Spinal Devices Market Size to Reach USD 15.74 Billion by 2026, Increasing Healthcare Expenditure in Emerging Nations to Fuel Growth

The global spinal devices market size is projected to reach USD 15.74 Billion by 2026. The market is expected to showcase a remarkable growth owing to a rise in the governmental spending for spine treatment. This information is published in a report by Fortune Business Insights, titled, “Spinal Devices Market Size, Share & Industry Analysis, By Product Type (Fusion Devices (Cervical Devices, Thoracolumbar Devices, Interbody Devices, and Biologics), Non-Fusion Devices (Vertebral Compression Fracture Devices, Artificial Discs, Dynamic Stabilization Devices, and Others), and Stimulation Devices) By Disease Indication (Degenerative Disc Disease, Complex Deformity, Traumas & Fractures, and Others), By End User (Hospitals & Ambulatory Surgery Centers, Specialty Clinics and Others) and Regional Forecast, 2019-2026.” The report further states that the market was valued at USD 11.59 Billion in 2018. However, it will exhibit a CAGR of 3.9% during the forecast period (2019-2026).

Fusion Devices Segment to Lead Owing to Increasing Number of Spinal Fusion Surgeries

In terms of product type, the market is grouped into fusion devices, stimulation devices, and non-fusion devices. In the year 2018, the fusion devices segment had acquired a spinal devices market share of 54.9%. The segment is anticipated to lead the market in the coming years owing to the availability of several spinal fusion solutions and a rising number of spinal fusion surgeries. The fusion devices segment consists of numerous sub-segments that include biologics, interbody devices, thoracolumbar devices, and cervical devices. Out of these, the biologics sub-segment will exhibit significant growth. The rising utilization of biologics in orthopedic surgeries, as well as increasing research activities on orthobiologics, are two of the spinal devices market trends that will affect this segment positively.

Hospitals & Ambulatory Surgery Centers Segment to Expand Owing to Rising Adoption of Software Solutions  

The hospitals and ambulatory surgery centers segment in the end-users is expected to lead the market throughout the forecast period. This growth is attributable to the swift adoption of spine navigation software solutions and favorable health reimbursement for spinal procedures. As per an article published in the Neurosurgery Journal, spinal surgery can save around USD 14 Million annually in the ambulatory surgery centers. Moreover, the specialty clinics segment will grow rapidly owing to the rising outpatient spinal surgery as well as an increasing number of spine surgeons.

To get a detailed report summary and research scope of this market, click here

https://www.fortunebusinessinsights.com/industry-reports/spinal-devices-market-100592

North America to Dominate: Rising Strategic Collaborations and Product Launches to Favor Growth 

In 2018, North America had procured a revenue of USD 5.54 Billion and it is likely to dominate the market during the forthcoming period. The growth is likely to occur because of the rising research on biologics, new product launches, and strategic collaborations between prominent organizations. In the Middle East and Africa and Latin America, several factors are currently augmenting the market. Increasing healthcare expenditure, broadening of distribution networks of renowned players, and technological advancements are a few of them.

Asia Pacific, on the other hand, is at present, showcasing a high demand for orthopedic spine devices owing to the increasing incidence of lower back pain and degenerative diseases. Also, a rise in the geriatric population would also propel growth. The Australian Bureau of Statistics 2017–18 National Health Survey declared that around 16% of the total population in Australia suffer from back problems. It accounts for approximately 4.0 Million people. It is projected to drive the spinal devices market growth in this region.

Fortune Business Insights provides the names of some of the most reputed organizations operating in the spinal devices market. They are Alphatec Spine, Inc., Medtronic, NuVasive, Inc., Aesculap, Inc. (B. Braun Melsungen AG), Stryker, RTI Surgical Holdings, Inc., Zimmer Biomet, Globus Medical, DePuy Synthes (Johnson & Johnson Services, Inc.), and other key market players.

The global spinal devices market can be segmented into: