Faulty statures and sitting habits are driving the growth in Global Spinal Surgery Devices Market in the forecast period, 2022-2026.
According to TechSci Research report, “Global Spinal Surgery Devices Market By Device Type (Spinal Decompression, Spinal Fusion, Fracture Repair Devices, Arthroplasty Devices, Non-fusion Devices) By Surgery Type (Open v/s Minimally Invasive Surgery (MIS)) By End User (Hospitals & Clinics, Ambulatory Care Centers, Others) By Region, Competition Forecast & Opportunities, 2026”, the global spinal surgery devices market may potentially project an impressive growth in the forecast period, 2022-2026, with an impressive CAGR on the account of rising number of road accidents that lead to spinal rupture or spinal trauma.
Moreover, the instances of accidental spinal injuries and related diseases is also expected to support the growth of the market in the upcoming five years. Also, geriatric population is rising globally, and they are more susceptible to the spinal deformities and spinal injuries, thereby driving the growth of the global spinal surgery devices market in the next five years.
Technological advancement aided with the government funding is expected to flood the market in these years once the clinical trials are successfully conducted. Market players are keenly providing the advanced technology in the spinal surgery device that can be one of the root causes of the global spinal surgery devices market growth in the next five years.
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The global spinal surgery devices market is segmented by device type, surgery type, end user, competitional landscape, regional distribution. Based on device type, the market is further segmented into spinal decompression, spinal fusion, fracture repair devices, arthroplasty devices, and non-fusion devices. Spinal fusion is anticipated to assert its dominance over the market with the largest market shares in the future five years on the account of surge in the demand as the instances of spinal rupture are increasing at an alarming rate.
Also, the market players have provided both the anterior and posterior dynamic stabilization devices in the recent years. The clinical trials are expected to clear the medical devices soon that would raise the growth bar for the market in the forecast years. However, due to recent cases of COVID-19 many elective surgeries were postponed that put a slight restraint over the market growth. Although the release of vaccination is anticipated to restore the growth in some time. Spinal decompression is also expected to hold the significant shares in the future market on the account of increasing spinal injuries.
Based on surgery type, the market is bifurcated into open surgery and minimally invasive surgery. Open surgery is anticipated to hold the largest revenue shares of the market and assert its dominance on the account of rising instances of complicated procedures that requires open surgeries. Moreover, spinal deformities are detected in large population and the number of patients is continuously increasing therefore the market is anticipated for the impressive growth in the upcoming five years.
Also, minimally invasive surgery is expected to show significant growth in the next five years on the grounds of increasing preferences to the minimally invasive surgeries for the spinal diseases. Also, the technologically advanced devices have made it feasible for the complicated surgeries to be carried out by the spinal surgical devices that access the sites with minimally invasive path thereby aiding the consumer demand of painless surgery option along with considerably lowering the infection risks.
Holding the major shares of the global spinal surgery devices market are Stryker Corporation, Johnson & Johnson (DePuy Synthes), Zimmer Biomet Holdings, Inc., Medtronic Plc, Alphatec Spine Inc., Globus Medical Inc., Nuvasive Inc., SeaSpine Holdings Corporation, Orthofix Holdings Inc, Boston Scientific Corporation, among others. Consistent research and development have supported the developing healthcare industry.
With the evolving medical conditions and diseases, the industry is continuously in demand of better and evolving medical treatments and medical devices. Market players functioning in the market may focus their resources on the development of these technologically advanced devices to satisfy the consumer demands. New market players might require aggressive advertisement and awareness drives to introduce their product in the market. Other competitive strategies include mergers & acquisitions and new product developments.
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“Asia Pacific is a developing region that has quite a vast untapped market. With the developing medical care in the countries like India, China, the market might see the fastest growing CAGR growth in the upcoming five years. Moreover, factors like developing healthcare infrastructure, rising awareness among the population for the possibility of the surgical process to overcome the spinal difficulties along with the improving reimbursement and insurance schemes the market is expected to be the most promising market for the future five years. Whereas North America region is expected to hold the major revenue shares and dominate all other regions with the largest market for the upcoming five years. The already established healthcare is expected to drive the growth of the market. Countries like United States, and Canada are expected to experience the medical tourism that will further strengthen the growth of the market in the next five years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Global Spinal Surgery Devices Market By Device Type (Spinal Decompression, Spinal Fusion, Fracture Repair Devices, Arthroplasty Devices, Non-fusion Devices) By Surgery Type (Open v/s Minimally Invasive Surgery (MIS)) By End User (Hospitals & Clinics, Ambulatory Care Centers, Others) By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of global spinal surgery devices and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global spinal surgery devices market.
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