Transparency Market Research has released a new report analyzing the implantable devices market. Here are five things to know about the market.
1. The U.S. implantable medical devices market is expected to reach $73.9 billion by 2018. It was valued at $43.1 billion in 2011, and is expected to grow at a compound annual growth rate of 8 percent from 2012 to 2018.
2. The market for these implants is influenced by demographic factors such as increase in the aging population, rise in the incidence of chronic cardiovascular and musculoskeletal diseases and per capita increase in healthcare expenditure.
3. Several recent medical device market reports have predicted increases in value. According to a MarketsandMarkets report, the spine surgery device market is expected to be worth $14.8 billion by 2017. The market was valued at $11.6 billion in 2012 and is expected to grow at a compound annual growth rate of 5.1 percent through 2017.
A report released by Market Research Reports, predicts the global medical device market will grow at a rate of 6.2 percent annually from 2014 to 2018. Between 2007 and 2013 the market increased an average annual growth of 7 percent.
4. However, a GlobalData notes spinal fusion market growth will be slow. While the number of spinal fusions has increased 77 percent from 2002 to 2011, according to the Agency for Healthcare Research and Quality, there is great pressure to perform fewer spinal fusions than in the past, and the number of procedures will be hindered by reimbursement changes. GlobalData reduced its predicted compound annual growth rate from 10 percent to 5 percent through 2020.
5. Several companies have launched or received U.S. Food and Drug Administration approval for spine implants in the last few months. OrthoPediatrics, a provider of anatomically appropriate implants for children suffering from orthopedic conditions and injuries, released its Response Spine System, and ulrich medical USA announced the U.S. market release of the tezo titanium spine implants.
AccelSPINE has received FDA clearance on its Picasso II system, which is intended to immobilize and stabilize spinal segments as a supplement to fusion during the treatment of acute and chronic instabilities or deformities of the spine.
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