Spinal Devices Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Spinal Devices Market

The Spinal Devices Market size was valued at USD 11.59 billion in 2023, and the market is now projected tgrow t19.88 USD billion by 2032, exhibiting a CAGR of 3.9% during the forecast period of 2023-2030.

The pandemic has been anticipated tbe a bane for the entire industrial developments of various market and fields. This has affected the overall supply and demand chains of the particular market. As a result of the government's lockdown and other steps tstop the coronavirus from spreading, all supply activities were postponed, which decreased the amount of product related tthis domain. These factors affected the Spinal Devices Market growth.

The number of spinal procedures has skyrocketed due tthe increasing prevalence of spine illnesses around the world. Consequently, the need for spinal devices is being driven by this. The twmain reasons spine procedures are done are ttreat degenerative disc disease and correct congenital defects. The market is alsanticipated tbe supported throughout the forecast period by the rising number of spinal fracture patients. Over the course of the forecast period, the market is expected tbe further driven by the progressive shift and rising demand for minimally invasive spinal operations, the rapid acceptance of biologics in spinal fusion, and a notable increase in the number of cervical and lumbar disc replacement surgeries. These particular growth driving factors have been recorded tattribute the Spinal Devices Market Share.

It is necessary for a product market twalk with the trends in order tincreases its lucracy and profits in shares and all over revenue. Numerous technical developments are taking place in the spinal device sector. In an effort tenhance clinical results, numerous vendors have created spine navigation systems. Personalized implants that are tailored tthe patient's needs are likewise becoming more popular. Furthermore, the use of 3D printed implants is steadily growing, which is anticipated tsupport the expansion of the spinal devices industry as a whole. As a result of the high demand for orthopedic spine devices, major manufacturers have launched new products and formed numerous strategic alliances tbroaden their product lines and geographic reach. In order tbroaden its line of non-fusion spine devices and boost the spinal devices market, RTI Surgical announced in November 2018 that it has acquired Paradigm Spine, LLC.

Comprehensive Analysis of Spinal Devices Market

The segmentation of this particular market has been divided and then further subdivided intvarious categories. The market can be divided intstimulation devices, non-fusion devices, and fusion devices based on the type of product. Because there are smany different spinal fusion solutions available and the number of spinal fusion procedures has increased significantly, the fusion devices category is predicted tdominate the market in terms of revenue. The market is classified according tdisease indications, including injuries and fractures, complicated deformities, and degenerative disc disease. The market is divided inthospitals and ambulatory surgery centers (ASCs), specialized clinics, and other segments based on the end user. These particular segmentations have been categorized intsuch groups sthat their attribution tthe overall revenue systems are properly recorded studied sas tdetermine which is the leading and most beneficial segment of all.

North America is expected tlead the market for the duration of the forecast period, having generated billions of dollars in revenue. The main causes of North America's dominance in the global market include the introduction of new products, strategic alliances, heightened biologics research, and the rise in the prevalence of spinal disorders. Over the course of the forecast period, this is anticipated tincrease the demand for orthopedic spine devices in the United States. The region is expected tmaintain a significant proportion during the projected period.

Global markets are fiercely competitive and highly fragmented. Due ttheir creative packaging solutions, a few group of large market companies hold a fair amount of market share. Some of the major Companies includes Medtronic (Ireland), Stryker (U.S.), Zimmer Biomet, DePuy Synthes (Johnson & Johnson Services, Inc.) (U.S.), NuVasive, Inc (U.S.), Globus Medical (U.S.), RTI Surgical Holdings, Inc. (U.S.), Aesculap, Inc. (B. Braun Melsungen AG) (Germany), Alphatec Spine, Inc. (U.S.).

In March 2021, This particular company has attributed the market growth in terms of revenue and shares system. Spine Wave declared that their powerful 3D Titanium Interbody Device was now available for purchase. TiCell 3D advanced surface technology powers the device. This development from the business will complement their other cutting-edge items and enable them tbroaden their line of lumbar interbody injection solutions.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2015-2026

Base Year 2018

Forecast Period 2019-2026

Historical Period 2015-2017

Unit Value (USD Million)

Segmentation By Product Type

Fusion Devices

Cervical Devices

Thoracolumbar Devices

Interbody Devices

Biologics

Non-fusion Devices

Vertebral Compression Fracture Devices

Artificial Discs

Dynamic Stabilization Devices

Others

Stimulation Devices

By Disease Indication

Degenerative Disc Disease

Complex Deformity

Traumas & Fractures

Others

By End User

Hospitals & Ambulatory Surgery Centers

Specialty Clinics

Others

By Geography

North America (U.S. and Canada)

Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)

Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)

Latin America (Brazil, Mexico, and Rest of Latin America)

Middle East and Africa ( South Africa, GCC, and Rest of Middle East & Africa)