03 Aug Spine Implants Global Market Report 2020-30: Covid 19 Growth and Change
Major players in the spine implants market are Medtronic, Depuy Synthes, Johnson & Johnson, Stryker Corporation, NuVasive, Inc. , Zimmer Biomet Holdings, Globus Medical, Alphatec Holdings, Orthofix International, and RTI Surgical.
New York, July 30, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Spine Implants Global Market Report 2020-30: Covid 19 Growth and Change” – https://www.reportlinker.com/p05948408/?utm_source=GNW
The global spine implants market is expected to decline from $12.44 billion in 2019 to $11.83 billion in 2020 at a compound annual growth rate (CAGR) of -4.92%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The outbreak decreased the demand for spine implants as the treatments for spinal problems were on hold to serve the COVID patients, impacting the market negatively. The market is then expected to recover and reach $13.81 billion in 2023 at a CAGR of 5.31%.
The market for spine implants consists of sales of inserts used in the spinal surgery. Spine implants are the devices used to correct the deformity in the spine, stabilize and strengthen the spine and facilitate fusion of bones in different disorders such as degenerative disc disease, kyphosis, scoliosis, spondylolisthesis, spinal stenosis and fracture. The market consists of revenue generated by the companies manufacturing spine implants by the sales of these products.
North America was the largest region in the spine implants market in 2019.
In June 2019, Medtronic completed the acquisition of Titan Spine for an undisclosed amount. Ireland-based Medtronic is a world leader in medical technology, services and solutions whereas Titan Spine is a Mequon-based medical device developer pioneered in titanium interbody fusion devices featuring a surfacing technology. Interbody implants are spacers that can be inserted between the vertebrae during spinal fusion surgery to help relieve pressure on nerves and hold the vertebrae in place while the fusion occurs. Medtronic maintains its position as a leading innovator in procedural solutions for spine surgery by the acquisition of Titan Spine. Now, Medtronic’s spine division, a part of Restorative Therapies Group, expands its existing spine technologies by adding Titan Spine’s products in its portfolio.
The spine implants market covered in this report is segmented by product into spinal fusion devices; non-fusion devices/motion preservation devices; vertebral compression fracture (VCF) treatment devices; spinal bone stimulators; spine biologics. It is also segmented by procedure into open surgery; minimally invasive surgery (MIS), by material into metallic; polymeric; ceramic and by end-use into hospitals; specialty orthopedic and spine centers; ambulatory surgical centers.
The increased treatment procedural cost is acting as a hindrance to the global spinal implants market growth. According to a study published in 2019 in National Center for Biotechnology Information, 1862 patients underwent different spinal surgeries and the direct cost (preoperative consultation, imaging studies, hospital costs, medical fees, implants, physical medicine treatments, ambulance transfers and post-surgery follow up costs) of all spinal interventions for 1,862 patients in 1 year was $12,389,960. The cost of spinal surgeries has increased by 175% globally and in the US, the annual cost of spine care is estimated at $105 billion per patient annually. Increased treatment procedural costs will increase monetary concerns, limiting the market growth.
The innovation of implants in providing minimally invasive and motion-preserving stabilization is a major trend in the spine implants market. For example, RTI Surgical Holdings, a global surgical implant company, has launched the first and only posterior lumbar motion preservation solution, Coflex. Coflex is a differentiated, minimally-invasive, motion-preserving stabilization implant that is FDA PMA-approved for the treatment of moderate to severe lumbar spinal stenosis (LSS). It can be directly implanted following a surgical decompression, without fusing the bones. The device comes in different sizes to fit the patient’s anatomy, and this can be performed even in an outpatient setting.
The rising incidences of spinal disorders coupled with the usage of the minimally invasive surgical procedures are contributing to the growth of the global spinal implants market. According to an article published in 2018 in Global Spine Journal, the annual world’s population having spinal disorders includes 3.63% lumbar degenerative spine disease (DSD) and low back pain (LBP) collectively, 0.53% spondylolisthesis, 5.5% symptomatic disc degeneration and 1.41% spinal stenosis. And due to the emergence of minimally invasive spine surgical (MISS) approaches, it has now become feasible and efficient for treating a wide range of spinal disorders without long incision and by avoiding significant damage to muscles surrounding the spine, thereby resulting in less post-operative pains and faster recovery. Therefore, increased prevalence of spinal disorders along with the ease in treatment by MISS approaches is driving the global spinal implants market.
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Clare: clare@reportlinker.com US: (339)-368-6001 Intl: +1 339-368-6001 SOURCE: Globe Newswire, 30th July 2020