Spinal implants and devices are mainly used in the treatment of spinal deformity by providing strength and stability to the patient’s spine. Most of the spinal implants and devices are made of stainless steel and titanium alloys, while others are made of non-metallic compounds. With the rising number of spinal disorders and demand for minimally invasive surgical methods, the demand for spinal implants and devices has witnessed a significant increase over the past few years. In addition, growing awareness and technological developments in this field are estimated to boost the growth of this market even further.
The worldwide spinal implants and spinal devices market is estimated to be valued at USD 15.73 Billion by the end of 2020, growing at a CAGR of 5.6% during the between 2015 and 2020.
What does the geographical growth scenario of this market look like?
In 2015, North America was the dominant market for spinal implants and spinal devices, followed by Europe. However, Asia-Pacific is expected to grow at the highest CAGR of 8.2% over the forecast period, owing to the rising healthcare expenditure in upcoming economies due to increased income levels, increased government support for R&D, growing patient population and obesity cases, and rising awareness about new spine treatment devices and techniques. Countries such as China, India, South Korea, and Brazil are the emerging and attractive markets for the players involved in the development of spinal implants and spinal devices.
What will drive and inhibit the market growth?
Increasing cases of spinal disorders and obesity, availability of technologically enhanced, cost-effective, and safer spinal devices, and growing aging population and demand for minimally invasive surgical methods and techniques are the major reasons responsible for the growth of this market. Additionally, growth of this market in the emerging economies and increasing number of hospitals and surgical centers are likely to offer good growth opportunities over the coming years. However, certain factors such as, strict processes for product approvals, especially small companies, expensive treatment procedures, and uncertain reimbursement scenarios are expected to hamper the growth of this market. Furthermore, lack of skilled physicians and awareness regarding the newly developed spine treatment procedures and extra efforts made by new and small companies to sustain in this highly competitive market are the key challenges being faced by this market.
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Key players and strategies adopted by them for sustenance
The key players operating in the global market for spinal implants and spinal devices include DePuy Synthes (U.S.), Stryker Corporation (U.S.), NuVasive, Inc. (U.S.), Zimmer Biomet Holdings, Inc. (U.S.), Globus Medical, Inc. (U.S.), Alphatec Holdings, Inc. (U.S.), Orthofix International N.V. (Netherlands), K2M Group Holdings, Inc. (U.S.), LDR Holding Corporation (U.S.). New product launches and enhancements is the key growth strategy being adopted by major players to strengthen their positions in the worldwide market for spinal implants and spinal devices. In addition, strategies such as partnerships, agreements, and collaborations, and mergers & acquisitions were also adopted by many market players in order to enhance their product portfolios and expand their geographical presence in the global market. In 2014, Medtronic, PLC (U.S.) was the leading player in the global spinal implants and spinal devices market. In the past few years, product innovation and new product launches was the key business strategy implemented by the company for ensuring its dominance in this market.
