The global flexible spinal implants market is growing with a rapid pace. According to a recent study report published by the Market Research Future, the global flexible spinal implants market is booming and expected to gain prominence over the forecast period and is projected to grow a sound pace. The market is projected to demonstrate a sound growth by 2023, surpassing its previous growth records in terms of value with a sound CAGR during the anticipated period (2017-2023).
The spinal implants are used to facilitate fusion, correct deformities, and stabilize and strengthen the spine. Increasing prevalence of the diseases like spondylolisthesis, chronic degenerative disc disease, and others along with the growing geriatric and obese population one of the major drivers for the market growth. Moreover, demand for minimally invasive spine surgery and increasing number of hospitals offering spinal surgeries are fuelling the growth of global flexible spinal implants market. However, stringent product approvals, uncertain reimbursement scenario, high cost of treatment procedures, and concerns about safety of advanced products are some of the major restraining factors for the market growth during the forecast period.
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Global Flexible Spinal Implants Market – Competitive Analysis
Paradigm Spine LLC, Medtronic plc., Abbott Spine, Inc., Raymedica, K2M Group Holdings, Stryker Corporation, Zimmer Biomet Holdings, Inc., B. Braun Melsungen AG, Alphatec Holdings, Inc., NuVasive, Inc., Orthofix International N.V., and others are some of the prominent players at the forefront of competition in the Global Flexible Spinal Implants Market and are profiled in MRFR Analysis.
Characterized by the presence of several well-established and small players, the global market of flexible spinal implants appears to be highly competitive and fragmented. International players are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as product differentiation, product portfolios, quality, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The intense competition prevalent in the market dictates the consolidation among marketers.
Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position.
In August, 2016- Medtronic plc., the global leader in medical technology, has completed its acquisition of HeartWare International, Inc., a leading innovator of less-invasive, miniaturized, mechanical circulatory support technologies (MCS) for treating patients with advanced heart failure. HeartWare will become part of the Heart Failure business within the Medtronic Cardiac Rhythm and Heart Failure division. Under the terms of the transaction, each outstanding share of HeartWare common stock was converted into the right to receive USD 58.00 in cash, without interest.
In January, 2017- Abbott acquired St. Jude Medical, Inc. by clearing all the regulatory clearances necessary for closing. The transaction established Abbott as a leader in the medical device arena and provided expanded opportunities for future growth. The addition of St. Jude Medical was an important part of the company’s effort to develop a strong, diverse portfolio of devices, diagnostics, nutritionals and branded generic pharmaceuticals.
In April, 2016- Stryker Corporation announced completed its previously announced acquisition of Sage Products, LLC. Sage’s products include solutions for oral care, skin preparation and protection, patient cleaning and hygiene, turning and positioning devices and heel care boots.
In April, 2016- Zimmer Biomet Holdings, Inc., a global leader in musculoskeletal healthcare, entered into a definitive agreement to acquire Scottsdale, Arizona-based Cayenne Medical, Inc. The transaction was closed during the second quarter of 2016. The financial terms of the transaction were not disclosed.
In November, 2016- B. Braun Medical Inc. launched o Prontosan Wound Gel X. It was the only wound gel available on the market that contains Betaine- a surfaceactive cleanser that provides immediate debridement and Polyhexanide which inhibits the growth of microorganisms. Prontosan Wound Gel X is used for maintaining a clean and moist wound environment that is conducive to healing.
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The Americas accounted for the maximum market share due to favourable reimbursement scenario and rising healthcare expenditures. Europe is the second largest market due to large disposable income and rising awareness. Asia Pacific region is the fastest region because of large unmet needs which is led by China and India. The Middle East and Africa market is led by the gulf nations particularly Saudi Arabia and UAE. However, the poor economies of the African region is one of the major restraining factor for the market growth.
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