A new report from MarketsandMarkets shows the spinal biologics market is expected to grow over the next five years.
Here are five key notes:
1. The market was valued at $1.9 billion in 2014 and expected to grow at a compound annual growth rate of 4.4 percent through 2020 to reach $2.4 billion.
2. The rise in aging population, obesity and demand for minimally invasive procedures is driving the increased demand for spinal biologics. The increased healthcare expenditure in the Asia region — as well as globally — also contributed to market growth.
3. The spinal biologics market constitutes 33.5 percent of the global spinal implants and spinal devices market.
4. North American contributed to the largest share of the global spinal biologics market, dominated by the United States. Europe was the second largest market for spinal biologics with Germany taking the lead.
5. Roadblocks in the market include high costs and lack of awareness about the procedures. Stringent regulatory guidelines are also a hindrance to growth.
6. Key players in the market include Medtronic, DePuy Synthes, Zimmer Biomet, NuVasive, Stryker, Orthofix, K2M, Exactech and others.