Reportbuyer.com released a report on the Latin American minimally invasive spinal implant market.
Here are five core concepts from the report:
1. The Latin American minimally invasive spinal implant market is expected to reach $60.7 million by 2019. The global spine device market is expected to grow 5.1 percent from 2012 to 2017. The market was at $11.5 billion in 2012, according to a Marketsandmarkets report.
2. Growth in lateral fusion procedures and increased access to healthcare services will drive future growth. The Marketsandmarkets report also sees new technologies in vertebral compression fracture treatment and disc replacement as becoming more popular over the next few years because of the shorter recovery time, lower risk of infection and shorter hospital stays.
3. Minimally invasive interbody fusion and minimally invasive pedicle screws are expected to grow in Latin America, driven by physiological and surgical advantages of less invasive procedures. MIS interbody fusion was the most rapidly growing segment in 2012; MIS pedicle screws came in second.
4. The Deloitte 2014 Global healthcare outlook mentioned emerging markets, including Mexico, will continue to grow healthcare spending where more developed countries have slower spending growth due to economic pressures and healthcare reforms. The report estimates healthcare spending in Latin America will rise 6.8 percent through 2017, driven by Mexico.
5. Costs of chronic illness have been high in Mexico, and the Mexican Health Ministry launched a national strategy to prevent diabetes and obesity; other chronic illnesses could also be tacked in the future. However, there is insufficient health infrastructure, poor resource distribution and limited access to service, according to the Deloitte report.
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