According to a new market research report published by Report Ocean, the Spinal Implant and Devices Market is anticipated to grow at a CAGR of 5.9%, during the forecast period. The market is estimated to reach $$ million by 2030.
This detailed market research report by Report Ocean include in-depth analysis of technological innovations, market trends, supply chain trends, future trends, leading players, and key developments. The report also includes additional information about other factors such as drivers, restraints and challenges faced by this market, along with an overview for each mentioned segment in the study.
Spinal Implant and Devices Market is anticipated to grow at a CAGR of 5.9% over the forecast period (2021-2027).
The U.S. current-account deficit increased and reached US$ 234.8 billion in Q4 2021. However, the Canadian Dollar exchange (CAD) increased by 29.9% in Q1 22 to reach US$ 294.4 billion, widening the imbalance by US$ 68.6 billion. In the first quarter of 2022, exports of goods and services rose by US$ 27.7 billion, totaling US$ 1.07 trillion. However, the nation’s goods and services deficit decreased to US$ 79.9 billion in June from US$ 87.9 billion in May, which was corrected, a US$ 5.7 billion decrease that indicated some relief. On the other hand, the annual inflation rate in the country hit 8.7%.
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The logistics price increased by 34.9% in July 2022, disrupting the supply chain, while electricity prices increased by 15.5%, the highest level since February 2006. Besides that The number of existing U.S. homes sold in July 2022 decreased by 5.95% to 4.85 million (seasonally adjusted annual rate), which was the lowest number since May 2020 and under the market’s forecast of 4.89 million. The home sector sales fell for the sixth month in a row as the mortgage rate reached its highest point at 6.3%. The U.S. economy continues to be heavily impacted by the global energy crisis, causing people to spend less and conserve more.
Company Profile: Medtronic, DePuy Synthes, NuVasive, Inc., Stryker Corporation, B. Braun Melsungen AG, Abbott Laboratories, Boston Scientific, Zimmer Biomet Holdings, Inc., Globus Medical, Inc. and Orthofix International N.V. are some of the prominent players operating in the global spinal implant and devices market. Several M&A’s along with partnerships have been undertaken by these players to develop new and advanced products.
Spinal implants are devices surgeons use during surgery to treat deformity, stabilize and strengthen the spine, and facilitate fusion. Disorders treated using spinal implants include degenerative disc disease, scoliosis, kyphosis, spondylolisthesis, and fracture. The spinal implants can be made from different materials such as titanium, titanium-alloy, stainless steel, and plastics. Surgeons and medical professionals across the globe prefer Titanium implants because of the superior properties of the titanium. Titanium is strong and light-weight and is a durable element and can be imaged using MRI (magnetic resonance imaging).
Surgery Devices are produced in different sizes and shapes and some, such as they can be contoured during surgery to fit the patient’s anatomy. Many implants, such as cervical plates, are low profile meaning they are not bulky and lay flatter against the spine’s anatomy. Pedicle screws may be coated with a material to stimulate fusion.
The COVID-19 pandemic in 2019 engulfed the world. It caused a worldwide halt. The entire global economy was affected. In addition, many people have also lost their lives. Around 252,297,094 cases and 5,091,465 deaths have been reported worldwide so far for COVID-19. The pandemic spread to almost every country in the world. In most industries, the pandemic resulted in some form of loss. As a result of the pandemic, the Spinal Implant and Devices Market also experienced a slowdown. Statista estimates that the Spinal Implant and Devices Market total worldwide revenue stood at approximately US$ 3.94 trillion in 2019. In 2014, the Spinal Implant and Devices Market generated revenues of US$ 5.4 trillion at a record high.
The degree of competition among prominent global companies has been developed by analyzing several leading competitors operating globally. In addition, specialist analysts examine various aspects of the Spinal Implant and Devices Market, including market competition, market share, the most recent advancements in the industry, innovative product launches, partnerships, mergers, and acquisitions by leading companies.
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The growth of this market is driven owing to advancements in spine surgery technologies, increasing incidence of spinal disorders, the launch of advanced bone grafting products, and the increasing adoption of minimally invasive spine surgeries. For instance, In August 2019, Mantiz a South Korean specialist producer of spinal implants entered a partnership with Shining 3D Tech. Co. to use Shining 3D machines to produce medical implants. In addition to this, In 2017, Aesculab launched the lumbar artificial disc replacement, the activL Artificial Disc, which is now available at several hospitals. It is considered to be the next evolution of artificial discs, as it has an extra dimension of motion, which is not found in any other product in the market. With this latest generation disc available in the United States, spine surgeons believe they can cost-effectively provide artificial disc replacement to patients, making travelling overseas for surgery unnecessary.
Researchers have estimated that, as of 2019, 17,730 new Spinal Cord Injuries (SCI) cases occur each year and between 249,000 and 363,000 people are currently living with SCI in the United States.
The majority of spinal cord injuries are due to preventable causes such as road traffic crashes, falls or violence. People with a spinal cord injury are two to five times more likely to die prematurely than people without a spinal cord injury, with worse survival rates in low- and middle-income countries.
Spinal Implant and Devices Market Segmentation
Product Type Thoracic Fusion And Lumbar Fusion Devices Cervical Fusion Devices Spine Biologics Non-Fusion Devices Vertebral Compression Fracture Treatment Devices Spine Bone Stimulators Others
By Type of Surgery Open Surgeries Minimally Invasive Surgeries
By Technology Spinal Fusion And Fixation Vertebral Compression Fracture Treatment Motion Preservation/Non-Fusion Others
By Application Spinal Fusion and Fixation Technologies Vertebral Compression Fracture Treatment Motion Preservation/Non-fusion Technologies Others
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Middle East & Africa (MEA)
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The report’s geographical regions include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The report provides a comprehensive analysis of market trends, including information on usage and consumption at the regional level. Reports on the market include the growth rates of each region, which includes their countries, over the coming years.
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