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The global spinal implants and surgical devices market size is estimated to grow by USD 4.24 billion, at a CAGR of 6.23% between 2023 and 2028.
Spinal disorders or injuries lead to a high economic burden globally. According to the National Institutes of Health (NIH), on average, the cost of healthcare spending by people with spinal surgeries ranges from USD 2,859 to USD 3,841 in the US. The impact of spinal injuries or disorders on the economy is not wholly related to the direct cost, that is, the healthcare cost, but also related to the individual's daily productivity loss and the productivity of caretakers and family. Due to the high economic burden, initiatives are being taken by government bodies to support the production of medical devices. The government of India has invested USD 456 million in the Production Linked Incentives Scheme for medical device manufacturing, including imaging devices and implants. The scheme promotes the domestic manufacturing of medical devices at lower costs. Thus, such initiatives are expected to drive the growth of the market during the forecast period.
Technavio has segmented the market into Type, End-user, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018-2022, besides analyzing the current market scenario.
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The market share growth by the open surgeries segment will be significant during the forecast period. Open surgery allows the surgeon to directly visualize the surgical site and have better access to the affected area. This is particularly important in complex spinal conditions such as spinal deformities, tumors, or severe spinal injuries where a more extensive intervention is required.
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The open surgeries segment was valued at USD 6.15 billion in 2018. Spinal implants and devices play a crucial role in the treatment of various spinal conditions, such as degenerative disc disease, spinal fractures, spinal deformities, and spinal cord injuries. They are designed to provide stability, promote fusion, and restore proper spinal alignment. With a high preference for open surgery, the demand for spinal implants and surgical devices will surge, which, in turn, will boost the growth of the market during the forecast period.
Hospitals are experiencing an increased demand for spinal implants and surgical devices to address spinal disorders conditions effectively. Hospitals typically have specialized infrastructure, such as dedicated operating rooms and advanced imaging equipment like CT scanners and MRI machines. Further, hospitals are equipped to handle emergency cases related to spinal injuries or conditions. These emergencies often require immediate surgical intervention or specialized procedures. Spinal implants and surgical devices may be required to stabilize the spine or alleviate pressure on the spinal cord, and hospitals are better equipped to provide prompt emergency care. Hence, high demand from hospitals will have a positive impact on the market during the forecast period.
ASCs (Ambulatory Surgery Centers) have emerged as an ideal setting for performing minimally invasive spinal surgical procedures. These procedures frequently involve the utilization of spinal implants, such as screws, rods, or interbody cages, to address conditions like herniated discs, spinal stenosis, and degenerative disc disease. The adoption of these minimally invasive techniques is on the rise due to their numerous benefits, including reduced postoperative pain and expedited recovery times. Furthermore, ASCs offer interventional pain management procedures, including nerve root blocks and epidural injections, to alleviate spinal pain. Interventional spine devices play a pivotal role in these non-surgical interventions, enhancing their efficacy and safety. The growing prevalence of spinal conditions and the increasing popularity of minimally invasive procedures are expected to fuel the demand for ASCs, thereby bolstering the market expansion during the forecast period.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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