Spine devices are becoming more popular by the day. They can be used to improve a wide variety of activities such as sleep, relaxation, and pain relief. The spine devices market is projected to grow at a CAGR of over 7% during the forecast period (2018-2023).
This growing trend is likely to result in the demand for spine devices being exported from developed countries such as the United States and Europe to developing nations. Some of the key reasons for this growth include an increasing prevalence of chronic conditions such as obesity, arthritis, and depression, and an increase in the number of patients who are seeking treatment for various injuries.
Read on to learn more about why spine devices are so popular and how you can take advantage of their growing demand.
Some of the key reasons for this growth include an increasing prevalence of chronic conditions such as obesity, arthritis, and depression!
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The Spine Devices Market
The spine devices market is expected to grow at a CAGR of xx% over the forecast period 2018-2025. The market is witnessing increasing demand from end users for musculoskeletal healthcare products owing to the increasing awareness about the benefits of using these devices. There is also growing adoption of these devices in hospitals and clinics.
The following are some of the key factors driving the spine devices market:
- Increasing awareness about the benefits of using spine devices
- The growing use of spine devices in hospitals and clinics
- High demand from end users
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Factors Driving the Growth of the Spine Devices Market
The spine devices market is expected to grow at a CAGR of over 7% during the forecast period, owing to increasing demand for safe and effective spinal cord protection.
The market is witnessing significant growth in Europe, Asia Pacific, and North America. The Asia Pacific region is expected to witness the highest growth rate due to the growing geriatric population and increasing awareness about spinal cord injuries.
Some of the major players in the spine devices market are Johnson & Johnson (US), Ethicon (US), Medtronic (US), Stryker Corporation (US), Becton, Dickinson, and Company (US), Abbott Laboratories (US), Smith & Nephew plc(UK), Zimmer Biomet Holdings Inc. (US), Medtronic plc. (Ireland) among others.
Emerging Trends in the Spine Devices Market
The global spine devices market is expected to exceed US$ billion by 2021, owing to an increase in the adoption of advanced technology and rising demand for improved patient safety. The growth of the spine devices market is being bolstered by factors such as increasing awareness about the benefits of using spine devices, increasing life expectancy, and growing incidence of lifestyle-related disorders such as obesity and sedentary lifestyles.
One major trend that is anticipated to drive the spine device market growth is the increasing use of minimally invasive treatments for various spinal disorders. This is due to the fact that these treatments are associated with lower risks and require fewer surgical interventions. Additionally, advances in medical imaging technology are helping surgeons identify spinal abnormalities earlier on, which is resulting in an increase in the number of patients who undergo surgery to correct them.
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Furthermore, advances in neuromodulation techniques are also expected to fuel growth in the spine devices market over the next few years. These techniques are used to treat conditions such as chronic pain and nerve damage.
Another key trend that will propel growth in the spine devices market is the increased adoption of wearable technologies. This is because these technologies help surgeons monitor patients remotely during surgeries and provide real-time updates about their condition. In addition, wearable technologies are also being used to monitor patient compliance with treatment plans.
Porter’s Five Forces Analysis of the Spine Devices Market
The global spine devices market is expected to grow at a CAGR of over 7% during the forecast period 2017-2021. The market is segmented on the basis of type of spine, region, and application.
Spine devices are classified into two types: cervical and lumbar. The cervical spine devices market is projected to grow at a higher rate than the lumbar spine devices market due to the increasing prevalence of diseases such as degenerative spondylolisthesis (DLS), which is a condition that affects the spinal cord, and herniated discs, which are bulging out of the surface of one or more discs.
Geographically, North America dominates the spine device market with a share of over 50%. This dominance is attributed to factors such as high patient population density, high spending on medical treatment, and increasing use of health care services in this region.
Asia Pacific is expected to register significant growth in the cervical spine device market owing to rising awareness about disorders such as DLS and herniated discs among patients. Europe is also expected to witness growth in the cervical spine device market owing to the increasing incidence of conditions such as DLS and herniated discs.
On the basis of the type of spine, spinal fusion devices (such as plate fixation systems) account for most sales volume followed by artificial disc replacement products (ADRPs). Spinal screw systems are projected to witness significant growth in demand due to their benefits.
Strategies for companies engaged in the Spine Devices Market
The spine devices market is expected to exceed US$ billion by 2024, as the rising demand for spine devices such as medical implants and surgical tools provides lucrative opportunities for…
The global spine devices market is segmented on the basis of type, application, and region. The type segment includes spinal fusion devices and cervical disc replacement
Conclusion
The spine device market is anticipated to grow at a CAGR of over 7% from 2018-2023, according to a new report. The market for spine devices is expected to reach US$ 17 billion by 2023, driven by the increasing prevalence of conditions such as osteoarthritis and other musculoskeletal disorders, rising geriatric populations, and an increase in the number of people who are living longer. This growth can be attributed to various factors such as increased investment in innovative technologies, growth in the medical tourism industry, and increasing adoption of minimally invasive techniques among clinicians.
