For many of us, the Interspinous spacers are devices that seem to be outdated and without any clear indication. We thought that this market was decreasing continuously. But, recently a report from Transparency Market Research came to our hands and surprisingly, we discovered a rise in demand of interspinous devices dued to favorable reimbursement policies for interspinous devices, and the increase in the geriatric population.
According to Transparency Market Research (TMR) the Interspinous Spacers Market was valued at US$ 63.0 Mn in 2017 and expected to reach US$ 102.3 Mn by 2026, expanding at a CAGR of 5.6% from 2018 to 2026.
Why is the Interspinous Market Growing?
Rise in Demand for Minimally Invasive Surgeries and Awareness about Spine Disorder Treatments to Propel Market
The global interspinous spacers market is growing at a rapid pace, driven by increase in awareness about treatments for spine related disorders and adoption of minimally invasive surgeries. Acceptance of minimally invasive surgeries by physicians and surgeons creates awareness about the treatment of spinal disorders. Technological advancements in minimally invasive surgical procedures have led to the development of various interspinous process decompression devices. Interspinous spacer placement has lower complication rates than decompression and spinal fusion techniques. Interspinous spacers are widely used in geriatric population, as elderly patients are not comfortable with surgery due to health conditions.
Favorable Reimbursement Scenario Drives Demand for Interspinous Spacers
Strong reimbursement policies for interspinous spacers in developed countries such as the U.S., Australia, New Zealand, the U.K., and Germany have enabled most of the affected patients to opt for effective treatment methods with quality products. These reimbursement policies have significantly driven the revenue for leading global players in the global market. For instance, in November 2015, the Centers for Medicare and Medicaid Services (CMS) included Vertiflex, Inc.’s Superion Interspinous Spacer in the list of approved surgical procedures in ambulatory surgery centers with effect from January 1, 2016. Restructuring of existing reimbursement policies to incorporate and expand the new product range in the reimbursement schemes in most of countries boosts the growth of the global interspinous spacers market.
Increase in Geriatric Population Drives Demand
The geriatric population is at higher risk of developing degenerative disc disorders and lumbar spinal disorder conditions, as these are caused by age-related degeneration and hypertrophy of the invertible disks, ligament flava, and facet joints. Between 20% and 30% of asymptomatic adults older than 60 have imaging evidence of spinal stenosis. A report published by WHO stated that the number of people aged 65 years or older is expected to increase to 2.1 billion by 2050. A population based study in Japan was conducted which revealed that the incidence rate of lumbar spinal stenosis was about 1.7% to 2.2% in the age group 40 to 49, while the incidence rate in the age group 70 to 79 was 10.3% to 11.2%.