The global spinal implants and devices market is anticipated to exceed $19.54 billion by 2024, according to a Grand View Research report.
Here are seven insights:
1. An increase in the number of spinal injuries, prevalence of sedentary lifestyles, poor posture habits and an increase in the number of obese people will spur market growth.
2. Image-based spinal navigation technology, advancement of titanium biologics and research into genetically modified bone morphogenetic proteins will also serve as market drivers.
3. The costliness of spinal implants and procedures will hinder market growth, however.
4. The spinal fusion devices segment captured the largest market share in 2015 with 38 percent, due to their use in spine stenosis, spondylolisthesis and scoliosis procedures.
5. The spine biologics segment will witness the most rapid growth at a compound annual growth rate of 7 percent between 2015 and 2024.
6. North America accounted for a 63 percent market share in 2015, and the Asia-pacific region will witness significant growth because of medical technology advancements and growing medical coverage, among other reasons.
7. Medtronic, DePuy Synthes, Stryker, NuVasive, Zimmer Biomet, Globus Medical, Orthofix International and LDR dominate the market.