Forecast for Spinal Implant Market Looking Bright
Tracey Romero • Fri, March 10th, 2017
A recent “Spinal Implants and Devices Market Report” published by Allied Market Research forecasts a bright future for suppliers. They expect that the global market for spinal implants and devices will reach $13,384 million by 2022 which translates into an expected Compound Annual Growth Rate (CAGR) of 4.6% from 2016 to 2022. The market reached $9,741 million in 2015 with spinal fusion devices holding almost three-fifths of the total market share.
According to a press release, a rise in incidence of spinal disorders in an aging population and a shift to minimally invasive spine surgery as well as improvements in bone grafting products are all contributing factors in the expected growth. The use of spinal fusion implants, in particular, is expected to grow due to advancements like hook, rod and screw systems. Reimbursement and regulatory issues, however, may have a negative impact on market growth.
Some of the key findings of the report include:
- Fusion implants segment is expected to grow at CAGR of 3.4% between 2016 and 2022.
- Non-fusion/motion preservation segment and dynamic stabilization devices segment are both forecasted to grow at a CAGR of 10.9% during the same period.
- Growth is expected to be the highest in the Asia-Pacific market with an expected CAGR of 5.7%.
Companies profiled in the report include Alphatec Holdings, Inc., B. Braun Melsungen AG, DePuy Synthes (Johnson & Johnson), Exactech, Inc., Globus Medical, Inc., Medtronic plc, NuVasive, Inc., Orthofix International N.V., Stryker Corporation, and Zimmer Biomet Holdings, Inc.