Spine Implant Market : Competitive Landscape by 2024
Global Spine Implant Market: Overview
The current development of bio-resorbable implants that automatically leave the body as the patient recovers is projected to speed up the expansion of the spine implant market. Spinal implants are used to correct deformities, strengthen the spine, and facilitate fusion. Some of the major conditions that require spine implants are chronic degenerative disc disease, spondylolisthesis, scoliosis, traumatic fracture, and other forms of spinal instabilities.
The report carries out an in-depth analysis of the major drivers, restraints, trends, opportunities, and segments of the global spine implant market. The key factors of the global spine implant market such as value chain analysis, competitive landscape, Porter’s five force analysis, market attractiveness, market forecast, and supply and demand ratio have been thoroughly dealt with in the report. The report also sheds light on the market shares held by the leading firms, in addition to a description of their product portfolios and major business strategies.
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Global Spine Implant Market: Drivers and Restraints
The key factors aiding the growth of the global market for spine implants are the rise in the number of spinal injuries and disorders and technological advancements in the field of spine implants. Minimally invasive surgeries have been witnessing high demand due to quicker recovery and lesser discomfort. This will prove to be another key growth driver of the market.
The number of geriatric and obese population has been escalating, providing significant growth opportunities to the market. The increasing prevalence of postural defects, lack of physical exercise, and high incidence of obesity are increasingly affecting the spinal cord, leading to numerous spinal problems. Therefore, the global market for spine implants will witness an upsurge, growing with a steady CAGR during the forecast period.
On the contrary, factors such as tedious approval procedures, high costs of treatments, absence of awareness about these procedures among patients and physicians, and uncertain reimbursements are some of the chief challenges faced by the global spine implant market. However, the introduction of image-based spinal navigation technology, along with the advancements in the field of titanium biologics will present considerable opportunities.
The market can be segmented on the basis of product, type, technology and region.
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Global Spine Implant Market: Regional Outlook
The global market for spine implants can be segmented to include North America, Asia Pacific, Middle East and Africa, Latin America, and Europe. North America is likely to be the leading regional segment, accounting for the largest share in the overall market. The prominence of this region can be attributed to technological developments, government funds, extensive R&D activities, and the rise of innovative treatment procedures. The U.S. will be at the headmost position in this region.
Asia Pacific is a budding market with great potential owing to the presence of a large patient population, widespread adoption of sedentary lifestyles, increased healthcare expenditure, rising awareness about the availability of spine implants, beneficial government policies, and rising per capita incomes of people. Although the spine implant markets in India and China are growing at a rapid rate, Japan is expected to emerge with lucrative opportunities on account of its highly skilled surgeons, attractive market economics, and established regulatory systems.
Companies Mentioned in the Report
Some of the major companies operating in the global market for spine implants are Aesculap Implant Systems, Ulrich Medicals, Titan Spine, Stryker, Medtronic, Zimmer Biomet Corporation, and DePuy Synthes.
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