Thoracolumbar spine refers to the upper and middle back which joins the cervical spine. Thoracolumbar spine devices are used in spinal stabilization in pathologies such as degenerative spinal disc disease. Increasing geriatric population across the globe is expected to drive demand for thoracolumbar spine devices, with increased prevalence of diseases within this population, thus ultimately increasing the number of spinal surgeries performed. The number of spine surgeries have seen a marked increase over the past decade. This increase in spine surgery rates over time is related to the availability of advanced technology that have made diagnosing and treating spinal issues easier for orthopedists. In 2014, total spine surgery procedures performed were 4 million which is likely to reach 6 million procedures by 2023, expanding at a CAGR of 4.7% from 2015 to 2023.

Moreover, increased rate of spinal surgeries is a reflection of the shift in recent years from a rural population to an urban population. Sedentary lifestyle and rising stress level have further propelled spinal disorders globally. Certain research-oriented companies such as Stryker Corporation, Zimmer Biomet, etc. are working on developing advanced thoracolumbar spine implants. Introduction of thoracolumbar spine devices at an affordable price would boost the global thoracolumbar spine devices market during the forecast period, owing to added benefits of the technology. The thoracolumbar spine devices options are costlier hence the cost of premium priced spine implants are likely to hinder the growth of sales revenue of the market over the forecast period. Affordable pricing policy of governments and patient support programs are expected to support growth of the thoracolumbar spine devices market.

The global market for thoracolumbar spine devices is segmented based on product type, end users, and geography. In terms of product type, the thoracolumbar spine devices market is categorized into implants and instrumentation, spine biologics, etc. Implants and instrumentation is expected to be the largest segment due to efficacy and easy availability of implants, and adoption of therapy in comparison with spine biologics. In terms of end users, the thoracolumbar spine devices market is categorized into hospitals, specialty clinics, ambulatory surgical centres, etc. Supportive reimbursement policies in hospitals and ambulatory surgical centers drives the growth of the segment. Over the last decade, there is an increase in the number of surgical procedures in ambulatory surgical centers which is expected to propel the growth of the segment during the forecast period. Specialty clinics, and others segments hold significantly low market share due to lesser adoption of thoracolumbar spine devices in practice.

In terms of geography, the global thoracolumbar spine devices market is segmented into five key regions viz.  North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe are expected to hold major share in the thoracolumbar spine devices market during the forecast period owing to developed healthcare infrastructure in the region, and large patient population along with increasing technological development. According to the National Statistics Group, health spending is projected to increase at an average rate of 5.8% from 2012 to 2022 in the U.S, which is 1% faster than expected average annual growth in GDP. Rising health care spending has been identified as one of the major factors supporting growth of the surgical procedures market in the U.S.  The Asia Pacific region is expected to expand at a higher growth rate during the forecast period. Increase in health care spending and improving health care infrastructure in the region is expected to drive the overall orthopedic treatment market during the forecast period. Rising aging population prone to spine disorders is one of the major factors considered to propel the global thoracolumbar spine devices market in the near future.

The global thoracolumbar spine devices market is highly concentrated with few big players. The key players operating in the thoracolumbar spine devices market are DePuy Synthes Companies, Globus Medical Inc., Medtronic plc., NuVasive Inc., Stryker Corporation, Zimmer Biomet, Aesculap Implant Systems, LLC., etc.

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
  • Europe
  • 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.

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Thoracolumbar Spine Devices Market

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