The global spinal implants market is expected to grow at a 5.5 percent compound annual growth rate between 2017 and 2023, according to a Market Research Future report.
Five things to know:
1. Spinal fusion devices are expected to occupy the largest market share.
2. Open surgeries are anticipated to occupy a larger market share than minimally invasive surgeries, but minimally invasive surgeries are expected to expand at a faster rate.
3. The increasing demand for movement preservation surgeries is also expected to influence the market growth. Additionally, the growing number of outpatient ambulatory surgical centers offering less invasive spinal implant procedures along with faster recovery is expected to positively influence the market.
4. Strict regulatory guidelines for medical device approval, high procedure costs and lack of reimbursement policies — particularly in developing economies — may hinder market growth.
5. Among all regions, the United States is predicted to dominate the global spinal implant market, with Europe occupying the second largest market share.