Spinal Surgery Instruments Global Market Outlook

Spinal Surgery Instruments Global Market Outlook

The global spinal surgery instruments market witnessed a growth of 3.3% in 2022 as compared to the previous year, resulting in a market size of USD 8,644.0 million. The shift towards value-based care is a key driver behind the increasing adoption of digital tools. These tools are utilized to enhance reporting capabilities, provide decision support, generate evidence, and facilitate information exchange. It is anticipated that the global spinal surgery instruments market will witness a CAGR of 3.5% (in sales value terms) during the forecast period, leading to a projected value of USD *** million by the year 2028.

The spinal fusion devices emerged as the top performer in 2022, recording a remarkable revenue growth of ***% from the previous year and attaining a revenue of USD ***million. The spinal fusion devices market is mainly comprised of thoracolumbar fixation devices, interbody devices, and cervical fusion devices. thoracolumbar fixation devices is responsible for the larger portion of the spinal surgery instruments market, accounting for approximately ***% of the global spinal surgery instruments market in 2022.

The spinal surgery instruments market can be divided into non-hospitals and hospitals. The hospitals segment generated USD *** million in revenue in 2022. It is projected to reach USD *** million by 2028, representing a compound annual growth rate of ***% over the forecast period of 2023 to 2028. The growing preference for performing spinal surgery in non-hospitals (e.g. ambulatory surgery centers) can be attributed to several factors. These include the reduction in manual intervention points, lower rates of readmission and infection, and the availability of favorable reimbursement options.

North America continues to hold the dominant position as a major shareholder in the healthcare sector. This is primarily attributed to its focus on promoting the interoperability of various digital health solutions and the provision of favorable reimbursement policies for outpatient facilities and ambulatory surgery centers. The global spinal surgery instruments market has witnessed substantial growth in terms of revenue, driven primarily by North America. In 2022, the market was valued at USD *** million, and it is projected to reach USD ***million by the year 2028, representing a remarkable compound annual growth rate (CAGR) of ***% during the forecast period.

The advancements in MIS have led to increased safety for patients, as it reduces trauma and minimizes the time spent in the operating room. This has resulted in a shift towards more personalized surgeries and customizable implants, which in turn have expanded the range of solutions available and diversified the patient population. ZimVie, Inc. has estimated that the global spine surgery market achieved sales of approximately $12 billion in 2022. The company holds the belief that within the field of spine surgery, minimally invasive surgery (MIS) and motion preservation solutions are the categories with the greatest potential for growth.

Prominent vendors shaping competitive dynamics include Medtronic plc, Johnson & Johnson (DePuy Synthes, Inc.), Stryker Corporation, Globus Medical, Inc., ZimVie, Inc., Aurora Spine Corporation, B Braun Melsungen AG, Centinel Spine®, LLC, ChoiceSpine, LLC, CoreLink Holdings, LLC, Disc Motion Technologies, Life Spine, Inc., Meliora Medical BV, Neos Surgery, S.L., NEXUS TDR, Orthofix Medical, Inc., Orthonex, LLC, Paradigm Spine, LLC, Precision Spine, Inc., Premia Spine, Ltd., RTI Surgical, Inc., SeaSpine Holdings Corporation, Spine Wave, Inc., SpineArt SA, Vallum Corporation, Wenzel Spine, Inc., among other players. In terms of market share, Medtronic plc maintains its leadership position with a retail value share of ***%.