The global spinal implants market is slated to hit $19.54 billion by 2024, according to a Grand View Research report.
Here are eight observations:
1. The increasing number of spinal injuries, rising number of obesity cases and growing adoption of sedentary lifestyles will drive market growth.
2. Also, advancements in the areas of image-based spinal navigation, titanium biologics and genetically modified bone morphogenetic proteins will spur market growth.
3. The increasing cost of spinal implants as well as procedural costs will hinder market growth, however.
4. Minimally invasive spine surgeries and bone growth stimulators offer less-expensive alternatives, thus, driving market growth.
5. Although the spinal fusion devices segment captured a 38 percent market share in 2015, the spinal biologics segment will see the fastest compound annual growth rate of 7 percent to 2024. This growth is due to the increase in minimally invasive procedures.
6. In 2015, North America dominated the space with a 63 percent market share. Advanced healthcare infrastructure, favorable reimbursements and a large patient population with spinal disorders will continue this region's market dominance.
7. The Asia-Pacific region will witness the fastest market growth, because of the introduction of medical technologies and development of low-cost implants.
8. Key market players include Medtronic, Depuy Synthes, Stryker, NuVasive, Zimmer Biomet, Globus Medical, Orthofix International and LDR.