Spine devices are being used to decompress, stabilize the spine and treat various spine disorders. Key market players are focusing on producing innovative devices geared towards minimally invasive approach resulting in quick recovery and low pain. Nanotechnology is expected to be a game-changer in the treatment of spinal diseases. Spinal fusion and fixation devices are also in focus for simplification of complex spinal surgery procedures.
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A considerable increase in aging population, incidences of spinal cord diseases and rising number of spinal surgery across the world is driving the growth of spine devices. These spine devices are being developed with an aim to perform complex surgeries with a less invasive approach, resulting in a speedy recovery, less blood loss, and less pain. Manufacturers of spine devices are also coming up with new devices that can offer better diagnostics and treatment of various spine conditions. Spine devices are also being developed to simplify complex procedures including endoscopic spine surgery, vertebral compression fracture repair, interspinous fixation, interbody fixation, etc. Companies are also increasingly investing in research and development of advanced technologies including wireless sensor technology.
According to a new FactMR report, the global Spine Devices Market is projected to reach US$ 8,348.2 million revenue by the end of 2022. The market is expected to witness robust growth during the forecast period 2017 to 2022. Implantable Polyetheretherketone (PEEK) is also gaining traction and has become one of the most common biomaterials used in spinal devices. Improving quality of care and ongoing research are also driving the global spine devices market.
Spinal Plates to Emerge as Highly-Preferred Spine Device
Spinal plates are being used on a large scale by surgeons to ensure fixation of the spine. Spine plates are anticipated to remain the top-selling product in global spine devices market during 2017-2022. Sales of spine plates is projected to bring in nearly US$ 2,000 million revenue by the end of 2022. Meanwhile, Spinal screws is expected to emerge as the second largest product in the global spinal devices market. Between 2017 and 2022, spinal screws segment is anticipated to create an incremental opportunity of over US$ 300 million.
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Hospitals to Witness Maximum Revenue Share
Hospitals are expected to form as strong customer base in the global spine devices market as compared to orthopedic clinics. Towards the end of 2017, hospitals are anticipated to account for more than two-third of global revenue share. Hospitals as end users are projected to reach close to US$ 5,700 million by the end of 2022. Increasing number of spinal surgeries performed at hospitals is one of the factors driving demand for spinal devices.
The report also profiles companies that are expected to remain active in the expansion of global spine devices market through 2022, which include Exactech, Inc., NuVasive, Inc., DePuy Synthes, Amedica Corporation, Braun Melsungen AG, Arthrocare, Medtronic Plc., K2M Group Holding, Inc., Stryker Corporation, and Zimmer Biomet Holdings, Inc.
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Global Spine Devices Market to Pave Path for Augmented Revenue during the Period between 2017-2022
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