The global spinal implants and devices market is expected to grow at a compound annual growth rate of 5.6 percent between 2015 and 2020, based on a Market Report World analysis, according to medGadget.
Here are seven insights:
1. An increasing demand of minimally invasive spine surgeries, growing aging population, a rising number of spine deformity cases and increasing technological advancements will drive the global spinal implants and devices market.
2. Within the market, the spinal fusion and fixation technology segment will capture the largest share.
3. The motion preservation/non-fusion technology segment will witness the highest CAGR. This is due to the increasing popularity of non-fusion surgeries over traditional surgeries.
4. North America will continue to dominate the global market, accounting for 64.9 percent of the market. Europe follows with the second largest market share.
5. Asia Pacific will likely witness the highest CAGR of 8.2 percent in the period.
6. A rising number of obesity cases, increasing government healthcare spending and rising income levels will spur the spinal implants and devices market in Asia Pacific.
7. Medtronic and DePuy Synthes dominate the global spinal implants and devices market. Together, the companies capture a 47.4 percent global market share.