Press Release Description
Spinal Implants Market to Boom with the Rising Prevalence of Spinal Disorders
The Global Spinal Implants Market size was valued at USD 10.6 billion in 2023 and is estimated to grow at a CAGR of around 6.1% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. The market growth has been largely attributed to the presence of a large number of patients with orthopedic diseases, such as osteoarthritis, responsible for causing spinal conditions like spinal stenosis, spondylosis, etc. As these people were required to undergo spinal implant procedures as a viable treatment, the demand for spinal implants has seen growth, and, in turn, has accelerated the growth of the Spinal Implants Market.
Also, the old-age population has increased across the world. With that, the incidence of multiple orthopedic diseases & spinal disorders has increased tremendously across the world. This has further supported the adoption of spinal implants for disease treatment and has propelled the overall market for the same. Moreover, the cases of fatal falls have witnessed a rise, particularly among the elderly population. Falls result in unintentional injuries, including those corrected with the application of spinal implants. This has boosted the market growth of Spinal Implants.
Additionally, road traffic accidents largely responsible for spinal and other injuries have also propelled the demand for spinal implants, considering people who have witnessed such accidents went through spinal implant procedures. As a result, the Global Spinal Implants Market has witnessed tremendous growth.
Furthermore, individuals with chronic back pain who remain unresponsive to traditional treatments such as physical therapy, medication, and injections have started considering spinal implants. These devices offer structural stability to the spine by stabilizing segments and decreasing nerve pressure resulting in reduced agony.
Predictably, awareness of their benefits coupled with technological advancements within this industry along with an aging population would propel growth during the forecasting years, further states the research report, “Global Spinal Implants Market Analysis, 2024.”
Global Spinal Implants Market Segmentation Analysis
Non-fusion Devices Dominated the Global Spinal Implants Market
Based on the product segment, the market is further categorized into Thoracic Fusion & Lumbar Fusion Devices, Cervical Fusion Devices, Spine Biologics, VCF Treatment Devices, Spinal Decompression Devices, Non-Fusion Devices, and Spine Bone Stimulators. Non-fusion devices segment of the Spinal Implants Market is anticipated to grow with the highest market share over the forecast period. One reason for the increased usage of non-fusion spinal implants is due to a plethora of implant stimulators available worldwide, which has been attributed to an aging population & high rates of spine-related illnesses.
Unlike fusion surgeries that cause significant disruptions in adjacent tissues, non-fusion procedures offer minimal interference, potentially leading to quicker recovery times, something highly sought after by patients seeking speedy rehabilitation outcomes. Further, the rise in several sports injuries and increased cases of accidental falls have contributed to the growing demand for non-fusion devices as individuals who have witnessed such cases must have been required to undergo spinal implant procedures to return to their daily lives.
North America Witnessed Considerable Growth in the Global Spinal Implants Market
Geographically, in the dynamic landscape of the Global Spinal Implants Market, North America stands tall as a frontrunner. The market growth has been attributed to the presence of key players, product introduction, well-established healthcare infrastructure, government initiatives, etc. The increased burden of orthopedic diseases such as arthritis, rheumatoid arthritis, etc., across North America has accelerated the Region's Spinal Implants Market growth. Also, the incidence of sports-related injuries, including those resulting in spinal problems has increased across the region. With that, the usage of spinal implants has witnessed a rise and has contributed to the growth of the North America Spinal Implants Market.
Global Spinal Implants Market Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Medtronic Plc, Johnson & Johnson Medtech, Nuvasive, Inc., Stryker Corporation, Globus Medical, Inc., Zimmer Biomet Holdings, Inc., Orthofix International N.V., Ulrich Gmbh & Co. Kg, B. Braun Melsungen Ag, Integra Lifesciences Holdings Corporation, Boston Scientific Corporation, Abbott Laboratories, Spineart, Centinel Spine Llc, Premia Spine, etc., are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the Global Spinal Implants Market?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various regions?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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