Market Size of Spinal Implants and Surgical Devices Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 5.60 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Spinal Implants and Surgical Devices Market Analysis
The Spinal Implants and Surgical Devices Market is projected to register a CAGR of 5.6% during the forecast period.
The COVID-19 pandemic had a notable impact on the market which resulted in the cancellation of spinal surgeries to manage, and many hospitals are facing a shortage of professionals to assist with these surgeries. For instance, the NCBI article published in December 2021 reported that over one-third of elective spine surgeries were canceled due to COVID-19. Additionally, the Cureus article published in March 2022 reported that relative search volume for lumbar fusion, lumbar fusion surgery, and lumbar spinal fusion declined during the COVID period by 23%, 15.6%, and 5.4%. Such a decline in spinal surgeries during the outbreak of the pandemic had a significant impact on the growth of the market. However, the resumption of all elective surgeries, including spinal surgeries, during the post-pandemic period is expected to drive the market's growth during the pandemic period.
The spinal implants and surgical devices market is primarily driven by the increasing burden of spinal disorders, rising demand for minimally-invasive surgeries, and technological advancements in bone grafting products.
For instance, the article published in NCBI in October 2021 mentioned that the global incidence of traumatic spinal fractures was 10.5 per 100,000 persons, with an estimated 768,473 new cases of spinal injury annually worldwide. Also, another NCBI article published in November 2022 mentioned that in younger patients, about 50% of spine fractures were due to motor vehicle collisions, with another 25% being due to falls. The report also mentioned that the annual incidence of vertebral compression fracture was 10.7 per 1000 women and 5.7 per 1000 men globally. Similarly, according to Spinal Injury Association United Kingdom 2021, about 2500 people are injured or diagnosed with spinal cord injuries every year, and an estimated 50,000 people are living with spinal cord injuries in the United Kingdom. Such a high incidence of spinal injuries, disorders, and fractures among the global population is expected to drive the demand for spinal implants and surgical devices, thereby contributing to the market's growth over the forecast period.
On the other hand, the rising key players' strategies, such as acquisitions and mergers to develop advanced products, are expected to contribute to the growth of the market. For instance, in February 2021, NuVasive, Inc. acquired Simplify Medical, a privately held company and developer of the Simplify Cervical Artificial Disc (Simplify Disc) for cervical total disc replacement (cTDR).
Thus, the increasing incidence of spinal injuries, fractures, and disorders, along with increasing demand for suitable spinal implants and advanced devices, are expected to drive the market's growth over the forecast period. However, the high cost of the procedures and stringent regulatory approval procedures are likely to hinder market growth.
Spinal Implants and Surgical Devices Industry Segmentation
As per the scope of the report, spinal implants are used in surgeries to treat spinal deformities, such as isthmic spondylolisthesis and spinal stenosis. Most spinal implants are generally made of metals.
The Spinal Implants and Surgical Devices Market is segmented by Technology (Spinal Fusion and Fixation Technologies, Vertebral Compression Fracture Treatment, Motion Preservation/Non-fusion Technologies, and Other Technologies), Product (Thoracic Fusion and Lumbar Fusion Devices, Cervical Fusion Devices, Vertebral Compression Fracture Treatment Devices, Spinal Biologics, Non-fusion Devices, Spine Bone Stimulators, and Other Products), Type of Surgery (Open Surgery, and Minimally-invasive Surgery), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (USD million) for the above segments.
By Technology | |
Spinal Fusion and Fixation Technologies | |
Vertebral Compression Fracture Treatment | |
Motion Preservation/Non-fusion Technologies | |
Other Technologies |
By Product | |
Thoracic Fusion and Lumbar Fusion Devices | |
Cervical Fusion Devices | |
Vertebral Compression Fracture Treatment Devices | |
Spinal Biologics | |
Non-fusion Devices | |
Spine Bone Stimulators | |
Other Products |
By Type of Surgery | |
Open Surgery | |
Minimally-invasive Surgery |
Geography | ||||||||
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Spinal Implants and Surgical Devices Market Size Summary
The Spinal Implants and Surgical Devices Market is anticipated to experience steady growth over the forecast period, driven by the increasing prevalence of spinal disorders and the rising demand for minimally invasive surgical procedures. The market's expansion is further supported by technological advancements in bone grafting products and the strategic initiatives of key players, such as mergers and acquisitions aimed at developing advanced spinal solutions. The resumption of elective surgeries post-COVID-19 is expected to bolster market growth, as the pandemic had previously led to a significant decline in spinal surgeries due to cancellations and professional shortages. Despite the high costs and stringent regulatory approvals posing challenges, the market is poised for growth, fueled by the demand for effective surgical options and the development of innovative minimally invasive techniques.
Regionally, North America is projected to hold a significant share of the spinal implants and surgical devices market, driven by technological advancements, a high incidence of spinal injuries, and favorable reimbursement models. The region's growth is further supported by increased funding for spinal injury treatments and the approval of new products, such as the Evoke and Senza Spinal Cord Stimulation systems. The market is moderately competitive, with major players focusing on technological innovations and cost reduction. Companies like Medtronic, Stryker Corporation, and Zimmer Biomet are key contributors to the market landscape, actively launching new products to meet the growing demand for spinal implants and surgical devices.
Spinal Implants and Surgical Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Burden of Spinal Disorders
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1.2.2 Rising Demand for Minimally-Invasive Surgeries
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1.2.3 Technological Advancements in Bone Grafting Products
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1.3 Market Restraints
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1.3.1 High Cost of the Procedures
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1.3.2 Stringent Regulatory Approval Procedure
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Technology
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2.1.1 Spinal Fusion and Fixation Technologies
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2.1.2 Vertebral Compression Fracture Treatment
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2.1.3 Motion Preservation/Non-fusion Technologies
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2.1.4 Other Technologies
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2.2 By Product
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2.2.1 Thoracic Fusion and Lumbar Fusion Devices
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2.2.2 Cervical Fusion Devices
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2.2.3 Vertebral Compression Fracture Treatment Devices
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2.2.4 Spinal Biologics
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2.2.5 Non-fusion Devices
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2.2.6 Spine Bone Stimulators
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2.2.7 Other Products
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2.3 By Type of Surgery
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2.3.1 Open Surgery
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2.3.2 Minimally-invasive Surgery
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle East and Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle East and Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Spinal Implants and Surgical Devices Market Size FAQs
What is the current Spinal Implants and Surgical Devices Market size?
The Spinal Implants and Surgical Devices Market is projected to register a CAGR of 5.60% during the forecast period (2024-2029)
Who are the key players in Spinal Implants and Surgical Devices Market?
Medtronic, Stryker Corporation, Depuy Synthes (Johnson & Johnson), Alphatec Spine Inc. and Zimmer Biomet are the major companies operating in the Spinal Implants and Surgical Devices Market.