In 2015, North America held the largest share of the spinal implants and devices market accounting for nearly 63%. The presence of advanced healthcare facilities, strong reimbursement support, and a large number of people suffering with spinal disorders are some of the major factors accounting for this region’s dominance.
The key players operating in the Spinal market are Medtronic plc, Depuy Synthes, Inc., Stryker Corporation, NuVasive, Inc., Zimmer Biomet Holdings, Inc., and Globus Medical, Inc. but there are still many more competitors… Learn about 365 players in the SPINE Catalogue 2016: www.thespinemarketgroup.com/companies/
Asia Pacific is expected to be the fastest growing market due to the proliferation of the latest medical technologies andthe development of low-cost implants coupled with the growing medical coverage and the increasing per capita disposable income. Moreover, the growing support from the government to expand the healthcare services in the untapped markets is also expected to propel the market growth in this region.
The global spinal implants and spinal devices market is expected to reach over USD 19.54 billion by 2024 according to a new report by Grand View Research, Inc.
The most relevant market trends include:
- The introduction of the image-based spinal navigation technology and Robot Assisted Spine Surgery (www.thespinemarketgroup.com/robots/)
- The increase in the geriatric population are also expected to fuel the market expansion over the forecast period.
- The rising number of spinal injuries
- The evolution of titanium biologics, and the the introduction of novel bone growth stimulators
- The rising cost of spinal implants and procedural costs are a major concern across the globe and this factor is identified as a large strain on the emerging and low-income economies.
- The increasing adoption of Minimally-Invasive Surgeries (MIS) surgeries that are relatively less-expensive are expected to propel the usage of spinal implants and devices over the forecast period.
Source:Grand View Research, Inc.