The global spine implant and devices market is expected to grow over the next five years, according to a Buy Markets report.
Here are eight key trends in the marketplace:
1. The global spinal implants and devices market is estimated to grow at a 5.6 percent compound annual growth rate through 2020. The mature markets, including North America and Europe, hold a larger share of the market currently, but the Asia-Pacific region is expected to grow at an 8.2 percent CAGR.
2. Technological advancements in spine surgery devices are a major force behind market growth. There is an increasing demand for minimally invasive spine surgeries as the aging and obese populations grow. There is an increasing number of spinal deformity cases and hospitals emerging in nations like Asia and Latin America that offer new growth opportunities for spinal implants and devices.
3. The product approval process could be a roadblock in the market, in addition to high treatment cost and uncertain reimbursement in many markets. There is a lack of adequate physician and patient awareness of these procedures that could also hamper growth globally.
4. The spinal fusion and fixation technology segments are expected to have the largest global spinal implant market share this year, but motion preservation and not-fusion technology segments are expected to grow at the highest CAGR over the next five years. There are more products launched in the technologically advanced non-fusion spine devices driving the market segment.
5. North America accounts for 64.9 percent of the global spinal implants and devices market. The new technology development and established healthcare infrastructure and reimbursement system drive success in this market. There is also rising government funding to support research and development for innovative spine treatment and further stimulate demand for spinal implants. But there is a stringent regulatory process for product approval and government pressure to reduce healthcare costs.
6. Medtronic dominates the global spinal implants and devices market and together with DePuy Synthes, the two companies account for 47.4 percent of the global spine device market.