The spine devices global market is set to grow at a 7.1 percent compound annual growth rate between 2017 and 2022, according to Fact.MR.
Here are nine observations:
1. By 2022, the global market will reach about $8.4 billion.
2. An aging population, obesity and occupational posture will increase the number of spinal disease cases.
3. Vendors are developing new spine devices designed to decompress and stabilize the spine; spinal cord stimulator devices; and stem cell technology for spinal use.
4. The spinal plates segment will account for nearly one-fourth of the market's revenue by the end of 2017.
5. By 2022, the spinal screws segment will hit $1.5 billion in revenue.
6. Hospitals represent the dominant end users of spinal devices, likely exceeding $5.6 billion in revenue by 2022.
7. Key market players include NuVasive, Exactech, DePuy Synthes, Braun Melsungen, Amedica Corp., Arthrocare, K2M, Medtronic, Zimmer Biomet and Stryker Corp.
8. North America will continue to lead the space, reaching $2.9 billion in revenue by 2022, due to established healthcare infrastructure and government investment in healthcare.
9. The Asia-Pacific region will witness spine device market growth through 2022, due to an aging population and increase in spine injury.