The global spinal implants market was valued at US$ XX Mn in the year 2018 and is expected to reach US$ XX Mn by the year 2026, growing at a CAGR of 5.3% during the forecast period. Spinal implants are medical devices that are used in spinal surgeries to treat spinal disorders such as degenerative disc disease, kyphosis, scoliosis, and spondylolisthesis.
One of the major factors to drive the growth of the global spinal implants market is the increasing incidence of spinal disorders. Around 403 million individuals globally are diagnosed with degenerative disc diseases and 103 million people with spinal stenosis annually. The global burden of spinal diseases is increasing. Low back pain is the single leading cause of disability worldwide.
Apart from this, technological advancements in spinal surgeries, coupled with the rising demand for minimally invasive surgeries, is expected to drive the global spinal implants market. More recently, 3D printed implants are also being tested for use. These implants can be more intricately designed and therefore, they will provide better surgical outcomes. This will also drive the growth of the global spinal implants market.
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However, stringent regulatory policies for the approval of spinal implants, coupled with the high cost of treatment, are expected to impede the growth of the market. According to the Agency for Healthcare Research and Quality (AHRQ), in 2014, spinal fusion surgeries were the most expensive surgical procedures. The uncertainty in reimbursement is also expected to hinder the growth of the market.
North America held over 40% share in the global spinal implants market. A high level of awareness about spinal surgeries, coupled with the increasing adoption of technologically-advanced products, is expected to drive the growth of the spinal implants market. However, Asia-Pacific is expected to grow at a significantly high CAGR during the forecast period.
The major players operating in the spinal implants market are DePuy Synthes (US), B. Braun Melsungen AG (Germany), Globus Medical Inc. (US), Exactech, Inc. (US), K2M Group Holdings, Inc. (US), NuVasive, Inc. (US), Medtronic Plc (Ireland), Orthofix International N.V. (US), Zimmer Biomet (US), and Stryker Corporation (US), amongst others. Most of these companies are focusing on new product launches and mergers and acquisitions as major strategies to retain their market share.