The spinal implant market in the United States is expected to grow over the next 10 years, according to a Q2 Metrics report.
Here are six things to know about the report:
1. The U.S. spinal implant market is valued at around $5 billion this year and is expected to grow at a compound annual growth rate of 2.4 percent through 2024.
2. Ten years from now, the U.S. spinal implant market is expected to reach $6.4 billion.
3. The largest product segments feature largely commoditized products and lack product innovation. The largest product segments include:
• Traditional anterior cervical plating
• Posterior thoracolumbar pedicle screw fixation
4. Pressure continues to mount to decrease cost of care. As a result, steady pricing decreases in the supply chain are expected in most spinal implant segments through 2024.
5. Procedure shifts and product mix to premium-priced artificial discs, plate/cage hybrid devices with integrated screw fixation and minimally invasive alternatives will help offset declining unit prices.
6. In the short term, the legacy artificial disc leaders will benefit from these shifts. Those leading companies include Medtronic Spinal and Biologics, DePuy Synthes Spine, LDR, NuVasive and Globus Medical.
"We're seeing strong momentum in both hospital and physician reimbursement for artificial discs, which will help drive double-digit growth in this segment over the next ten years," said Q2 Metrics President Aaron Dickson. "And while the thoracoloumbar market has been hardest hit by pricing pressures, premium-priced LLIF and TLIF devices continue to cannibalize their ALIF and PLIF counterparts, helping drive a greater than $1 billion growth in this segment by 2024."