Over the last few decades, the spinal implants and spinal devices market has witnessed significant technological advancements in terms of development of safer, cost-effective, and user-friendly medical devices. Increasing incidences of spinal disorders, rising geriatric and obese population, and continuous technological developments in spinal devices acted as major driving factors for the global spinal implants and spinal devices market. North America and Western European regions are mature markets for spinal implants and spinal devices. However, developing regions such as Asia-Pacific (including China, India, South Korea, and Taiwan) and Latin America are expected to grow at a higher rate and become new revenue-generating markets for players dealing with spinal implants and devices. The high-growth opportunities in the Asia-Pacific and Latin American regions is attributed to the rising healthcare expenditure, government initiatives, growing incidence and prevalence of spinal disorders, rising obese population, and increasing awareness among physicians and patients about the latest technological innovations.
In the Asia-Pacific region, the spinal implants and spinal devices market in China is estimated to grow at the highest CAGR in the coming five years. Increasing government investments for the development of the country’s healthcare infrastructure are leading to growth in the number of healthcare service centers in China; thereby, rising the demand for spinal surgery devices in the country. In addition, increased government funding is also motivating private investors to make huge investments in China’s healthcare system.
Moreover, presence of a large patient population, growing income levels, and rising prevalence of spinal disorders are fueling growth of the spinal implants and spinal devices market in China. Other Asian countries such as India, South Korea, and Taiwan are also expected to witness high growth in the forecast period, owing to the increasing government efforts to develop healthcare infrastructure and rising patient and physician education and awareness on the newly developed spine treatment procedures and technologies.
Technologically advanced non-fusion minimally invasive spinal implants and devices enable physicians to treat patients with more accuracy and efficiency. The market growth of these technologically advanced devices is primarily propelled by the increasing adoption of minimally invasive spine surgeries, as it reduces surgical risk, pain, blood loss, and risk of infection; and requires less time for recovery (leading to reduced time of post-operative hospital stays). Several companies such as Medtronic, plc (U.S.), DePuy Synthes (U.S.), Stryker Corporation (U.S.), NuVasive, Inc. (U.S.), K2M Group Holdings, Inc. (U.S.), and Globus Medical, Inc. (U.S.) are investing in this high-growth market to gain more profits and increase their shares in the spinal implants and spinal devices market.