Spinal Stenosis Devices - Market Insights, Competitive Landscape and Market Forecast-2027

Spinal Stenosis Devices - Market Insights, Competitive Landscape and Market Forecast-2027

Spinal Stenosis Devices Market By Product Type (Interspinous Spacers, Stabilization Systems, Spinal Arthroplasty System), By Application (Lumbar Spinal Stenosis, Cervical Spinal Stenosis, Thoracic Spinal Stenosis), By End-User (Hospitals, Ambulatory Surgical Centers, Others), by geography is expected to grow at a steady CAGR forecast till 2027 owing to rising rising cases of spinal stenosis and rapid technological developmental activities in product arena

Global Spinal Stenosis Devices market will grow at a CAGR of 5.20% during the forecast period from 2022 to 2027. The Spinal Stenosis Devices market is witnessing positive growth owing to the factors such as rising cases of spinal stenosis among the growing geriatric population, rising incidence of spinal injury, technological advancements in product development, increase in the number of product offerings, thereby contributing to the growth of the Spinal Stenosis Devices market during the forecast period from 2022 to 2027.

Spinal Stenosis Devices Market Dynamics:

The Spinal Stenosis Devices market is witnessing a growth in product demand owing to various reasons, one of the key factors being the rising prevalence of spine deformities among the aging population worldwide, likely to propel the market for Spinal Stenosis Devices during the forthcoming years.

According to the United Nations World Population Aging 2020 highlights, there were an estimated 727 million people aged 65 years and above across the globe. Moreover, the data also highlighted the old age population to double by 2050 reaching over 1.5 billion.

The geriatric population is more susceptible to developing spinal deformities such as degenerative disc disorders, spinal stenosis, and others which will lead to an increase in the demand for Spinal Stenosis Devices.

Furthermore, a rise in traumatic injuries due to road crashes, falls, and others are likely to cause back and spine injuries, herniated sic, and others which will further increase the demand for Spinal Stenosis Devices.

As per the data published by the World Health Organization 2021, every year between 250,000 and 500,000 people suffer a spinal cord injury (SCI) around the world and the majority of spinal cord injuries are due to road traffic crashes, falls, or violence.

Moreover, back problems are slightly more commonly observed in men, with nearly 30% of the adult female adult population suffering from lower back pain, compared to 25% of the adult male adult population. This rise observed in the cases of lower back and spinal disorders can be anticipated to boost the Spinal Stenosis Devices market.

Hence, all the above-mentioned factors are projected to augment for Spinal Stenosis Devices in the forthcoming years, thereby contributing to the growth of the Spinal Stenosis Devices market during the forecast period from 2022 to 2027.

Another key factor responsible for the growth of the Spinal Stenosis Devices market is the increasing geriatric population base across the globe. According to the data provided by the World Health Organization, in 2020, about one billion people across the world were over the age of 60. The source further stated that by 2050, the elderly population in the 60 and above age group is expected to double in number representing about 2.1 billion people, and people in the age group of 80 and above are estimated to triple between 2020 and 2050 to reach 426 million. Age is considered as one of the key risk factors associated with the development of spinal diseases, therefore, the rising elderly population is expected to lead to the rise in the patient population of spinal diseases across the world, which in turn would lead to an increase in demand for Spinal Stenosis Devices during the forecast period from 2022 to 2027, which will drive the Spinal Stenosis Devices market growth.

However, the high cost of the treatment procedures, risk associated with procedures, and stringent product approval process may be certain limiting factors of the Spinal Stenosis Devices market growth.

Due to the outbreak of the COVID-19 pandemic, the market for Spinal Stenosis witnessed slow growth. This is due to the delay in the number of elective procedures during the pandemic. Moreover, temporary shut down of clinics due to nationwide lockdown, disruption in supply because of logistical restrictions imposed at the time of the COVID-19 wave, and hospitals shifting their focus towards COVID management also affected the demand. However, the launch of various vaccines has resumed normal operations further leading to the growth of the Spinal Stenosis market during the post-pandemic.

Spinal Stenosis Devices Market Segment Analysis:

Spinal Stenosis Devices Market By Product Type (Interspinous Spacers, Stabilization Systems, Spinal Arthroplasty System), By Application (Lumbar Spinal Stenosis, Cervical Spinal Stenosis, Thoracic Spinal Stenosis), By End-User (Hospitals, Ambulatory Surgical Centers, Others), and By Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the Product Type segment of the Spinal Stenosis Devices market, the Stabilization Systems are estimated to hold a significant share in the Spinal Stenosis Devices market during the forecast period from 2022 to 2027. The rapid growth of this product segment can be attributed to the fact that the primary focus of these devices is on stabilizing the spine.

One type of fixation involves pedicle screws that are inserted as anchors for rods that provide fixation. Another type of fixation is the interbody cage placed in the disc space. Both of these fixation devices support fusion when used with bone graft material.

Moreover, stabilization may be an alternative to fusion in some patients with low back pain originating from chronic degeneration of the lumbar spine.

By altering load-bearing and controlling abnormal motion, stabilization helps limit the stress placed on the segment adjacent to the fusion level and thus helps prevent progressive degeneration.

Hence, all the above-mentioned factors are expected to drive the segment growth of the Spinal Stenosis Devices market.

North America is expected to dominate the overall Spinal Stenosis Devices Market:

Among all the regions, North America is expected to account for the largest share in the Global Spinal Stenosis Devices market. The major factor driving the market is the steady rise in spinal stenosis cases due to spinal injury and osteoarthritis, technological advancements among others. Osteoarthritis (OA) is an alarming health issue, especially in women and in the elderly population, thereby massively contributing to the market’s growth.

Furthermore, high disposable income, sophisticated healthcare infrastructure, increased awareness regarding disease progression are also expected to aid in the Spinal Stenosis Devices market growth in this region.

Moreover, technological advancements like computer-assisted, image-guidance, navigation technology are new to the market and are advancing rapidly. Spinal navigation technology enables the surgeon to place spinal instrumentation more accurately and perform decompression procedures, which will help boost the market growth.

Therefore, the rising adoption of Spinal Stenosis Devices in the country would result in the rising demand for treatments that make use of Spinal Stenosis Devices, which in turn would provide a conducive growth environment for the United States Spinal Stenosis Devices market as well as the North American region.

Furthermore, the increased emphasis on product development activities and the high interest of device manufacturers in accessing local markets further aid in the growth of the regional markets for Spinal Stenosis Devices. Also, advanced product launches and commercialization agreements among the key companies are further expected to fuel the market.

Thus, the interplay of all the aforementioned factors is likely to fuel the regional market for Spinal Stenosis Devices during the forecasted period.

Spinal Stenosis Devices Market Key Players:

Some of the key market players operating in the Spinal Stenosis Devices market include Spinal Simplicity LLC, Boston Scientific Corporation, Medtronic, Stryker, Surgalign, Zimmer Biomet, NuVasive Inc., Sintea Plustek LLC, Orthofix Medical Inc., Globus Medical, ATEC Spine Inc., Johnson & Johnson, NEO-MEDICAL SA, Vertebral Technologies, Inc., Premia Spine, B. Braun Melsungen AG, Spineart, Meril Life Sciences Pvt. Ltd., Empirical Spine, Inc., Cousin Biotech and others.

Recent Developmental Activities in the Spinal Stenosis Devices Market:

• On February 16, 2022, Companion Spine SAS raised USD 55 million to help develop its noninvasive diagnostic and interventional implant solutions for the treatment of degenerative disc disease and lumbar spinal stenosis.
• On February 01, 2022, Inspan LLC won FDA 510(k) clearance for an interspinous fixation system that can be used to treat lumbar spinal stenosis in non-cervical spine cases of spondylolisthesis, trauma, tumor, and degenerative disc disease.

Key Takeaways from the Spinal Stenosis Devices Market Report Study

• Market size analysis for current Spinal Stenosis Devices market size (2021), and market forecast for 5 years (2022-2027)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Spinal Stenosis Devices market.
• Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
• Key companies dominating the global Spinal Stenosis Devices market.
• Various opportunities available for the other competitor in the Spinal Stenosis Devices market space.
• What are the top performing segments in 2021? How these segments will perform in 2027.
• Which is the top-performing regions and countries in the current Spinal Stenosis Devices market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for Spinal Stenosis Devices market growth in the coming future?

Target Audience who can be benefited from this Spinal Stenosis Devices Market Report Study

• Spinal Stenosis Devices products providers
• Research organizations and consulting companies
• Spinal Stenosis Devices-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in Spinal Stenosis Devices
• Various End-users who want to know more about the Spinal Stenosis Devices market and latest technological developments in the Spinal Stenosis Devices market.

Frequently Asked Questions for Spinal Stenosis Devices Market:

1. What are Spinal Stenosis Devices?

Spinal Stenosis Devices are devices implanted in a minimally invasive way under local anesthesia to strengthen the condition in which the gaps inside the spine narrow and put pressure on the nerves that run through it, being most common in the lower back and neck. The aim is to support abdominal and back muscles, preserve motion in the spine, and improve overall fitness.

2. What is the market for Global Spinal Stenosis Devices?

Global Spinal Stenosis Devices market will grow at a CAGR of 5.20% during the forecast period from 2022 to 2027.

3. What are the drivers for Global Spinal Stenosis Devices Market?

The Spinal Stenosis Devices market is witnessing a positive market growth owing to the factors such as rising cases of spinal stenosis among the growing geriatric population, rising incidence of spinal injury, technological advancements in product development, increase in the number of product offerings.

4. Who are the key players operating in the Global Spinal Stenosis Devices Market?

Some of the key market players operating in the Spinal Stenosis Devices market include Spinal Simplicity LLC, Boston Scientific Corporation, Medtronic, Stryker, Surgalign, Zimmer Biomet, NuVasive Inc., Sintea Plustek LLC, Orthofix Medical Inc., Globus Medical, ATEC Spine Inc., Johnson & Johnson, NEO-MEDICAL SA, Vertebral Technologies, Inc., Premia Spine, B. Braun Melsungen AG, Spineart, Meril Life Sciences Pvt. Ltd., Empirical Spine, Inc., Cousin Biotech and others.

5. Which region has the highest share in Spinal Stenosis Devices Market?

North America is expected to hold the highest share in the revenue in the Spinal Stenosis Devices market during the forecast period. The major factor driving the market is the steady rise in spinal stenosis cases due to spinal injury and osteoarthritis, technological advancements among others. Furthermore, high disposable income, sophisticated healthcare infrastructure, and increased awareness regarding disease progression and new treatments are also expected to aid in the Spinal Stenosis Devices market growth in this region.

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