Fact.MR, a market research and competitive intelligence provider, has recently published an updated survey of the global spine devices market. This report suggests that market revenue will total US$ 17 Bn by 2031, expanding at a modest CAGR of 4.5% over the decade.
In the past decade, the healthcare industry has changed exponentially, and this is majorly attributed to advancements in the technology of medical devices and procedures. The world has seen an increase in demand for healthcare as the prevalence of diseases increases and the need for better healthcare rises.
Spine injuries and spinal disorders have also seen a steady rise over the past decade. This has also created an increase in demand for spinal procedures, which is driving demand for spine devices. However, complexity of spine procedures and treatment is a major factor that restricts demand. Manufacturers are working towards developing solutions that would be simpler in nature and take very less time for the patient to recover.
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Key Takeaways from Market Study
- Sales revenue from spine devices predicted to be worth US$ 17 Bn by end of decade.
- Demand for spine devices expected to progress at a stable CAGR of 4.5% through 2031.
- U.S. expected to be most lucrative market in the world.
- Global spine devices market worth around US$ 11 Bn in 2020.
- U.K. and Germany expected to be lucrative markets for spine devices in European region.
- APAC market slated to rise at fastest CAGR through 2031.
- Increasing incidence of spinal injuries, rising prevalence of spinal disorders, robust research & development in spine treatment procedures, and rising geriatric population driving industry expansion.
Key Segments Covered in Spine Devices Industry Survey
- Spinal Rods
- Spinal Screws
- Spinal Hooks
- Spinal Plates
- Spinal Cages
- Spinal Spacers
- Motion Preservation Devices
- Total Disc Replacement
By End User:
- Use of Spine Devices in Hospitals
- Use of Spine Devices in Orthopaedic Clinics
- Use of Spine Devices in ASCs
Leading players in the spine devices market are focusing on developing new devices to reduce the complexity of spinal procedures. The focus is on developing new and advanced devices that are more precise and efficient.
- A spine technology company, Spinal Elements, in September 2021, announced the commercial launch of its two Luna XD and Orbit Systems. These products are part of the company’s newest technology range in the MIS Ultra platform, which also has procedural solutions as well.
- A leading medical device company, Centinel Spine LLC, in September 2021, announced the launch of new endplate implants. This would expand the variety of options to choose from for patients as well as medical professionals. Demand for spinal implants and devices is expected to drive such launches by different players operating in the market.
- In the first week of October 2021, Medtronic, a leading name in the medical device industry, announced the launch of three new devices to its spinal devices portfolio. They will be a part of the minimally invasive spinal ecosystem that the company is building.