As per the recently published analysis by Market Research Future (MRFR), the global spinal implants market is set to expand at a CAGR of 5.5% during the forecast period 2017 to 2023. Spinal implants are extensively used for the treatment of commonly prevailing disorders such as joint issues, spinal stenosis, slip disk, etc. The rising patient pool owing to growing geriatric population, obesity, etc. are likely to catapult the expansion of the spinal implants market in the foreseeable future.
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The factors that are expected to favor the expansion of the global spinal implants market are the growing prevalence of spinal ailments, availability of cost-effective spinal devices, rising demand for minimally invasive spine surgeries, etc. However, some of the restraints such as stringent regulations for obtaining approval, lack of easy reimbursements in developing countries, high procedural costs, etc. are prognosticated to hold the market growth over 2023.
By product, the Global Spinal Implants Market has been segmented into spinal fusion devices, non-fusion devices/motion preservation devices, Vertebral Compression Fracture (VCF) treatment devices, spinal bone stimulators, spine biologics, and others.
The Spinal fusion devices segment is further sub-segmented into thoracolumbar devices, cervical fixation devices, interbody fusion devices, and others.
The non-fusion devices/motion preservation devices segment has been sub-segmented into dynamic stabilization devices, artificial discs, annulus repair devices, nuclear disc prostheses, and others.
The Vertebral Compression Fracture (VCF) treatment devices segment is sub-segmented into balloon kyphoplasty devices, vertebroplasty devices, and others.
The spinal bone stimulators segment has been sub-segmented into non-invasive spine bone stimulators, invasive spine bone stimulators, and others.
The spine biologics segment is further sub-segmented into spinal allografts, bone graft substitutes, cell-based matrix, and others.
By procedure, the Global Spinal Implants Market has been segmented into open surgery, Minimally Invasive Surgery (MIS), and others.
By material, the Spinal Implants Market has been segmented into titanium, titanium alloy, stainless steel, plastic, and others.
The Global Spinal Implants Market, by region, has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas is likely to hold its pole position towards the end of the forecast period. The factors favoring the expansion of the spinal implants market in the region are technological developments, integration of nanotechnology into pharmaceutical packaging, and advancements in the manufacturing processes.
Europe holds the second largest share of the global spinal implants market. The major drivers of market growth in the region are rising geriatric population and an upsurge in the patient pool of spinal disorders. The constant focus of the governments on research & development is expected to catapult the spinal implants market on an upward trajectory.
The factors that are responsible for catalyzing the growth of the spinal implants market in Asia Pacific are rising healthcare expenditure, the presence of a large patient pool, growing awareness about novel technologies, etc.
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Some of the key players profiled in the report are Medtronic, plc (Ireland), NuVasive, Inc. (U.S.), Zimmer Biomet Holdings, Inc. (U.S.), Globus Medical, Inc. (U.S.), Alphatec Holdings, Inc. (U.S.), Orthofix International N.V. (Netherlands), Depuy Synthes Inc. (Johnson & Johnson) (U.S.), Stryker Corporation (U.S.), K2M Group Holdings, Inc. (U.S.), RTI Surgical, Inc. (U.S.), Integra LifeSciences (U.S.), LDR Holding Corporation (U.S.), Quandary Medical LLC (U.S.), Amedica Corporation (U.S.), Exactech Inc. (U.S.), AESCULAP (U.S.), Alliance Spine (U.S.), Ascendx Spine (U.S.), A-Spine (Taiwan), Back 2 Basics Spine (Canada), Accel Spine (U.S.), Apollo Spine (U.S.), Premia Spine (Israel), SI-BONE (U.S.), Captiva Spine Inc. (U.S.), SpineGuard (France), NLT Spine (U.S.), Paradigm Spine LLC (U.S.), Centinel Spine (U.S.), Life Spine (U.S.), Precision Spine (U.S.), Reliance Medical Systems (U.S.), Spine Frontier (U.S.), Spinal Solutions Inc. (U.S.), and Spineart Geneva SA (Switzerland).
In November 2018, Altus Capital Partners, a private equity firm, has acquired ChoiceSpine, a specialized spinal implants manufacturer.
In November 2018, Osseus Fusion Systems, a manufacturer of products for spine injuries, has obtained FDA 510(k) for 3D printed titanium spinal implants.
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