The North American spine surgery market is expected to grow over the next five years, according to a new report from Research and Markets.
Here are five key notes from the report:
1. The North American spine surgery market was valued at $7.76 billion this year and is expected to reach $11.28 billion by the end of 2020. This would be a 6.43 percent compound annual growth rate.
2. The factors driving the spine device market include:
• Increased patient safety
• More reliable surgery
• Natural movement preservation
• Preventative spinal degradation
3. A higher incidence of spinal disorders is also growing the market, and innovative techniques allow surgeons to maintain spinal mobility while treating spinal degradation. Several manufacturers are now developing motion-preservation devices, exploiting the trend.
4. There are increased clinical benefits to minimally invasive spine surgery shown in the literature. The high costs for these procedures and long duration for FDA approvals also makes an impact.
5. North America has the largest global spinal implants and surgical device market share. Reasons for this include:
• Increasing technological awareness
• Sedentary lifestyles
• Population increase
6. The analyses predicted motion preservation and spinal non-fusion procedures will be the next "big thing" in spine surgery.
7. The United States accounts for 60 percent of the market share; Canada is second with 32 percent.
8. Major players mentioned in the report include: Globus Medical, Zimmer Holdings, Medtronic, Paradigm Spine, Stryker and Alphatec Holdings.