PORTLAND, Oregon and PUNE, India, February 13, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Spinal Implants and Devices Market by Type and Surgery: Global Opportunity Analysis and Industry Forecast, 2014-2022," the spinal implants and devices market was valued at $9,741 million in 2015, and is projected to reach $13,384 million by 2022, growing at a CAGR of 4.6% from 2016 to 2022. Spinal fusion devices segment held nearly three-fifths of the total market share in 2015.
Summary of the Report can be accessed on the website at: https://www.alliedmarketresearch.com/spinal-implants-and-spinal-devices-market
Spine implants and devices are used to treat deformities and disorders related to the spine. The market has witnessed significant grown in the recent past due to the increase in government funding to support R&D for innovative spine treatment.
Advent of minimally invasive spine surgery techniques and rising incidence of spinal disorders drive the market growth. In addition, rise in geriatric population and technological developments in bone grafting products are anticipated to further drive the demand for spinal implants and devices globally. However, the unfavorable reimbursement scenario and stringent regulatory approval process are limitations that restrict the market growth.
Spinal fusion implants are expected to dominate the market throughout the analysis period, owing to various advancements such as the advent of hook, rod and screw systems, which allow surgeons to correct spinal deformities in a three-dimensional way, and the development of special plates and cages that promote spinal fusion.
Based on surgery, open spine surgery generated maximum revenue, accounting for almost two-third of the global spinal implants and devices market in 2015. However, the minimally invasive surgery market is estimated to exhibit the highest growth rate of 14.7% during the forecast period.
According to Hemali Narkhede, Manager, Healthcare Research at Allied Market Research, "Shift towards minimally invasive spine surgery (MIS) poses lucrative opportunities for key players in the spinal implants and devices market. MIS is preferred due to several benefits such as it does not involve a long cut or incision, which in turn reduces the chances of damage caused to the muscles surrounding the spine."
Spinal Implants and Devices Market Key Findings:
- In 2015, fusion implants led the overall spinal implants and devices market, and is projected to grow at a CAGR of 3.4% during the forecast period.
- Non-fusion/motion preservation segment is projected to grow at a CAGR of 10.9% during the forecast period.
- Dynamic stabilization devices segment is expected to grow at a significant CAGR of 10.9%, owing to the use of flexible materials during dynamic stabilization procedure that helps to retain mobility in the spine.
- Balloon kyphoplasty occupied nearly four-fifth of the global vertebral compression fracture devices market in 2015.
- Japan is the major shareholder, accounting for almost one-third of the Asia-Pacific spinal implants and devices market in 2015.
Asia-Pacific is projected to grow at the highest CAGR of 5.7% during the forecast period owing to improvement in healthcare infrastructures and rise in expenditures in emerging markets (India and China) to overcome the unmet medical needs. Technological advancements to develop cost-effective devices in these nations offer a lucrative opportunity for market growth.
The major companies profiled in the report include Alphatec Holdings, Inc., B. Braun Melsungen AG, Depuy Synthes (Johnson & Johnson), Exactech, Inc., Globus Medical, Inc., Medtronic plc, NuVasive, Inc., Orthofix International N.V., Stryker Corporation, and Zimmer Biomet Holdings, Inc.
Summary of similar reports can be viewed at: https://www.alliedmarketresearch.com/life-sciences/medical-devices-market-report
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research