The worldwide spinal implant and devices market is expected to reach $15.05 billion in value in 2027, according to an Allied Market Research report published Oct. 20 by Medgadget.
Five key insights:
1. Valued at nearly $11.4 billion in 2019, the market's projected compound annual growth rate from 2020-27 is 5.7 percent.
2. In 2019, the spinal fusion implants segment led the spinal implant and devices market. The projected compound annual growth rate for this segment is 4.6 percent from 2020-27.
3. The non-fusion and motion preservation market segment is expected to witness a compound annual growth rate of 11.9 percent during the forecast period.
4. Open spine surgery was the largest revenue driver in 2019 due to the technique's increasing preference among physicians as well as rising incidence of spinal deformities among patients.
5. North America accounted for the majority of revenue in the global spinal implant and devices market in 2019. It is expected to maintain market dominance from 2020-27.