According to the American Association of Neurological Surgeons, around 75 percent of individuals experience back pain. This prevalence of back pain has helped expand the spine surgery device market, according to TMR Research.
Here are five things to know about the market.
1. The spine devices market is anticipated to experience significant growth due to an aging population as well as an increased number of patients suffering from chronic back pain.
2. Increased awareness, robotic services and minimally invasive surgery techniques will fuel expansion as well.
3. The market need to overcome price concerns and unstable reimbursement policies in order to see continuous market growth.
4. North America holds the largest share of the market followed by Europe. However, Asia represents the fastest growing market.
5. Major market competitors include Medtronic, Stryker, NuVasive, DePuy Synthes, Globus Medical, K2M, Zimmer Biomet and Exactech.