Global Spinal Implants Market 2022-2028

Global Spinal Implants Market 2022-2028

The global spinal implants market is estimated to grow at a CAGR of 5.4% during the forecast period. The major factors contributing to the market growth include a significant rise in the number of spine surgeries and technological innovations in spine implants. Multiple innovations for the development of spinal implants have been witnessed over the years. For instance, in January 2021, Osseus Fusion Systems received FDA clearance of Aries-L interbody fusion device. It is a novel 3D printed titanium spinal device to correct spinal conditions among patients. This is designed to mimic the bone matrix natural architecture to offer better results for patients suffering from spinal disorders. This will facilitate the bones to fuse together. As per the American Society of Mechanical Engineers (ASME), the surgeons perform nearly 500,000 spinal fusions in the US each year.

Interbody fusion constitutes over 70% or 352,000 of spinal fusions in the US. Therefore, the introduction of this new device fits perfectly into a defect to correct a condition and thereby will contribute to the market growth. Moreover, researches are being conducted on 3D printing of artificial discs, which in turn, will offer significant opportunity for the introduction of non-infusion implants in near future. Innovations in metal implants comprise surface modification to make the implants bioactive and corrosion resistance. A particularly interesting group of metallic implants which is being researched for spinal implants include smart metals (shape-memory alloys). Other advanced spinal implants that are approved by FDA include 4Fusion (Stryker Corp.), OSSpine (DePuy Synthes).

Market Segmentation

The global spinal implants market is segmented based on type, material, and end-user. Based on type, the market is classified into fusion implants and non-fusion implants. Based on material, the market is classified into metallic, polymeric and ceramic. Based on end-user, the market is classified into hospitals and clinics and ambulatory surgical centers (ASCs). The increasing number of spine procedures is increasing the demand for spinal implants in hospitals and ambulatory surgical centers to facilitate fusion, stabilize and strengthen and correct spine deformities.

Spinal Implants Finds Its Significant Applications in Hospitals and Clinics

Hospitals and clinics are anticipated to hold the major share in the market in 2021. Rising demand for minimally invasive procedures and the availability of skilled professionals in hospitals and clinics are key attributes leading to increasing demand for spinal implants. In the US, Cleveland Clinic, Mayo Clinic, New York-Presbyterian University Hospital of Columbia, and Cornell are some of the key hospitals using spinal implants for the treatment of spinal fusions. Moreover, the increasing number of multi-specialty hospitals in developed and emerging countries are further strengthening the demand for spinal implants in hospitals.

Regional Outlook

Geographically, the global spinal implants market is segmented into North America, Europe, Asia-Pacific, and the rest of the world (RoW). Asia-Pacific is estimated to witness significant growth in the market owing to the significant prevalence of the geriatric population and rising incidences of orthopedic disorders are primarily encouraging the market growth in the region. Increasing healthcare expenditure and the increasing number of multi-specialty hospitals and orthopedic clinics is further strengthening the market growth in the region. Moreover, the major companies are expanding their presence in these regions, which in turn, will likely contribute to the significant adoption of spinal implants in the region.

North America has significant potential in the market

North America has been dominating the global spinal implant market owing to the presence of major companies such as Stryker Corp., Johnson & Johnson Services, Inc., and Zimmer Biomet, Inc. in the region. A wide-ranging orthopedic implants portfolio offered by these companies is supporting to attract a significant number of end-users towards their medical devices, which in turn, is contributing to the considerable revenue generation from North America. Highest healthcare spending, cohesive government policies and growing R&D in spinal implant market will further boost the growth of the global spinal implant market. Additionally, a significant number of spinal fusion surgeries performed in the region is further strengthening the growth of the market.

Competitive Landscape

The major companies providing spinal implants include Stryker Corp., Zimmer Biomet Holdings, Inc., Medtronic PLC, Johnson & Johnson Services, Inc. and Smith, and Nephew PLC. Stryker Corp. has generated more than 35% of its revenue from the orthopedics segment which includes surgical instruments for hips, trauma and extremities, knees and others (robotic-arm assisted technology and sports medicine). This includes both traditional and minimally invasive instruments. To expand its product portfolio, in October 2017, the company acquired a French medical device firm, Vexim S.A. that specializes in the minimally invasive treatment of vertebral compression fractures. The flagship product of Vexim is the SpineJack system. It is a mechanical expandable vertebral compression fracture implant that is intended for fracture stabilization and reduction. The portfolio of Vexim is highly complementary to the Stryker’s Interventional Spine (IVS) business of its Instruments division. As a result, this acquisition will enable the company to expand its product portfolio and market share across geographies.

The Report Covers

Market value data analysis of 2021 and forecast to 2028.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global spinal implants market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.