Spine device manufacturers are also working towards offering better spinal imaging technology for sharper images. Effective in chronic pain conditions, spinal cord stimulation therapy is on a rise, hence, manufacturers are developing spinal cord stimulator devices that can reduce the risk of thermal tissue damage and are compatible with magnetic resonance imaging. Companies are also working on stem cell technology and its use in the spine.
According to the latest report by Fact.MR, the global spine devices market is expected to witness massive growth, registering 7.1 percent annually during the forecast period, 2017 to 2022. Owing to an aging population, occupational posture, obesity, etc., spinal diseases are growing rapidly. Hence, spine surgery has also undergone a significant change, with new spine devices being developed to decompress and stabilize the spine. Following insights show how the global spine devices market will perform in the next five years.
Four Forecast Highlights on Global Spine Devices Market
North America is projected to remain dominant in the global spine devices market throughout the forecast period from 2017 to 2022. The market is anticipated to witness the robust growth, reaching close to $2.9 billion revenues by the end of 2022. Owing to the availability of healthcare infrastructure and increase in investment by the government to improve healthcare across the region, North America is expected to emerge as the biggest market for spine devices.
Asia Pacific Excluding Japan (APEJ) spine devices market is expected to experience impressive growth through 2022. The rise in a number of accidents resulting in spine injury, improving lifestyle and an aging population are some of the factors boosting the growth of APEJ spine devices market.
Spinal plates will emerge as one of the most-preferred spine devices. Towards the end of 2017, Spinal plates are projected to gain nearly one-fourth of the revenue share. Meanwhile, spinal screws will also witness healthy growth, reaching nearly $1.5 billion revenue by 2022 end.
Compared to orthopedic clinics as the end user of spine devices, hospitals will emerge as the biggest users of spine devices. Towards the end of 2022, Hospitals as the end user are projected to surpass $5.6 billion revenue. Hospitals are also expected to account for more than two-third revenue share on global revenues by the end of 2017.
The report has also profiled leading players in the global market for spine devices, which will remain active through 2022. These include companies such as NuVasive Inc., Exactech Inc., DePuy Synthes, Braun Melsungen AG., Amedica Corporation, Arthrocare, K2M Group Holding Inc., Medtronic Plc., Zimmer Biomet Holdings Inc., and Stryker Corporation.
Fact.MR is a market research firm that offers a suite of syndicated and customized market research reports.