Global Markets for Spinal Nonfusion Technologies Will Almost Triple by 2022 Market Will See Strong Growth Driven Primarily by New Product Launches, According to Millennium Research Group
TORONTO, Jan. 16, 2014 /PRNewswire/ -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, the global market for spinal nonfusion devices will almost triple in size through 2022, surpassing $1.6 billion. This market will be driven largely by emerging products and approvals, as well as high growth in emerging regions, such as Asia Pacific and Brazil, India and China (BIC).
The introduction of new devices, such as nuclear disc prostheses, annulus repair devices and facet arthroplasty devices, will vary from region to region based on national device approval and reimbursement requirements. Launches of annulus repair and facet arthroplasty devices in particular will boost spinal nonfusion technology revenues in Australia, South Korea and the United States, where the technologies are already or soon to be available. Growth will be especially notable in Australia, where annulus repair devices entered the market in 2013 and cervical artificial discs finally received approval for reimbursement in 2012. New product approvals in particular will promote awareness and confidence in motion-preserving technologies to treat back pain, spurring increased adoption.
The approval of LDR's 2-level cervical artificial disc in 2013, the first in the US, will fuel market growth and pave the way for growing adoption of 2- and 3-level total disc replacements (TDRs). Although some surgeons were already performing multilevel TDRs off-label, many were not due to a lack of Food and Drug Administration approval. As a result of this approval, more physicians who would otherwise be deterred from performing these procedures will begin conducting multilevel TDRs, increasing unit sales.
"Although the product launches will have a favorable impact globally, market growth will be tempered somewhat by poor reimbursement and reimbursement cuts in some countries," said MRG Lead Analyst Deanna Edmunds. "This will cause device prices to fall in certain countries as facilities place increased pressure on manufacturers. In addition, there will be a continued need for long-term clinical data, including comparative effectiveness data in relation to spinal fusions."
Millennium Research Group's Global Markets for Spinal Nonfusion Devices 2014 report includes unit, procedure, average selling price and revenue information, along with market drivers and limiters and a competitive landscape for interspinous process decompression devices, pedicle screw-based dynamic stabilization systems, facet arthroplasty devices, cervical artificial discs, lumbar artificial discs, nuclear disc prostheses and annulus repair devices in the United States, France, Germany, Italy, Spain, the United Kingdom, Australia, Japan, South Korea, Brazil, India and China.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
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SOURCE Millennium Research Group