Competitors in the spine devices market are expected to see $3 billion in emerging opportunity through 2022, according to a Fact.MR report. Along with the opportunities, the market is expected to register a 7.1 percent compound annual growth rate during the forecast period.
Five things to know:
1. North America will remain dominate in the global spine devices market through the forecast period. By 2022, North America is expected to reach close to $2.9 billion in revenue. This is attributed to the availability of healthcare infrastructure and increasing healthcare investments.
2. Asia Pacific, excluding Japan, is expected to see significant growth due to the rise in the number of accidents, improving lifestyle and aging population.
3. Within the market, spinal plates will emerge as one of the most preferred spine devices. Spinal screws are also expected to witness health growth, reaching $1.5 billion in revenue by 2022.
4. Hospitals will be the biggest users of spine devices. Near the end of 2022, hospitals as the end user are projected to surpass $5.6 billion in revenue. Hospitals also accounted for more than two-thirds of the revenue share in 2017.
5. Key market players include NuVasive, Exactech, DePuy Synthes, Medtronic, Zimmer Biomet and Stryker.