Spine Surgery Device Market to Reach Almost $15 Billion in 2017

Markets and Markets, a market research company based in Dallas, Texas, has released a new report titled “Spine Surgery Devices Market Forecasts to 2017—Global Trends & Competitive Analysis.” The report analyzes and studies the major market drivers, restraints, and opportunities for spine surgery devices in North America, Europe, the Asia-Pacific, and the rest of the world.

The forecast period covered in the report is 2012 to 2017, during which time the spine surgery devices market is expected to grow at a compounded annual growth rate of 5.1 percent. In 2012, the market was valued at $11.5 billion. By 2017, that is projected to reach $14.8 billion.

The market is broadly segmented into classes including fusion, non-fusion, spinal decompression, vertebral compression fracture treatment products and spine biologics. The fusion category can be divided into spine fusion and fixation and spinal bone stimulators. The non-fusion segment consists of motion preservation technologies such as dynamic stabilization, artificial discs, annual repair, and nucleus replacement. Spinal decompression segment consists of niche markets such as corpectomy, disectomy, foraminotomy/forminectomy and laminotomy/laminectomy. Vertebral compression factures treatment category includes market for vertebroplasty and kyphoplasty kits. Allografts, bone morphonenetic proteins, demineralized bone matrix, bone substitutes and machined bones, together contribute to overall category of spine biologics.

According to the report, increasing aging populations, technological advancements, rising industry players and increasing demand for minimally invasive surgical procedures are the major drivers slated to propel the spine surgery device market. However, the pricing pressures, economic slowdown and unstable reimbursement policies will restrict the growth of this market to a certain extent.

In 2012, North America is estimated to contribute to the largest market share of the global spinal implants and surgical equipment market, followed by Europe. However, the Asian countries represent the fastest growing markets due to large population, growing physicians and patient awareness about the new technologies, improving reimbursement coverage, booming medical tourism and increased purchasing power of hospitals. Moreover, economic slowdown, pricing pressures and cumbersome regulatory procedures in mature countries will compel the companies to focus on the Asian markets.