An updated study of the world market for spine devices was just released by Fact.MR, a supplier of market research and competitive information. According to this analysis, market revenue will reach US$ 17 Bn by 2031, growing at a moderate CAGR of 4.5% over that ten-year period.
The healthcare sector has undergone a tremendous amount of change in the last ten years, largely due to improvements in the technology of medical devices and processes. As disease prevalence rises and the need for better healthcare grows, there has been a growth in global healthcare demand.
Over the past ten years, there has also been a steady increase in spinal injuries and diseases. Additionally, this has raised the demand for spinal treatments, which is fueling the market for spine devices. However, a significant issue limiting demand is the intricacy of spine surgeries and treatments. Manufacturers are attempting to provide treatments that are less complicated and would speed up the patient’s recovery.
The minimally invasive approach is being studied extensively since it is more patient-friendly, produces less pain and discomfort, and speeds up recovery time compared to the conventional method. Important players are making investments in the creation of cutting-edge technologies to improve the calibre of spinal surgeries.
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Key Takeaways from Market Study
- By the end of the decade, sales of spine devices are expected to generate US$17 billion in revenue.
- Through 2031, the market for spine devices is anticipated to grow at a steady CAGR of 4.5%.
- The U.S. is predicted to be the world’s most profitable market.
- By 2020, the market for spinal devices will be valued about US$11 billion.
- In Europe, the U.K. and Germany are anticipated to be two of the spine devices’ most lucrative markets.
- Market growth in APAC is anticipated to be the fastest through 2031.
- Growing elderly population, robust research & development in spine treatment methods, expanding frequency of spinal illnesses, and rising incidence of spinal traumas are factors driving industry expansion.
Some Notable Offerings by Fact.MR Report on Spine Devices market:
- We will analyse the degree to which this market research report on spinal devices develops commercial qualities and present examples or instances of data to help you better comprehend it.
- Identifying customary/standard terms and conditions, such as offers, worthiness, warranties, and others, will also be assisted by us.
- You can use this report to forecast growth rates and spot any trends.
- The report under analysis will predict the overall trend in supply and demand.
Key Companies Profiled
- Exactech Inc.
- NuVasive Inc.
- DePuy Synthes
- Amedica Corporation
- Braun Melsungen AG
- Arthrocare
- Medtronic Plc.
- K2M Group Holding Inc.
- Stryker Corporation
- Zimmer Biomet Holdings Inc.
Competitive Landscape
Some of the key manufacturers of spine devices, such as Exactech Inc., NuVasive Inc., DePuy Synthes, Amedica Corporation, Braun Melsungen AG, Arthrocare, Medtronic Plc., K2M Group Holding Inc., Stryker Corporation and Zimmer Biomet Holdings Inc., etc., have been profiled in this market study.
- A medical device business called NuVasive announced the introduction of Cohere TLIF-O implant, one of its latest spine surgical implants, in October 2021.
- A Medtronic plc subsidiary, Medtronic Canada ULC, announced the introduction of its first robotic spinal surgical platform on October 25, 2021, with a focus entirely on spine surgeries.
