The global spine device market is always changing, and a new report from ResearchMoz examines where trends are headed in the future.
Here are 10 trends from the new report:
1. The market remains strong despite challenges in changing healthcare environments, including healthcare reform in the United States and increased scrutiny on spine surgery reimbursement.
2. The United States is still the largest geographic market for spinal fusions, which continue to show clinical success for appropriately indicated patients. Spinal fusion is one of the most frequently performed procedures in the United States.
3. Leading players in the market are Medtronic, Johnson & Johnson and Stryker, but they continue to lose market share to smaller players including NuVasive and Globus Medical.
4. New product development, innovation and surgeon choice will change the competitive dynamics of the industry in the future, potentially leading to new market leaders.
5. There are still unmet needs in the market, and new minimally invasive surgery innovations will have a positive impact on the market because they make complicated procedures easier than before.
6. The advantages of minimally invasive technology driving adoption include:
• Shorter recovery time
• Shorter scar length
• Low infection risk
• Less bleeding
• Shorter hospital stays
7. Continued growth is expected in the spine market over the long term because there is an increasing demand for motion preservation technologies.
8. There is also an increasing use of implants during spine surgery.
9. New companies are entering the market every year, another indicator of the market's success and future growth potential.
10. Small companies are expected to continue to enter the market with their own unique and innovative products for various areas of the spine industry.