The global spine surgery products market is expected to reach US$16.7 billion by 2025, up from US$10.2 billion in 2016, a Transparency Market Research report states. The report anticipates that the spine surgery products market will grow at a 5.8% compound annual growth rate during the forecast period 2017–2025.
The fusion sector will maintain its dominance with the largest market share, according to the report, though the minimally invasive sector is also predicted to expand rapidly.
With an ageing population, the number of spinal surgeries worldwide is increasing, since geriatric patients are more likely to face spinal disorders that result in operations. A rising number of accidents involving spinal injuries among young adults is also responsible for the increased number of surgeries each year. In the near future, the report envisions the market to experience accelerated growth off the back of more spinal surgery recommendations given to patients, and several technological developments in the field. One example given is the rise of minimally invasive surgeries in North America for adolescent idiopathic scoliosis.
Amidst this rising global market, North America is predicted to retain the largest market share with regard to revenue generation. Improved healthcare infrastructure in Canada, promising reimbursement policies, and increased adoption for diagnosing and treating different types of spinal disorders are all anticipated to create a wealth of opportunities in North America. In Europe, insurance coverage expansion and chronic disease growth is predicted to boost the number of spinal surgeries, which may in turn lead to an increased demand in the spinal surgery products market.
However, despite seasoned analysts projecting the international spine surgery products market to grow well in the foreseeable future, there could be a few market restraints troubling growth during the next seven years. For instance, lengthy product approvals and clinical trial failures of several spinal surgery products are envisaged to cut short the demand in the market. The uncertainty over the transition from the Medical Device Directive (MDD) to the Medical Devices Regulation (MDR) in Europe may also negatively influence innovation in the field.
Nevertheless, the report foresees companies focusing on mergers and acquisitions, expansion of their regional footprint, and diversification of their product portfolio. The presence of several high-impact players could raise the level of competition in the market, whilst new aspirants are predicted to come across favourable opportunities for entering the market. Looking at the intensifying nature of competition, players are observed to invest more in research and development to stay afloat when operating in the market. Furthermore, there could be a high focus on innovation, the report concludes.