Spine Devices Market Size, Companies Share, Growth Analysis and Industry Statistics 2021-2031

Jun 12, 2024 - 14:02

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Spine Devices Market Size, Companies Share, Growth Analysis and Industry Statistics 2021-2031

According to Fact.MR analysis, the global spine devices market was valued at $11 billion in 2020 and is expected to reach $17 billion by 2031. The entire demand for spine goods is expected to increase at a 4.5% CAGR between 2021 and 2031.

The rapid expansion of the spine devices market can be attributed to the increased frequency of spinal injuries and diseases, a growing geriatric population, and rising demand for minimally invasive spine operations.

According to the World Health Organization (WHO), around 250,000 to 500,000 persons suffer spinal cord injuries (SCI) each year as a result of traffic accidents, falls, diseases, and violence. The increased number of cases will feed demand for spinal surgical devices.

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With ongoing breakthroughs in medical device technology, spine therapy choices are continuously changing. As a result, prominent manufacturers are working on developing next-generation spine implants and technologies.

Products in the spine device market, such as spinal cord stimulators and spine fixation devices, are gaining momentum as their applications expand. Furthermore, the spinal fusion devices market is predicted to expand significantly with the spinal plates industry.

Furthermore, the use of robotics and improved navigation technologies (computer-assisted, image-guidance) in spinal surgical operations has propelled the growth of the spine devices market. These technologies enable surgeons to insert spine devices more efficiently, accurately, and precisely. This is expected to be a positive development for the market.

Regionally, North America will be the most profitable market due to rising demand for minimally invasive spine operations, improvements in spine equipment, and the presence of major market participants.

“Ongoing technical improvements to provide advanced spine surgery devices are creating new opportunities for spine device makers. To capitalize on current prospects and remain relevant in the market, they are producing new goods that are more precise and efficient,” says a Fact.MR analyst

Key Takeaways from Spine Devices Market Survey

The United States will continue to dominate the spine devices market, owing to a well-established medical device sector and an increase in spine injuries caused by car accidents and falls.
The Asia Pacific market is forecast to develop at the quickest rate, with China and India leading the industry until 2031.
China is expected to see considerable growth during the forecast period because to its fast increasing senior population, high prevalence of spinal illnesses, and improving healthcare infrastructure.
In terms of end user, hospitals are predicted to account for the vast majority of revenue in the global market.

Key Drivers

The increasing prevalence of spine illnesses and injuries is projected to drive the spine device market.
The rising preference for minimally invasive spinal operations, as well as the acceptance of 3D printed implants, will continue to drive demand for spine devices.
Demand for spinal fusion and fixation technology is driving market expansion.

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Competitive Landscape

The leading competitors in the spine device market are focusing on developing innovative products to lessen the complexity of spinal surgeries. They have expanded its global footprint through a variety of techniques, including product approvals, mergers, partnerships, and acquisitions.

Spine Wave announced the commercial debut of the Stronghold 3D Titanium Interbody device in March 2021, which incorporates revolutionary TiCell 3D technology. The new titanium lumber interbody fusion implant is made utilizing a direct metal laser sintering (3D printing) technology to provide a unique surface designed to improve the implant's interaction and integration with bone.
In October 2021, NuVasive, Inc., the leader in spine technology innovation focused on transforming spine surgery with minimally disruptive, procedurally integrated solutions, announced the launch of the Cohere® TLIF-O implant and the upcoming launch of the Cohere TLIF-A implant later in Q4. With these new devices, NuVasive becomes the only business that provides both porous PEEK and porous titanium implants for posterior spine surgery.
Spinal Elements, a spine technology company, announced in November 2021 that the Lucent 3D Lumber Interbody System had been successfully used in its first clinical cases by Dr. Thomas Noh, Neurosurgeon at Hawaii Pacific Health and assistant clinical professor at the John A. Burns School of Medicine (JABSOM) at the University of Hawaii, and Dr. Douglas H. Musser, D.O. at Youngstown Orthopedics Associates in Canfield, Ohio.

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Some of the prominent players operating in the spine devices market profiled by Fact.MR are: