Australia Thoracolumbar Spine Devices Market - 2022-2029

Australia Thoracolumbar Spine Devices Market - 2022-2029

Market Overview

The Australia thoracolumbar spine devices market size was valued US$ 289.6 million in 2021 and is estimated to reach US$ 504.3 million by 2029, growing at a CAGR of 5.1% during the forecast period (2022-2029).

Thoracolumbar fractures are associated with disruption of the ligamentous complexes. These are breakages in the vertebrae of the spinal column in the thoracic and lumbar region which may result in instability or compression of neural structures. The thoracolumbar spine devices are used in this region to provide steady support to the spine and avoid bending of the thoracic spine. These devices are used for the treatment of several disorders such as spinal stenosis, spinal instability or scoliosis, degenerative disc disease (DDD), disc herniation, prolapsed intervertebral disc, excessive kyphosis, among others.

Market Dynamics

The Australia thoracolumbar spine devices market is growing due to the rising incidence of spinal disorders such as spinal stenosis, vertebral fracture, degenerative disc disease, excessive kyphosis, and others across Australia. There was a substantial increase in lumbar spine surgery in Australia.

Rising incidence of spine disorders drives the growth of thoracolumbar spine devices market

The continuous advancements in medical device technology have created the potentials for effectively treating various spinal disorders. Medical device manufacturers are developing new products that lead to innovative treatment techniques and surgical procedures. For instance, in September, 2019, RTI Surgical Holdings, Inc. a global surgical implant company, announced the first surgery using the HPSTM 2.0 Hybrid Performance System, a modular pedicle screw system used for mono- and multi-segmental rigid, hybrid, or dynamic posterior stabilization of the thoracolumbar spine. A neurosurgeon and Fellow of the Royal Australasian College of Surgeons performed the surgery at Sydney Adventist Hospital in Sydney, Australia.

There is an inclination towards minimally invasive surgeries (MIS) compared to open surgery as open surgery is a painful procedure and requires a prolonged hospital stay. The shift from traditional open surgeries to minimally invasive surgeries has improved the patient gratification owing to a fast recovery and shorter hospital stay. The increasing demand for minimally invasive spine surgery is one of the major factors boosting the growth of the thoracolumbar spine devices market. In June 2019, NuVasive, Inc. launched Modulus TLIF-O, a porous titanium spine implant to be used under the transforaminal lumbar interbody fusion (TLIF) procedure. These advantages are expected to drive a continued shift towards minimally invasive surgery (MIS) adoption and the associated growth of the MIS spinal implant market.

The risks associated with these devices is likely to hamper the growth of the thoracolumbar spine devices market

High cost associated with these devices hugely impact the market growth, time consuming treatment procedures are also impacting the market negatively. Various risks are associated with these devices such as malfunctioning that can be harmful. Reimbursement issues are also involved in this market that restrains the growth of market.

Industry Analysis

The Australia thoracolumbar spine devices market provides in-depth analysis of the market based on various industry factors such as porter’s five forces, regulatory analysis, supply chain analysis, insurance and reimbursement policies, pricing analysis and product innovations.

Segment Analysis

The implants segment is expected to hold the largest market share in Australia thoracolumbar spine devices market

The implants segment holds the largest market share and is expected to increase for Australia thoracolumbar spine devices market implants segment, owing to the rising prevalence of spine disorders coupled with the growing geriatric population, better efficiency, easy availability of implants, and technological advancement in spinal implants for the treatment.

As the incidences of spinal disorders such as degenerative disc disease or deformity are rising, manufacturers are highly investing in the ongoing development of spinal solutions for the treatment and stabilization of the thoracolumbar spine. Implant systems utilizing specially designed spinal instrumentation are often used in these surgical procedures. The implants are used to facilitate fusion, correct deformities, and stabilize and strengthen the spine. Most spinal implants are made of metals such as titanium, titanium alloy, or stainless steel; some are made of non-metallic compounds.

Currently, scientists are developing bio-resorbable implants. Like other implants, these are used to facilitate fusion. Bio-resorbable implants are designed to break down when they come into contact with water (such as in the body). In July 2019, Alphatec Holdings launched IdentiTi porous titanium interbody implant system for anterior lumbar interbody fusion procedures. Key features of the implant include a stiffness similar to bone, reduced density for improved imaging characteristics, and a proprietary pore structure that enhances implant stability and adhesion.

The thoracolumbar spine devices market is segmented by end-users into diagnostic centers, hospitals & clinics, research centers, ambulatory surgical centers, and others. Among these, the hospitals & clinics segment accounted for the largest market share, owing to supportive reimbursement policies in hospitals. On the other hand, there is an increase in the number of surgical procedures in ambulatory surgical centers which are expected to boost the growth of this segment during the forecast period.

Competitive Landscape

The thoracolumbar spine devices market is highly competitive with the presence of a large number of players including Depuy Synthes, Medtronic Plc., B. Braun Melsungen AG, Alphatec Holdings, Inc., Globus Medical, Inc., Exactech, Inc, Stryker Corporation, Orthofix International N.V, NuVasive, Inc., and Zimmer Biomet.

The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations which are contributing to the growth of the thoracolumbar spine devices market. For instance, in Feb 2022, DePuy acquired a foot and ankle surgical device maker. The crossroad trade hands during the deal was seen from its majority of investors, J&J franchise and Healthpoint Capital.

In Sep 2022, Zimmer Biomet Holdings, Inc., a leader in musculoskeletal healthcare, announced its agreement of multi-year co-marketing with Surgical Planning Associates for commercialization of HipInsight. It is 1st FDA cleared mixed navigation system for hip replacement.

In January 2019, Southern Spine, a manufacturer of implants and instruments for spinal surgery, launched three new StabiLink Dual Lamina Implants specifically designed for upper thoracic clinical use.

Key Companies to Watch

DePuy Synthes:

Overview: DePuy is the company related to orthopaedic and neurosurgery. It was acquired by Johnson and Johnson it develops, manufactures and markets products for repairing damaged joint or for reconstructing of traumatic skeletal injuries. It was founded in 1895 and is headquartered in United States. It operates in several countries such as Australia, UK, Japan, France, Germany.

Product Portfolio:

TSLP Thoracolumbar Spine Locking Plate: The TSLP implants are used for thoracolumbar spine anterolateral or lateral fixation as adjunct to fusion in patients that are skeletally mature.

Key Developments: In May 2022, DePuy announced the clearance of INHANCE shoulder system by U.S.FDA for usage in reverse shoulder arthroplasty procedures.

The Australia thoracolumbar spine devices market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.