The spine market will continue witnessing growth as an increasing number of patients seek treatment for painful spine disorders. From spinal surgical robotics to minimally invasive spine surgery and disc replacement, the spine market is expanding in various avenues.
Learn more about spine surgery market trends at the16th Annual Future of Spine + Spine, Orthopedic & Pain Management-Driven ASC Conference in Chicago, June 14-16. Click here to learn more and register. Contact Maura Jodoin at mjodoin@beckershealthcare.com or Kristelle Khazzaka at kkhazzaka@beckershealthcare.com if interested in sponsorship or exhibiting opportunities.
Here are 15 things to know about the spine market:
Global market
1. The global spine surgery products market is expected to reach $16.7 billion by 2025, growing at a compound annual growth rate of 5.8 percent, according to a ResearchMoz report. An increase in spine surgery patients due to a growing number of spine disorder cases among the geriatric population is expanding the market.
2. Technavio reported the top four trends in the global spine surgery market today:
- Increased use of surface-modified titanium spinal implants
- Growth in volume of spinal non-fusion procedures
- Rise in popularity of physician-owned ambulatory surgery centers
- Emergence of minimally invasive sacroiliac joint fusion technique
North American market
3. In North America, the spinal surgery market is anticipated to hit $11.28 billion by 2020, based on a Healthcare Market Research report. The North American market is growing at a 6.43 percent compound annual growth rate. The U.S. consists of 60-plus percent of the North American market, and North America captures the largest global market share.
European market
4. The European spinal implants market will grow at a compound annual growth rate of 5.7 percent through 2024, according to a Data Bridge Market Research analysis. The market is estimated to reach $3.8 billion by 2024, up from $2.4 billion in 2016. Germany captures the greatest market share, owing to its technological advancements, government regulations and healthcare infrastructure. France, the U.K., Italy and Spain follow in dominance.
5. The Data Bridge Market Research analysis identified top companies in the market as Zimmer Biomet, DePuy Synthes, Stryker, Benvenue Medical, CareFusion, Medtronic, Alphatec Spine, NuVasive, Integra LifeSciences, Orthofix, Globus Medical, K2M and B. Braun Melsungen.
Asia-Pacific region market
6. The Asia-Pacific spine surgery devices market is anticipated to hit $2.22 billion by 2019, based on a MicroMarket Monitor report, according to WhaTech. The industry will grow at a compound annual growth rate of 10.5 percent between 2014 and 2019.
Minimally invasive spine surgery
7. The global minimally invasive spine surgery market will see a 7.57 percent compound annual growth rate through 2020, based on a Healthcare Market Reports analysis. Despite this growth, a dearth of experienced MIS surgeons will slow market expansion.
8. ResearchAndMarkets analysts found the MIS interbody market is trending away from posterior lumbar interbody fusion and transforaminal lumbar interbody fusion devices. The report noted a draw toward oblique lateral interbody fusion and lateral lumbar interbody fusion devices.
9. The global XLIF surgery market is poised to reach nearly $2.56 billion by 2024, according to a Reports Monitor analysis. The market was valued at $1.64 billion in 2016, and is expected to grow at a compound annual growth rate of 5.7 percent. In 2017, the XLIF interbody cages segment led the space, capturing 75.8 percent of the global market.
Disc replacement
10. The global artificial disc market will see growth through 2023, owing to an increasing geriatric population and prevalence of osteoporosis, based on a Precision Business Insights report. While North America will likely capture the largest share in the artificial disc market, the Asia-Pacific market will grow significantly due to the major rise in the geriatric population of India and China.
11. The global cervical total disc replacement device market will likely continue to grow at a compound annual growth rate of 23.1 percent through 2021, according to a Persistence Market Research report. The CTDR device market is expected to be worth $1.75 billion by 2021. North America is anticipated to continue dominating the market, with the Asian market growing at a 23.8 percent CAGR and the Latin American market growing at an 18.5 percent CAGR through 2021.
Robotics
12. The global spinal surgical robots market is worth $26 million in 2018, according to a ResearchMoz report. By 2022, the global spinal surgical robots market will likely hit $2.77 billion. Mazor Robotics dominates the market.
13. A Researchmoz report noted the growing market for SI joint procedures, and surgical robots present a great opportunity in this field. When spinal robotics achieves 35 percent of penetration in a country, spine surgeons will likely demand hospitals offer the robotic technology because outcomes will be more predictable and better.
Spinal fusion
14. The global spinal fusion devices market is expected to grow at a compound annual growth rate of 5.3 percent through 2024, reaching nearly $17.3 billion by 2024, according to an Envision Intelligence report.
15. The prevalence of severe lumbar and cervical disorders is driving the global spinal fusion market, according to a Research and Markets report. A boost in spinal diseases cases, growth in spinal fusion adoption and more technological surgical advancements will expand the market through 2021. Dominant market players include Johnson & Johnson, Medtronic, Stryker and NuVasive.