New York, NY -- (SBWIRE) -- 02/24/2021 -- The global spinal devices market is expected to reach USD 15.83 Billion by 2027, according to a new report by Reports and Data. The growth of the market may be attributed to the increasing prevalence of target conditions, among other factors.
According to the World health Organization (WHO), each year, globally, around 250,000 and 500,000 individuals suffer a spinal cord injury. Preventable causes, including road traffic accidents, falls, or violence, are the major contributors to the spinal cord injury, and individual suffering from the condition are more likely to die prematurely as compared to healthy individuals, with low and middle-income economies having the worst survival rates. Spinal cord injury is linked with a peril of occurrence of secondary conditions, which can be incapacitating and sometimes cost a person's life, such as urinary tract infections, deep vein thrombosis, muscle spasms, pressure ulcers, osteoporosis, chronic pain, and respiratory complications.
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Leading Players Profiled in the Report Include:
Medtronic, DePuy Synthes, Stryker, Zimmer Biomet, NuVasive Inc., Alphatec Spine Inc., Globus Medical, RTI Surgical Holdings Inc., Captiva Spine LLC, and Paragon Medical, among others.
As per the Global Health and Aging report published by the WHO (World Health Organization), the number of people aged 65 years or older is estimated to increase from a projected 524 million in 2010 to approximately 1.5 billion by 2050, with significant percentage of increase in developing economies. Additionally, the number of people aged 65 years or older is anticipated to considerably surpass children younger than 5 years of age by 2050. Aging leads to the deterioration of facet joints resulting in several spinal disorders. Thus, the increasing prevalence of diseases in the growing geriatric population is likely to propel the growth of the market in the forecast period.
Further key findings from the report suggest
By device type, fusion devices contribution to the largest market share in 2018. Spinal fusion procedure is usually done for the treatment of spinal disorders, such as degenerative, deformity, traumatic, and tumor, among others.
By surgery type, open surgery dominated the market share in 2018 and is likely to grow at a rate of 2.2% in the forecast period. Open surgery gives the visual information essential to diagnose a condition accurately. Also, some kinds of surgeries need access to larger areas to insert materials like in the case of an aortic aneurysm repair when a stent cannot be placed.
By end-users, hospitals held the largest market share in 2018 and is expected to grow at a rate of 3.2% in the forecast period. The factors including well-resourced operating & diagnostic rooms, higher purchasing power, existence of highly skilled healthcare professionals, and improved health coverage for hospital-based healthcare services from several private and group insurance plans, among others, are responsible for the high market share of hospitals.
The market in the Asia Pacific region is likely to grow at the fastest rate of 4.7% in the period 2019-2027, due to the improving healthcare infrastructure, rising investments in diagnostic imaging, and better reimbursement scenario.
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For the purpose of this report, Reports and Data have segmented the global spinal devices market on the basis of device type, disease type, surgery type, end-users, and region:
Device Type Outlook (Revenue, USD Million; 2016-2027)
Fusion Devices
Non-Fusion Devices
Spinal Electrical Simulation Devices
Disease Type Outlook (Revenue, USD Million; 2016-2027)
Degenerative Disc Disease
Traumas & Fractures
Complex Deformity
Others
Surgery Type Outlook (Revenue, USD Million; 2016-2027)
Open Surgery
Minimally Invasive Surgery
End-Users Outlook (Revenue, USD Million; 2016-2027)
Hospitals
Clinics
Ambulatory Surgical Centers
Regional Outlook (Revenue, USD Million; 2016-2027)
North America
Europe
Asia Pacific
Latin America
MEA
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Table of contents
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2027
Chapter 3. Indicative Metrics
Chapter 4. Spinal Devices Segmentation & Impact Analysis
4.1. Spinal Devices Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Increasing occurrences of spine disorders
4.2.2.2. Growing adoption rate for minimally invasive spine surgery
4.2.2.3. Increase in geriatric population
4.2.2.4. Advancement in technology
4.2.3. Market restraints analysis
4.2.3.1. Cost-prohibitive treatment
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter's Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
Continued….
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