Spinal Implant Device Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034

Spine surgeons employ spinal implant devices to strengthen and stabilize the spine during procedures for a variety of spine conditions. Spinal implant devices typically serve as permanent fixtures within the body and need to be placed surgically. Rather than managing pain, the primary goals of spinal implant devices are to stabilize the spine and repair structural problems.

MARKET OVERVIEW

The global market valuation of Spinal Implant Device Market is valued at approximately USD 11.2 billion in 2023 and is projected to reach USD 19.1 billion by 2034 exhibiting a CAGR of 5% during the forecast period of 2024-2034. The two primary parts of the implant are a titanium alloy anchor that is placed onto an adjacent vertebral body to secure the device and a flexible polymer mesh that covers the annular defect and mechanically stops the inner nucleus pulposus area of the disc from getting out of place.

GROWTH DRIVERS

The increasing frequency of spinal disorders, fractures, and injuries, as well as the expanding need for advanced medical equipment and implants are the primary factors propelling the expansion of the global market for spinal implants and equipment. The aging population and obesity are major contributors to problems that impact the spine, such as spinal stenosis and lower back issues, which increases the need for spinal devices in medical treatment.

Furthermore, government funding for spinal device research and development (R&D) is a major factor in the market's expansion. With these investments, they intend to speed up the development of superior spinal implant technologies that are beneficial to patients having spinal procedures.

MARKET SEGMENTATION:

By Product Type –

·         Screws

o   Polyaxial Screw

o   Pidicle Screw

·         Artificial Disc

o   Composite

o   Hydraulic

o   Mechanic

o   Elastic

·         Hooks

o   Pedicle Hooks

o   Ifralaminar Hooks

o   Sublaminar Hooks

·         Rods

·         Cages

·         Cervical Plates

·         Others

By Area of Application -

·         Cervical

·         Lumbar

·         Thoracolumbar

By Spinal Solution -

·         Arthoplasty

·         Cervical Fixation

·         Deformity

·         Interbody Fusion

·         MIS

·         Thoracolumbar Fixation

·         VCF

·         Others

By End User -

·         Hospitals

·         Specialty Clinics

·         Others

By Region -

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East and Africa

Spinal Implant Devices Market By Product Type Segment Review:

In 2022, Screw segment took over the global market by securing a substantial market position with Almost two-fifths of the total share. To stabilize the spine during spinal fusion surgery, spinal screws are frequently employed. They play a crucial role in preserving alignment and promoting bone fusion.

Spinal Implant Devices Market By Area Of Application Segment Review:

The global market for spinal implant devices in 2022 had been dominated by the lumbar segment. There are five vertebrae in the lumbar spine, which is found in the lower back. To treat conditions like spondylolisthesis, fractures, or spinal stenosis, lumbar spine implants are utilized.

Spinal Implant Devices Market By Spinal Solution Segment Review:

Interbody Fusion segment led the global market share for spinal implant devices in 2022. It is essential for treating numerous spinal disorders, including spondylolisthesis, spinal stenosis, and degenerative disc degeneration. The growing incidence of spinal diseases and improvements in surgical methods have led to a rise in the need for interbody fusion devices.

Spinal Implant Devices Market By End User Segment Review:

Regarding the usage of spinal implant devices, the hospitals segment is projected to have the largest percentage share. This is mostly because hospitals are able to manage complex spine cases and there is a high demand for spinal procedures. The market is more in demand because hospitals offer advanced surgical facilities and a wide range of doctors to execute spine treatments.

Spinal Implant Devices Market By Region Segment Review:

In 2022, North America held the maximum global share of the spinal implant device market. The region has witnessed a rise in demand for advanced medical technology and implants. However, Asia Pacific is expected to achieve a higher growth rate during the forecast period due to demographic shift with aging population, increase in healthcare budget and investment in healthcare infrastructure.

Spinal Implant Devices Market Region Synopsis:

North America's large market position in the worldwide market for spinal implants and devices is often attributed to its advanced healthcare facilities, high healthcare spending, and aging population, which makes them more susceptible to spinal illnesses.

Another important market for spinal implants and devices is Europe, which promotes expanding healthcare infrastructure and technology advancements. There are more surgical centers and hospitals in the region, which provides prospects for market growth.

Over the course of the projection period, Asia Pacific is anticipated to increase at a faster rate. They provide a substantial growth potential in the spinal implants market due to improved access to healthcare, rising disposable income, and growing knowledge of cutting-edge medical treatments.

The region of Latin America has demonstrated a consistent increase in the use of spinal implants. The market is expanding primarily due to factors such an aging population, technological developments in spine surgical instruments, an increase in the incidence and prevalence of spinal illnesses, and a growing desire for minimally invasive spine surgery.

Modern spinal implant technologies are being gradually adopted in the Middle East and Africa, helped along by investments in the region's healthcare infrastructure. The region's market is expanding because of government attempts to enhance healthcare services and the rising prevalence of spinal illnesses.

Market Key Challenges:

The market for spinal devices is expected to face challenges from the development of medication therapy and pain management strategies. The market is going to get impacted if patients and healthcare professionals choose non-invasive or pharmaceutical treatments over surgical procedures.

For manufacturers, the strict regulatory framework surrounding medical devices, including spinal implants, provides difficulties. The research, approval, and commercialization of spinal implant devices has been complicated by the need to comply with rules from multiple health authorities. For operations in this industry, meeting regulatory requirements results in higher expenses and adds extra time reaching consumers.

Competitive Landscape:

Significant research and development efforts are being conducted in this highly competitive global market with the goal of improving the effectiveness, safety, and efficiency of these devices. Additionally, advancement in research is being done to enable remote monitoring of spinal implant devices. With the use of this technology, medical professionals are able to track a patient's recovery from surgery, allowing for the early identification of problems or complications and prompt action.

Global Key Players:  

·         Medtronic

·         Johnson & Johnson

·         Stryker corporation

·         NuVasive

·         Globus Medical Inc.

·         Zimmer Biomet holdings

·         RTI Surgical Inc.

·         Alphatec Spine Inc.