spinal trauma devices enables stabilization of the posterior area of spine while allowing motion and limiting the compression to the affected area of the spine. Growing incidences of traffic accidents, increasing geriatric population, and increasing number of trauma care centers is expected to accentuate the growth of spinal trauma devices market globally.
The spinal trauma devices market report comprises an elaborate executive summary, which includes a market snapshot that provides information about various segments and sub-segments of the market. It also provides information and data analysis of the global spinal trauma devices market with respect to market segments based on the type and their geographic analysis.
Based on type, the spinal trauma devices market has been segmented into two major categories: internal and external fixation devices. Internal fixation devices have been further segmented into plate and screw, rods and pins, and bone grafts. The market segments have been extensively analyzed based on usefulness, efficacy, revenue, and geographical coverage. The market size and forecast in terms of USD million for each segment has been provided for the period from 2013 to 2023. The report also provides the compound annual growth rate (CAGR %) for each market segment for the forecast period from 2015 to 2023, considering 2014 as the base year.
Geographically, the global spinal trauma devices market has been categorized into five major regions: North America, Europe, Asia Pacific, Latin America, and Rest of the World. The market size and forecast for each of these regions has been provided for the period from 2013 to 2023, along with their respective CAGRs for the forecast period from 2015 to 2023, considering 2014 as the base year. The research study also covers the competitive scenario in these regions. A detailed qualitative analysis of factors responsible for driving and restraining the growth of the market and future opportunities has been provided in the market overview section. This section of the report also provides market attractiveness analysis, Porter’s Five Forces analysis, and market share analysis by key players, thus presenting a thorough analysis of the overall competitive scenario in the global spinal trauma devices market.
A list of recommendations has been provided for new entrants as well as existing market players to assist them in taking strategic initiatives to establish a strong presence in the market. The report also profiles major players in the spinal trauma devices market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments. Major players profiled in this report include Medtronic plc, DePuy Synthes, Stryker Corporation, NuVasive, Inc., Globus Medical, Inc., Arthrex, Inc., B. Braun Melsungen AG, CONMED Corporation, Smith & Nephew plc, Zimmer Biomet, Orthofix International, Spinal Technology, Inc., and ReWalk Robotics.
The global spinal trauma (high-energy fractures) devices market is segmented as given below:
Global Spinal Trauma (High-energy Fractures) Devices Market, by Device Type, 2013-2023 (USD Million)
- Internal Fixation Devices
- Plate and Screw
- Rods and Pins
- Bone Grafts
- External Fixation Devices
Global Spinal Trauma (High-energy Fractures) Devices Market, by Geography, 2013 – 2023 (USD Million)
- North America
- Rest of Europe
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Rest of the World (RoW)
- Middle East and Africa