The global spinal implants and devices market is expected to grow at a CAGR of 5.6 percent from 2015 to 2020, according to a MarketsandMarkets report.
Here are five takeaways:
1. Prevalence of spinal disorders, development of technologically advanced spinal devices, aging population and demand for minimally invasive spine surgery are all driving the spinal implants and devices market.
2. Regulatory guidelines, high costs and lack of reimbursements in developing countries limit the growth of the market.
3. North America is expected to continue dominating the market, followed by Europe.
4. The Asia-Pacific market is expected to grow the fastest at a CAGR of 8.2 percent. Rising healthcare expenditure, increasing government funding and a growing awareness of spinal devices will push this growth.
5. Medtronic, DePuy Synthes, Stryker, NuVasive, Zimmer Biomet, Globus Medical, Alphatec, Orhtofix International, K2M and LDR lead the market.