Spinal Surgery Devices Market Set to Witness Y-o-Y Growth by 2017-2025
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Most of the spinal disorders do not need surgeries but there are times when they cannot be avoided. Spinal or back pain is a debilitating medical disorder that affects a considerable amount of people every year. The low back pain or spinal pain is one of the most common, physically, psychologically and economically degrading conditions. According to American Association of Neurological Surgeons an estimated 75 to 85 percent of all Americans will experience some form of back pain during their lifetime. Intervertebral disc degeneration is one of the most common cause of back pain. The other major causes of back pain include injuries, spasms, muscle tension and ruptured disc.
Spinal surgery helps to repair spinal formation of patient with spine disorders such as disc herniation, spondylolisthesis, degenerative discs, spine deformities, trauma, scoliosis, spinal stenosis, and tumors. In such surgical processes, specially designed spinal instruments are used to correct deformities, strengthen and stabilize the spine and facilitate fusion. Most of the spinal implants are generally made of metals such as stainless steel or titanium-alloy, whereas some are made of non-metallic compounds. The spinal surgery devices market is expected to witness adequate growth rate during the forecast primarily due to increase in aging population coupled with number of patients suffering from chronic back pain, increased awareness resulting into adoption of newer and improved technologies by surgeons and patients and last but not the least advancement in technology. However, price concerns and unstable reimbursement policies are expected to restrain the growth of the market to a certain extent.
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The spinal surgery devices market can be segmented on the basis of technology used such as spinal fusion and fixation, spine biologics, non-fusion, products intended for vertebral compression fracture and spinal decompression. The growth of the spinal surgery devices market can be attributed to a number of factors including technological advancements, rising incidence and prevalence of spinal disorders, improvement of safer and cost-effective spinal devices; overall rise in the geriatric and obese population; and rising demand for minimally invasive spine surgery. However, stringent regulatory guidelines, high costs, and unstable reimbursement policies in developing countries are anticipated to restrain the growth of the global spinal surgery devices market. The high initial cost and complicated machines of the spine surgery devices are some of the major inhibitors of the market slowing the growth rate across the globe. Ageing population and the growing health concerns has led the government in various countries to take several initiatives thus providing several opportunities for this market. As per an estimate around 259,000 people are living with a spinal cord injury in the US alone and an average 12,000 new cases are reported every year. An alarming rise in the number of accidents leading to high number of spinal cord injuries is leading to rise in demand for spinal implants. North America is one of the geographies that still continue to occupy a larger share of the market followed by Europe. On the other hand Asian countries represent faster growing regional markets, mainly due to the improving reimbursement policies, large population, growing awareness about new technologies and increased purchasing power of hospitals.
Some of the major players profiled in this report include Medtronic, Stryker Corporation, Pioneer Surgical, NuVasive, Inc., DePuy Synthes, Globus Medical, Inc., K2M, Orthofix International, TranS1, Amedica Corporation, Zimmer Biomet, Exactech, Inc., Integra LifeSciences, Alphatec Spine, and, Orthovita, Inc. The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications. The study is a source of reliable data on: Market segments and sub-segments Market trends and dynamics Supply and demand Market size Current trends/opportunities/challenges Competitive landscape Technological breakthroughs Value chain and stakeholder analysis The regional analysis covers: North America (U.S. and Canada) Latin America (Mexico, Brazil, Peru, Chile, and others) Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg) Eastern Europe (Poland and Russia) Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand) Middle East and Africa (GCC, Southern Africa, and North Africa) The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain. A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period. Highlights of the report: A complete backdrop analysis, which includes an assessment of the parent market Important changes in market dynamics Market segmentation up to the second or third level Historical, current, and projected size of the market from the standpoint of both value and volume Reporting and evaluation of recent industry developments Market shares and strategies of key players Emerging niche segments and regional markets An objective assessment of the trajectory of the market Recommendations to companies for strengthening their foothold in the market
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