The spine surgery device market is anticipated to increase at a 5.3 percent compound annual growth rate through 2023, according to an Industry Research report.
Here are five key things to know:
1. Key market drivers include the increasing rates of minimally invasive surgeries along with technological advancements. The market report also attributes growth to the rising number of obesity and degenerative spinal conditions.
2. In the forecast period, the market will need to overcome stringent regulatory processes for product approvals and the costs for procedures.
3. When analyzing consumption volume, sales volume, performance and share, sales price and sales revenue analysis of regions, the U.S. and Canada hold the largest market share.
4. In 2018, one of the key developments for the market was RTI Surgical's acquisition of Zyga Technology. The acquisition allowed RTI Surgical to build out its spine portfolio.
5. Key players in the market include Alphatec, DePuy Synthes, Globus Medical, Medtronic, SeaSpine and Stryker.