Spinal Implant Market size to surpass $14 Bn by 2032

Spinal Implant Market size is anticipated to cross USD 14 billion by 2032, according to a new research report by Global Market Insights Inc.
 

The increasing prevalence of spondylosis across the globe is propelling the product demand. Spondylosis negatively affects the clinical, economic, and social condition of any country. According to the National Institute of Health (NIH), in the U.S., 80% of individuals aged 40 years and above suffer from lumbar spondylosis. In worst case scenarios, if the disease has resulted in compression of the spinal cord, a surgery is necessary to relieve the pressure. The increased prevalence and complications of spondylosis is likely to drive the adoption of spinal implants for surgery in the upcoming years.
 

High prevalence rate of spina degeneration to spur the adoption of artificial discs

Spinal implant market share from the artificial discs segment was valued at over USD 1.5 billion in 2022. Artificial discs can be categorized into cervical and lumber. The prevalence rate of spinal degeneration is around 27.3% and it is increasing with human age. Reports suggest that it is more prominent in adult females than men. It has been estimated that 266 million individuals across the globe are suffering from lumbar degenerative spine diseases. Such a high prevalence rate of degenerative disc disease and the increasing number of patients opting for surgeries is anticipated to fuel the demand for artificial discs over the forecast period.
 

Surging cases of spinal trauma to outline the market outlook

The spinal trauma segment accounted for over USD 2 billion in revenue for the regional market in 2022. The rising demand for cost-effective treatments for spinal cord injuries will contribute to the market growth. Spinal trauma or spinal cord injury is majorly caused by road accidents, sports, violence, or falls. The World Health Organization states that every year, around 250,000 to 500,000 people suffer from a spinal cord injury across the world. Surgery is considered as one of the best treatments to stabilize and fix the damaged spine. Hence, the higher number of cases of spinal trauma will favor the segmental development over the forecast period.
 

Browse key industry insights spread across 200 pages with 353 market data tables & 12 figures & charts from the report, ”Spinal Implant Market Size By Product Type (Artificial Discs {Cervical, Lumbar}, Dynamic Stabilization Devices, Spinal Fusion Implants {Rods, Pedicle Screws, Intervertebral Body Fusion Device (IBFD), Plates, Cages}), Application (Cervical, Thoracic, Lumbar), By Material (Stainless Steel, Titanium, Cobalt Chrome, Polyetheretherketone (PEEK)), By Surgery (Open Surgery, Minimally Invasive Surgery), By Indication (Spinal Trauma, Deformity), Industry Analysis Report, Regional Outlook, Type Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/spinal-implant-market
 

Growing patient preference for minimally invasive surgery (MIS) to drive product demand

The spinal implant market revenue share from the minimally invasive surgery segment was valued at over 3 billion in 2022. Post-operative complications associated with open surgery have generated the need for minimally invasive procedures. Various advantages of MIS are low infection rate, reduced pain, and less recovery time, among others. Patients also prefer MIS surgeries as they cause less blood loss, lower trauma and pain, and induce smaller skin scars.
 

Higher application scope in cervical applications to accelerate spinal implant sales

The global market demand from the cervical segment accounted for over USD 3 billion in revenue in 2022. Rising incidences of neck pain in different age groups across the globe will supplement the market outlook. Globally, the prevalence rate of cervical spondylosis is observed to be over 10%. This is mainly due to the adoption of sedentary lifestyles among young adults. Additionally, several instances of cervical pain are associated with aging and hence, an increasing geriatric population will lead to an increasing incidence rate.
 

Thriving burden of bone-related diseases to spur North America spinal implant market forecast

North America held over 60% of the spinal implant industry share in 2022. The rising incidence of spinal issues and surgeries is attributed to the increasing spinal deformity amongst the population. A recent study revealed that the annual incidence of spinal cord injury (SCI) is nearly 54 cases per one million people in the United States. The adoption of advanced spinal fusion techniques and the availability of innovative implants is anticipated to drive the regional growth.
 

Competitive landscape of the spinal implant market

Medtronic plc, Alphatec Holdings, Inc., Johnson & Johnson, Stryker, Nuvasive, Globus Medical Inc, Surgalign Holdings, SeaSpine Holdings Corporation, B. Braun Melsungen AG, ZimVie Inc. are some leading participants in the spinal implant industry. These firms are opting for a slew of inorganic strategic techniques to attract new clientele.