A Pivotal Analysis of The Spinal Implants And Surgery Devices Market. The medical equipment that is used for the treatment of spinal illnesses and abnormalities is known as spinal implants. These types of implants are available in the form of two types: fusion & non-fusion implants made up of biocompatible materials. Materials such as titanium-alloy, plates, screws, stainless steel rods, and interbody cages are used for spinal fusion devices, the materials such as expandable rods and artificial discs are used for spinal non-fusion devices. Out of these materials, the Titanium spinal implants are regarded as the most durable ones that last for more than 20 years.
In 2020, the Spinal Implants and Surgery Devices Market share accounted for US$10.86 Bn. It is predicted to reach a landmark of around US$16.33 Bn by 2028, representing a CAGR of approximately 5.23 % throughout the period of 2020-2028.
The rising prevalence of traumatic fractures, scoliosis, Spondylolisthesis, chronic degenerative disc disease, and several other spinal instability problems are significantly driving the overall market growth throughout the estimated time frame. Also, some of the important surgical methods such as neurostimulator implant surgeries, spine surgery technologies, artificial disk replacement, vertiflex implant, Robot-assisted surgery, intraoperative fluoroscopy, lumbar surgery, Preoperative computed tomography, etc. are accelerating the overall market growth adequately across the globe.
The North American region dominated the market comprehensively for spinal implants & surgical devices. It is because of the region’s strong patient awareness, reimbursement systems, and highly advanced healthcare infrastructure. As per Becker’s Spine Review, in the United States, American surgeons perform approximately 1.62 Mn instrumented spinal fusions per year. However, the APAC region is anticipated to increase at the quickest rate during the forecasted period due to the healthcare infrastructure’s various improvisations, the acceptance of insurance coverage, and improved reimbursement scenarios in numerous APAC nations. In 2019, Japan accounted for approximately 1/3 rd. of the entire APAC market.
The key market players are continuously competing amongst themselves to obtain a significant edge over each other throughout the estimated time period. Some of the well-known market players include Globus Medical, Abbott Laboratories, Orthofix Medical, B. Braun (B. Braun Holding GmbH & Co. KG), Zimmer Biomet Holdings, Medtronic, Boston Scientific, Depuy Synthes (Johnson & Johnson), Stryker Corporation, Exactech Inc. (Choice Spine), Nuvasive Inc. (Smith & Nephew Plc), etc.
- Abbott Laboratories successfully announced its launching of the ProclaimTM SCS System to adequately deliver Abbott’s proprietary BurstDR and tonic stimulation waveform. This, in turn, would help spinal surgeons treat their patients more accurately.
- ZIMMER BIOMET launched its highly advanced Alpine XC Adjustable Fusion System that provides an accurate measurement of the sizing adjustments during the conduction of the interspinous approach and optimizes the surgical procedures, which in turn is speeding up the market growth significantly.
- Medtronic finally was successful in buying Stimgenics, a privately held firm based in the USA that invented a revolutionary SCS (spinal cord stimulation) waveform to ease the process of spinal surgeries.
Using all these pivotal techniques framed by the reputed global organizations will significantly lead to a highly advanced and cost-effective spinal surgery that will provide huge opportunities for market growth in the upcoming years. A Pivotal Analysis of The Spinal Implants And Surgery Devices Market.
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