U.S. Spinal Implant Market to Reach $6.4 Billion by 2024

The U.S. spinal implant market is rebounding strongly.

Valued at more than $5 billion in 2015, the American spinal implant market will grow to $6.4 billion over the next 10 years, representing a compound annual growth rate of 2.4 percent, according to a Q2 Metrics report.

The U.S. spinal implant market is a mature sector with its largest product segments — traditional anterior cervical plating and posterior thoracolumbar pedicle screw fixation — featuring largely commoditized products and a lack of product innovation, the report states. Combined with ever-mounting pricing pressure from multiple points along the supply chain, steady pricing decreases are expected in most segments of the spinal implant market through 2024, Q2 analysts predict. But shifts in procedure and product mix to premium-priced artificial discs, plate/cage hybrid devices with integrated screw fixation, and minimally invasive alternatives will help offset declining unit prices, they note. The main beneficiaries of these shifts in the short term are Medtronic Spinal and Biologics and DePuy Synthes Spine — as well as pure-play spine companies with a noted focus and strength in these growing segments, including Nuvasive), Globus Medical, and LDR Medical.

“We’re seeing strong momentum in both hospital and physician reimbursement for artificial discs, which will help drive double-digit growth in this segment over the next ten years,” said Q2 Metrics President Aaron Dickson. “And while the thoracolumbar market has been hardest hit by pricing pressures, premium-priced LLIF and TLIF devices continue to cannibalize their ALIF and PLIF counterparts, helping drive a greater than $1 billion growth in this segment by 2024.”

Q2 Metrics provides market intelligence and insight to the global healthcare sector. The Toronto, Ontario-based company provides its specialized market expertise through physician profiling metrics and tools, physician and facility volumetric data, market segmentation and forecast studies, and real-time facility audits.