According to the new market research “Spine Surgery Devices Market by Technology (Fusion, Fixation, VCF, Decompression, Motion Preservation), Product (Thoracic, Lumbar, Cervical, Interbody, Kyphoplasty, Artificial Discs, MIS, Biologics, Stimulators) – Global Forecast to 2021″, The market is expected to reach USD 17.27 Billion by 2021, growing at a CAGR of 5.3% from 2016 to 2021. The report analyzes and studies the major market drivers, restraints, opportunities, and challenges in North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
A number of factors such as rising incidence and prevalence of spinal disorders; development of technologically advanced, safer, and cost-effective spinal devices; global rise in the old age and obese population; and rising demand for minimally invasive spine surgery are fueling the growth of the Spine Surgery Devices Market. On the other hand, factors such as stringent regulatory guidelines for the approval of new medical devices, high procedural costs, and lack of adequate reimbursements in developing countries are restricting the growth of the global Spine Surgery Devices Market.
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The Spine Surgery Devices Market, by technology, includes spinal fusion and fixation, vertebral compression fracture treatment, spinal decompression and motion preservation/non-fusion technologies. On the basis of products, the global Spine Surgery Devices Market is divided into seven major segments, namely, thoracic fusion and lumbar fusion devices, cervical fusion devices, spine biologics, vertebral compression fracture treatment devices, motion preservation/non-fusion treatment devices, spinal decompression devices, and spine bone stimulators. Based on the type of surgery, the global Spine Surgery Devices Market is divided into two segments, namely, open surgery and minimally invasive surgery.
As of 2016, North America is estimated to hold the largest share of the global Spine Surgery Devices Market, followed by Europe. However, the Asia-Pacific market is expected to grow at the highest CAGR from 2016 to 2021. A number of factors, including rising healthcare expenditure in developing nations owing to growing income levels, increasing government funding, presence of a large patient population, rising obesity cases, and growing awareness about the newly developed spine treatment techniques and devices are propelling the growth of the Spine Surgery Devices Market in the Asia-Pacific region.
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However, challenges associated with this market, such as scarcity of expertise and trained healthcare workers and lack of adequate patient awareness about spinal disorders and treatment options restricts the market growth in this region.
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Medtronic, plc (Ireland), 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.), and RTI Surgical, Inc. (U.S.) are the key players operating in the global Spine Surgery Devices Market.
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