Spinal Implants Market

The global spinal implants market in terms of revenue was estimated to be worth $11.2 Billion in 2023 and is poised to reach $14.3 Billion by 2028, growing at a CAGR of 5.0% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. An increase in spinal disorders and the aging population, increasing research & funding initiatives from organizations, and worldwide advancement in spine surgical procedures are a few drivers that collectively contribute to the growth of the market, and as healthcare technologies continue to evolve, the demand for minimally invasive spine surgical procedure is expected to rise further in the upcoming years. However, challenges for regulatory issues, high cost limits the market growth.

Spinal Implants Market Size, Dynamics & Ecosystem

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Spinal Implants Market: Market Dynamics

Driver: Increase in prevalence of spinal disorder

The escalating prevalence of spinal disorder stands as a significant driving force in the market. This trend underscores a growing demand for advanced surgical procedures, compelling the healthcare industry to invest in innovative spine surgical technologies. Advancing age is associated with an increased risk of degenerative spinal conditions. As people live longer, the prevalence of age-related spinal disorders, such as degenerative disc disease and spinal stenosis, is on the rise. This demand, fueled by the rising incidence of spinal disorder, is reshaping the landscape of spinal implants and driving advancements in the sector.

Restraint: Issues related to high cost of procedures

The elevated costs associated with spinal implant procedures impose a considerable financial strain on patients, even those covered by insurance. This often results in deferred or altogether avoided treatments. Effectively addressing the constraint of high procedural costs in the spinal implant domain necessitates a comprehensive approach involving collaboration among healthcare providers, payers, manufacturers, and policymakers. This collaborative effort aims to guarantee the accessibility and affordability of innovative treatments for patients. Strategic initiatives such as enhancing transparency, fostering competition, and exploring value-based care models are pivotal in alleviating the adverse effects of this constraint.

Opportunity: Emerging markets offering growth opportunities

Emerging markets are evolving into pivotal growth hubs for the spinal implants industry. A myriad of factors contribute to the expansion opportunities within these markets, encompassing heightened healthcare consciousness, enhanced healthcare infrastructure, escalating disposable incomes, and a burgeoning aging demographic. Rapidly growing economies like India and China present substantial growth prospects in the field of spinal implants due to the expanding patient base caused by the rising prevalence of spinal disorder with aging population in these nations.

Challenge: Lack of adequate physicians and limited awareness

Physicians' limited awareness of recent advancements in spinal implant technologies, especially in minimally invasive procedures for spine surgical procedures, coupled with a scarcity of training opportunities in certain regions, poses challenges. Additionally, patients often lack awareness of spinal implant options and their benefits. To address these issues, initiatives such as continuous medical education for physicians, public awareness campaigns, and improved access to specialized care are crucial. These efforts aim to bridge knowledge gaps, empower physicians with up-to-date skills, and inform patients, ultimately promoting the effective use of spinal implant technologies for improved patient outcomes.

Major companies in this market include well-established and financially stable suppliers of spinal implants. Prominent companies in spinal implants market include Medtronic plc (Ireland), Johnson & Johnson (Depuy Synthes) (US), Stryker corporation (US), NuVasive (US), Globus Medical Inc. (US), Zimmer Biomet holdings (Warsaw), RTI Surgical Inc. (US), Spineart (Switzerland) among several others.

Spinal Implants Market Segmentation & Geographical Spread

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Non- fusion devices segment of spinal implants industry to register significant growth rate over the forecast period of 2022-2028.

Based on the product, the spinal implants market is segmented into Thoracic Fusion & Lumbar Fusion Devices, Spinal Decompression Devices, Non-Fusion Devices, Cervical Fusion Devices, Spine Biologics, Vertebral Compression Fracture Treatment Devices, and Spine Bone Stimulators. Non-Fusion Devices segment to register a significant growth rate over the forecast period of 2022-2028. The expansion of the market for spinal implants’ non-fusion devices can be credited to the availability of diverse spinal implants stimulators, driven by the global prevalence of spinal disorder and the growing elderly demographic. Non-fusion procedures typically entail minimal disturbance to adjacent tissues, potentially leading to expedited recovery periods when contrasted with conventional fusion surgeries. This aspect holds particular appeal for patients desiring swifter rehabilitation timelines. Furthermore, the market's growth is further bolstered by the introduction of advance spinal surgery technologies by industry players.

Spinal fusion and fixation segment of spinal implants industry is the largest application segment in 2022.

Spinal fusion & fixation stands as the Fusion procedures, designed to achieve spinal stabilization, are increasingly underscored by a heightened focus on preserving spinal motion, particularly within the lumbar region. This emphasis has spurred the innovation and acceptance of dynamic stabilization systems and non-fusion technologies, consequently propelling the demand for specialized types of spinal implants. Additionally, Spinal fusion and fixation procedures, with the aid of advanced implants, aim to provide stability and relieve pain, aligning with patient expectations. These factors are expected to drive the growth of this segment in the forthcoming years.

Asia-Pacific is expected to be the highest CAGR during the forecast period.

The spinal implants market is divided into key regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America held the largest market share in the global market. However, the Asia Pacific region is anticipated to exhibit the highest Compound Annual Growth Rate (CAGR) during the forecast period. This growth is primarily attributed to the demographic shift with a rapidly aging population, a rise in healthcare budgets and investing in healthcare infrastructure. This includes advancements in surgical techniques and the adoption of advanced spinal implants. Additionally, the market in the Asia Pacific region is set to receive a boost from the growing number of local manufacturers offering spinal implants products and the increasing establishment of healthcare facilities for spinal surgeries with implants in the area.

As of 2022, prominent players in spinal implants market are Medtronic plc (Ireland), Johnson & Johnson (Depuy Synthes) (US), Stryker corporation (US), NuVasive (US), Globus Medical Inc. (US), Zimmer Biomet holdings (Warsaw), RTI Surgical Inc. (US), Spineart (Switzerland), Boston Scientific Corporation (US), Abbott Laboratories (US) among several others.

Scope of the Spinal Implants Industry:

This report has segmented the global spinal implants market to forecast revenue and analyze trends in each of the following submarkets:

By Product Type

• THORACIC FUSION & LUMBAR FUSION DEVICES
  • Posterior Thoracic Fusion And Lumbar Fusion Devices
  • Interbody Thoracic Fusion And Lumbar Fusion Devices
    • Anterior lumbar interbody fusion devices
    • Posterior lumbar interbody fusion devices
    • Transforaminal lumbar interbody fusion devices
    • Axial lumbar interbody fusion devices
    • Non-Bone interbody fusion devices
    • Bone Interbody Fusion Devices
  • Anterior Thoracic Fusion And Lumbar Fusion Devices
• CERVICAL FUSION DEVICES
  • Anterior Cervical Fusion Devices
    • Anterior cervical plates
    • Anterior cervical screw systems
    • Cervical interbody fusion devices
  • Posterior Cervical Fusion Devices
    • Posterior cervical plates
    • Posterior cervical screws
    • Posterior cervical rods
• VERTEBRAL COMPRESSION FRACTURE TREATMENT DEVICES
  • Balloon Kyphoplasty Devices
  • Vertebroplasty Devices
• SPINE BIOLOGICS
  • Demineralized Bone Matrix
  • Bone Morphogenetic Proteins
  • Bone Substitutes
  • Machined Bones
  • Cell-Based Matrices
  • Allograft Bone
• SPINAL DECOMPRESSION DEVICES
  • Discectomy
  • Laminoplasty, Laminectomy, And Laminotomy
  • Foraminotomy & Foraminectomy
  • Facetectomy
  • Corpectomy
• NON-FUSION DEVICES
  • Dynamic Stabilization Devices
    • Interspinous process spacers
    • Pedicle screw-based dynamic rod devices
    • Facet replacement products
  • Dynamic Stabilization Devices
    • Artificial cervical discs
    • Artificial lumbar discs
  • Annulus Repair Devices
  • Nuclear Disc Prostheses
• SPINE BONE STIMULATORS
  • Noninvasive Spine Bone Stimulators
    • Pulsed electromagnetic field devices
    • Capacitive coupling (CC) and combined (electro) magnetic field (CMF) devices.
    • Invasive spine bone stimulators

By application

• Spinal Fusion and Fixation
• Vertebral Compression Fracture Treatment
• Motion Preservation/Non-fusion
• Spinal Decompression

By type of surgery

• Open Surgeries
• Minimally Invasive Surgeries

By End User

• Hospitals
• Orthopedic centers

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • MEA

Recent Developments of Spinal Implants Industry:

• In 2023, Medtronic receives CE Mark approval for Inceptiv spinal cord stimulator with closed-loop sensing to treat chronic pain.
• In 2022, Medtronic launched Mazic M Spinal Fixation System which offers minimally invasive options for thoracic and lumbar spine stabilization.
• In 2022, Depuy Synthes launched Summit LTX Plus Interbody System which expands their portfolio of interbody spacers for lumbar fusion with enhanced design features.

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