Thoracolumbar Spine Devices Market - Growth Analysis and Forecast 2027
Global Thoracolumbar Spine Devices
Market: Information by Product Type (Spinal implants, Devices and
Instrumentation and Spine Biologics), By Type of Surgery (Open Surgery and
Minimally Invasive Surgery (MIS)), by Material (Titanium, Stainless Steel,
Biomaterials and others), By End User (Hospitals and Clinics, Ambulatory
Surgery Centers, Academic Institutes and Research Centers and others) and by
Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) -
Forecast till 2027
Market Highlights
Thoracolumbar Spine Devices Market is
expected to register a CAGR of3.72% during the forecast period,
with a market value of USD 8,484.7 Million till 2025. The
human spinal cord, based on anatomy, is divided into three sections, namely
cervical, thoracic, and lumbar. The cervical section is located at the
beginning of the skull comprising of the first seven vertebrae. The thoracic
spine is the midback consisting of the next 12 vertebrae, and the section from
ribs to sacrum comprises the lumbar section consisting of the five lower
vertebrae.
The increasing obese population, high
prevalence of spinal cord injuries (SCI), and increasing geriatric population
are expected to enhance the market growth. However, the stringent regulatory
policies, lack of awareness for the use of advanced technologies, and product
recalls are projected to curb the growth of the market.
Segment Analysis
The global thoracolumbar spine devices
market, by product type, has been segmented into spinal implants, devices and
instrumentation, and spine biologics. Based on type of surgery, the
Thoracolumbar spine devices market has been categorized as open surgery and
minimally invasive surgery (MIS). The by material segment is further segmented
as titanium, stainless steel, biomaterials, and others. Based on end-user, the
thoracolumbar spine devices market has been categorized as hospitals and
clinics, ambulatory surgery centers, academic institutes and research centers,
and others.
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Regional Analysis
The Global Thoracolumbar Spine Devices
Market, based on region, has been divided into the Americas, Europe,
Asia-Pacific, and the Middle East & Africa.
The existence of medical device
companies, developed healthcare infrastructure, significant per capita
healthcare spending, high funding for research & development projects,
focused researches in spine disorders along with grants from government
healthcare agencies, and high adoption of advanced medical technologies in the
US and Canada are likely to support the dominance of the Americas during the
forecast period.
Europe is anticipated to account for
the second-largest market share during the forecast period. The market growth
in Europe can be attributed to factors such as the increasing number of
individuals affected by spinal cord injuries. For instance, according to the
Association for Spinal Injury Research, Rehabilitation, and Reintegration, the
number of people diagnosed with a spinal cord injury in the UK is 2500 per
year.
Asia-Pacific is likely to be the
fastest-growing region in the global thoracolumbar spine devices market. The
growing geriatric population and booming medical tourism sector in India,
China, Australia, and Malaysia are likely to impact the regional market growth
during the forecast period. According to the United Nations Department of
Economic and Social Affairs (UN DESA), in 2017, 12% of the population in Asia
and 17% in Oceania was aged 60 or above, which is projected to increase to 24%
and 23%, respectively by 2050. This elderly population is more prone to develop
thoracolumbar spine disorders, which are fostering market growth. India held a
share of 16.2% in the Asia-Pacific thoracolumbar spine devices market in 2018.
The Middle East & Africa market is
projected to show gradual growth during the forecast period. In this region,
the Middle East is anticipated to dominate owing to factors like increasing
growth in the medical tourism sector. For instance, according to the Dubai
Health Authority (DHA), in 2016, the medical tourism sector showed a
significant growth of 9% to 10%, and more than 326,649 patients from all over
the world visited Dubai for medical treatments.
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Market Players
MRFR recognizes the following companies
as the Key Players in the Global Thoracolumbar Spine Devices Market—Orthofix
Holdings, Inc. (US), Alphatech holdings, Inc. (US), B. Braun Melsungen AG
(Germany), Depuy Synthes (US), Exactech, Inc. (US), Globus Medical, Inc. (US),
Medtronic Plc (Ireland), NuVasive, Inc. (US), ZIMMER BIOMET HOLDINGS, INC. (US),
and STRYKER CORPORATION (US).
Key Findings of the Study
·The Global Thoracolumbar Spine
Devices Market was valued at USD 6,531.2 million in 2018 and
is estimated to grow to USD 8,484.7 Million by 2025 at a CAGR
of 3.72% during the assessment period
·The Americas accounted for the largest
share of the global market due to the presence of key market players,
sophisticated healthcare infrastructure, and increasing R&D in the field of
thoracolumbar spine devices.
·Based on product type, the spine
biologics segment accounted for a market share of 23.5% in 2018
·On the basis of the end user, the
hospitals and clinics segment dominated the market and accounted for a share
of 48.7% in 2018
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