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.
