(I-BusinessNews.Com, March 11, 2021 ) According to research report the Spinal Implants and Surgery Devices Market is projected to reach USD 13.8 billion by 2025 from USD 10.3 billion in 2019, at a CAGR of 5.0%.
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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 are the major factors driving the growth of this segment. However, the high cost of spinal surgery is expected to restrain the growth of the spinal implants market during the forecast period.
The major players operating in the spinal implants and surgery devices market are Medtronic (Ireland), DePuy Synthes (US), NuVasive, Inc. (US), Stryker Corporation (US), B. Braun Melsungen AG (Germany), Zimmer Biomet Holdings, Inc. (US), Globus Medical, Inc. (US), Orthofix International N.V. (US), Abbott Laboratories (US), RTI Surgical, Inc. (US), Boston Scientific (US), SeaSpine Holdings Corporation (US), ulrich GmbH & Co. KG (Germany), Spineart (Switzerland), Kuros Biosciences AG (Switzerland), Bioventus, LLC (US), Colfax Corporation (US), Meditech Spine, LLC (US), and Implanet (France). The analysis of the market developments between 2016 and 2019 revealed that growth strategies such as product launches, agreements, partnerships, and acquisitions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the spinal implants and surgery devices market. Among these business strategies, product launches was the most widely adopted growth strategy by market players.
DePuy Synthes (US) held the second position in the global spinal implants and surgery devices market in 2019. The company has a strong geographical presence and offers a broad range of products that are integral to the spinal implants and surgical devices market. The company primarily focuses on strengthening its R&D capabilities to continuously develop and commercialize innovative spine products in the global market. In line with this strategy, the company launched various products in recent years, such as Symphony Occipito-cervico-thoracic System (November 2019), CONDUIT Interbody Platform (September 2019), and Sentio MMG (September 2018). The company also pursues the strategy of acquisitions. In September 2018, the company acquired Emerging Implant Technologies GmbH (EIT). This acquisition enabled DePuy Synthes to enhance its comprehensive interbody implant portfolio, which includes expandable interbody devices, titanium integrated PEEK technology, and 3D-printed cellular titanium, for both minimally invasive and open spinal surgeries. Additionally, the company also acquired Interventional Spine, Inc. (US), a manufacturer of expandable cage and minimally invasive surgery (MIS) technologies for spinal fusion. With this acquisition, DePuy Synthes added a family of expandable cages to its core spine platform.
Medtronic (Ireland) dominated the global spinal implants and surgical devices market in 2019, owing to its wide portfolio of spine surgery products and strong geographical presence across the globe. The company primarily focuses on developing technologically advanced products for minimally invasive spine surgeries. The key products offered by the company include anterior cervical fusion products, bone grafts, artificial cervical discs, electrosurgical products, posterior occipitocervical-upper thoracic (OCT) reconstruction systems, and spinal cord neurostimulation systems. The company is also pursuing the strategy of acquisitions. For instance, in January 2020, Medtronic (Ireland) acquired Stimgenics, LLC (US), a pioneer in novel spinal cord stimulation (SCS) waveform known as Differential Target Multiplexed (DTM) Spinal Cord Stimulation. This acquisition was aimed at advancing treatment for chronic pain.
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The spinal implants and surgery devices market is segmented into five regional segments, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The large share of the North American market can be attributed to its highly developed healthcare infrastructure and reimbursement systems and high patient awareness and physician education. However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period, primarily due to the improving healthcare infrastructure, rising awareness, improving reimbursement scenario, and the growing insurance coverage in several APAC countries.
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