New York, May 16, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Spinal Surgery Devices And Equipment Global Market Report 2022" - https://www.reportlinker.com/p06277192/?utm_source=GNW
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The global spinal surgery devices and equipment market is expected to grow from $6.97 billion in 2021 to $7.59 billion in 2022 at a compound annual growth rate (CAGR) of 9.0%. The market is expected to grow to $10.1 billion in 2026 at a compound annual growth rate (CAGR) of 7.4%.
The spinal surgery devices and equipment market consist of sales of spinal surgery devices and equipment and related services.
The main product types in spinal surgery devices and equipment are spine biologics, surgical spinal decompression, vertebral compression fracture treatment products, non-fusion, and fusion.Spine biologics are materials that are used in spine surgery.
The spinal surgery devices and equipment are used to perform various surgeries such as open surgeries and minimally invasive surgeries. These are used by hospitals, ambulatory service centers, and orthopedic centers.
North America was the largest region in spinal surgery devices and equipment market in 2021.Western Europe was the second-largest region in spinal surgery devices and equipment market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Elderly people are a major driving factor for the spinal surgery devices and equipment market as they are more prone to spinal complications.Spinal disorders majorly affect the geriatric population and result in spinal deformities and pain.
As per UN estimates, the worldwide geriatric population will double by 2050 to reach an estimated value of more than 2.1 billion boosting the market growth in the future. An increasing trend in the aged populations worldwide will provide a lucrative growth to the spinal implants and devices.
The high cost of treatment restrains the spinal surgery devices and equipment market from reaching its maximum potential growth.According to a study conducted over a year to analyze cost variations, the total cost of the surgeries at the hospitals was found to vary between $27, 000 and $129,000.
More than $90 billion a year is spent on treating lower back pain alone. Due to the steadily increasing cost of procedures, the rate of implementing spinal surgery devices has come down this a major restraint for the large-scale hospitals, clinics as well as new entrants for the market.
Implementing Nano-technology to improve the quality, precision, and speed of the work is the latest trend in the spinal surgery devices market.Nanoparticles possess unique chemical, biological and physical properties which enables them to perform a wide variety of cellular and subcellular tasks.
Spinal pathology is a major field of study for nanotechnology.To fully implement Nano-technology, hospitals and clinics are waiting for FDA regulations and exploring options to reduce costs.
Vallum Corporation, a medical device company announced that it received clearance from the American Food and Drug Administration (FDA) for its polyetheretherketone (PEEK) spinal fusion device which has a Nano textured surface.
The spinal surgery devices and equipment market has a huge potential to grow but stringent regulatory policies are restricting their growth.Currently, US Food and Drug Administration (FDA) classifies the devices into class II, this class consists primarily of devices that are intended to provide immobilization and stabilization of spinal segments.
All devices under this class have to comply with the material standards, mechanical testing standards, and biocompatibility standards.Due to stringent regulations laid by US FDA, product recalls are common and may impact the growth of this market as well.
In November 2021, United Healthcare had issued some regulatory policies for spinal fusion enhancement products that include demineralized bone matrix (DBM) without added products listed as unproven and not medically necessary, Autografts, The InFUSE/MASTERGRAFT™ Posterolateral Revision Device System used with MASTERGRAFT according to U.S. Food and Drug Administration (FDA) indications in individuals who meet all the criteria, Allograft based products Infuse® Bone Graft (Recombinant human bone morphogenetic protein-2 (rhBMP-2) of the lumbar spine are used when all the specified criteria are followed. These are are the stringent regulations in the spinal surgery devices and equipment market that restrict the growth of the spinal surgery devices and equipment.
In November 2021, Globus Medical Inc GMED.N, a medical technology company acquired NuVasive Inc NUVA.O for a deal amount of $3 billion. With this acquisition, the companies expand their portfolio in the spine surgery devices market. NuVasive Inc is a company manufacturing spinal surgery devices based in the United States.
The countries covered in the spinal surgery devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
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