The global spinal surgery device market is expected to register a CAGR of 5.3% during the forecast period of 2018–2023. North America is anticipated to dominate the market during the forecast period owing to the rising incidence of spinal disorders and injuries in this region.
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Rising Incidences of Obesity and Degenerative Spinal Conditions
The rising incidences of obesity and degenerative spinal conditions are some of the major factors contributing to the growth of the global spinal surgery devices market. According to WHO, in 2016 more than 1.9 billion adults were overweight out of which 650 million were obese. It has also been reported that approximately 39% of adults were overweight in 2016 and 13% were obese. These numbers are further expected to increase with changing lifestyle and food consumption methods in developed countries. Since, the probability of people suffering from spinal problems increases in obese population, with an increase in obesity the degenerative spinal conditions is also expected to increase.
Additionally, increasing number of technological advances in spinal surgery and surging adoption of minimally invasive spinal surgeries are further driving the market for spinal surgery device.
Stringent Regulatory Process for New Product Approval
The process and cost associated with the FDA approval for spinal surgical devices is lengthy and high as it involves clinical and preclinical data for the surgery device. Class III devices and technologies, or devices without a substantially equivalent precedent, require a rigorous process of evaluation for which the FDA demands preclinical as well as clinical data with manufacturing and biochemical data. Examples of Class III spinal devices include artificial disk replacement devices, prosthetic nuclear replacements, and recombinant bone morphogenetic proteins (BMPs). The premarket approval process is rigorous and results in providing the practitioner useful data on efficacy as well as safety. There are certain products and devices used in spine surgery for which the FDA has limited oversight and regulatory role. Additionally, expensive treatment procedures may impede the market.
North America to Dominate the Market
North America dominates the spinal surgery device market. The factors attributing to the growth of this region are rising obesity and prevalence of spinal disorders, and growing adoption of newly developed spine treatment techniques and devices in the region. Asia-Pacific is anticipated to grow tremendously during the forecast period owing to factors, such as a rising healthcare expenditure in developing nations owing to the growing income levels, increasing government funding, and the presence of a large patient population.
Key Developments in the Market
- January 2018: RTI Surgical, Inc. acquired Zyga Technology, Inc. to expand its spine franchise portfolio and accelerate the growth of the company.
- October 2017: Stryker Corporation acquired VEXIM, a French medical device company, specializes in the development and sale of vertebral compression fracture (VCF) solutions.
Major players- ALPHATEC SPINE INC, DEPUYSYNTHES SPINE, INC., JOHNSON & JOHNSON, GLOBUS MEDICAL INC., K2M, GROUP HOLDINGS, INC., MEDTRONIC PLC, NUVASIVE, INC., SEASPINE, SPINEGUARD SA, STRYKER CORPORATION, AND ZIMMER HOLDINGS, INC., amongst others.
Reasons to Purchase the Report
- Follow the current and future global spinal surgery device market in the developed and emerging markets.
- Analysis of various perspectives of the market with the help of Porter’s Five Forces Analysis.
- Identify the segment that is expected to dominate the market.
- Identify the regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares, and strategies employed by the major market players.
- 3 months analyst support, along with the Market Estimate sheet (in Excel).
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Alphatec Spine Inc, Depuysynthes Spine, Inc., Johnson & Johnson, Globus Medical Inc., K2M, Group Holdings, Inc., Medtronic Plc, Nuvasive, Inc., Seaspine, Spineguard Sa, Stryker Corporation, Zimmer Holdings, Inc.
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