The
global Spinal Implants And Spinal Devices Market is
expected to reach over USD 19.54 billion by 2024 according to a new report by
Grand View Research, Inc.
The
key drivers of the market include the rising number of spinal injuries,
increasing trend in the adoption of sedentary lifestyles, postural defects
stemming from bad posture habits at work and while driving, and a large number
of people suffering from obesity. In addition to the above, the introduction of
the image-based spinal navigation technology, the evolution of titanium
biologics, and the ongoing research on the genetically modified bone
morphogenetic proteins are also expected to positively reinforce the market
growth.
Moreover,
the increase in the geriatric population base prone to spinal disorders due to
the lack of proper diet and exercise and declining bone density are also
expected to fuel the market expansion over the forecast period.
The
rising cost of spinal implants and procedural costs are a major concern across
the globe and this factor is identified as a large strain on the emerging and
low-income economies. Therefore, the introduction of novel bone growth
stimulators and the increasing adoption of Minimally-Invasive Surgeries (MIS)
surgeries that are relatively less-expensive are expected to propel the usage
of spinal implants and devices over the forecast period.
With
favorable government initiatives being advanced and the increasing number of
investments being made by various private organizations is providing the thrust
to the R&D activities pertaining to new product development and new
treatment methods.
For
instance, the American Academy of Orthopedic Surgeons and the North American
Spine Foundation, both contribute towards the growth of the spinal implants and
devices market through R&D funding activities and training programs for
physicians globally.
Browse
Details of Report @ http://www.grandviewresearch.com/industry-analysis/spinal-implants-spinal-devices-market
Further
key findings from the study suggest:
- In 2015, the spinal fusion
devices segment accounted for the largest share of over 38% as these are
the most commonly used devices for the treatment of various conditions,
such as spine stenosis, spondylolisthesis, and scoliosis. However, the
spinal biologics segment is expected to emerge as the fastest growing with
a CAGR of 7% due to the growing usage of minimally invasive and
non-invasive procedures.
- In 2015, North America
held the largest share of the spinal implants and devices market
accounting for nearly 63%. The presence of advanced healthcare facilities,
strong reimbursement support, and a large number of people suffering with
spinal disorders are some of the major factors accounting for this
region’s dominance.
- Asia Pacific is expected
to be the fastest growing market due to the proliferation of the latest
medical technologies andthe development of low-cost implants coupled with
the growing medical coverage and the increasing per capita disposable
income. Moreover, the growing support from the government to expand the
healthcare services in the untapped markets is also expected to propel the
market growth in this region.
- Some key players operating
in the market are Medtronic plc, Depuy Synthes, Inc., Stryker Corporation,
NuVasive, Inc., Zimmer Biomet Holdings, Inc., Globus Medical, Inc.,
Orthofix International Holding N.V., and LDR Holding Corporation.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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