MarketInsightsReport has published a report titled Global Spinal Surgery Devices And Equipment Market research report 2021 that is a detailed observation of several aspects, including the rate of growth, technological advances, and different methodologies implemented by the primary current market players. The report is based on a collective analysis of data, which is obtained through primary and secondary research. It provides a systematic approach to the current and prospective scenario of this market.
The spinal surgery devices and equipment market consists of sales of spinal surgery devices and equipment and related services. These include spinal implants and spinal surgical devices such as thoracic fusion and lumbar fusion devices, spine biologics, cervical fusion devices, vertebral compression fracture treatment devices, spine bone stimulators, non-fusion devices and spinal decompression devices.
The global spinal surgery devices and equipment market was valued at about $8.5 billion in 2018 and is expected to grow to $9.68 billion at a CAGR of 3.3% through 2022.
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Elderly people are a major driving factor for the spinal surgery devices and equipment market as they are more prone to spinal complications. Spinal disorders majorly affect the geriatric population and results in spinal deformities and pain. As per UN 2017 estimates, worldwide geriatric population will double by 2050 to reach an estimated value of more than 2.1 billion boosting market growth in the future. Increasing trend in the aged populations worldwide will provide a lucrative growth to the spinal implants and devices.
The high cost of treatment restrains the spinal surgery devices and equipment market from reaching its maximum potential growth. According to a study conducted over a year to analyze cost variations, the total cost of the surgeries at the hospitals was found to vary between $27, 000 and $129,000. More than $90 billion a year is spent on treating lower back pain alone. Due to the steadily increasing cost of procedures the rate of implementing spinal surgery devices has come down this a major restraint for the large scale hospitals, clinics as well as new entrants for the market.
Implementing Nano-technology to improve the quality, precision and speed of the work is the latest trend in the spinal surgery devices market. Nanoparticles possess unique chemical, biological and physical properties which enables them to perform a wide variety of cellular and subcellular tasks. Spinal pathology is a major field of study for Nano-technology. To fully implement Nano-technology, hospitals and clinics are waiting for FDA regulations and exploring options to reduce costs. In 2018,Vallum Corporation, a medical device company announced that it received clearance from the American Food and Drug Administration (FDA) for its polyetheretherketone (PEEK) spinal fusion device which has a Nano textured surface.
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In 2018, the American firm Stryker Corporation acquired K2M group holdings Inc. for $1.4 Billion. The acquisition will help Stryker expand its product portfolio in complex spine and minimally invasive solutions and also expand globally. K2M group was established in 2004 and is headquartered in Leesburg, Virginia, USA.
1) By Product type: Spine biologics, Surgical spinal decompression, Vertebral compression fracture treatment products, Non-fusion, Fusion 2) By application: Hospital, Ambulatory Service Centers, Orthopedic Centers
Regions covered By Spinal Surgery Devices And Equipment Market Report 2021 To 2030 are
North America (The United States, Canada, and Mexico), Asia-Pacific (China, India, Japan, South Korea, Australia, Indonesia, Malaysia, and Others), Europe (Germany, France, UK, Italy, Russia, and Rest of Europe), Central & South America (Brazil, and Rest of South America), and Middle East & Africa (GCC Countries, Turkey, Egypt, South Africa and Other)
Effect of the Spinal Surgery Devices And Equipment market report is
– A comprehensive evaluation of all opportunities and risks in the market.
– Spinal Surgery Devices And Equipment market current developments and significant occasions.
– A deep study of business techniques for the development of the market-driving players.
– Conclusive study about the improvement plot of the market for approaching years.
– Top to the bottom approach of market-express drivers, targets, and major littler scale markets.
– Favorable impressions inside imperative mechanical and publicize the latest examples striking the market.