Spine biologics: Key market research findings
- Growing popularity of MI and robot-assisted surgeries to boost growth in the market
- Synthetic bone graft segment to account for a major share of the market’s revenue
- Key vendors – Medtronic, Johnson & Johnson, Stryker, NuVasive, Zimmer-Biomet, and SeaSpine
Technavio’s market research analysts predict the global spine biologics market to grow at a CAGR of around 2% between 2016 and 2020. The increasing preference for minimally invasive (MI) spinal and robot-assisted surgeries is expected to boost growth in this market. MI spinal surgeries offer several benefits such as minimal blood loss, low infection rate, reduced levels of pain, and fast patient ambulation and retrieval. Furthermore, MI spinal surgeries lessen the duration of hospital stays and lower the risk of complications as well as re-operations, resulting in significant cost savings. During 2015, the Americas accounted for more than 75% of the total market share. The emergence of new market segments such as stem cells, regulatory approvals, and the subsequent launch of new products are some of the factors that will drive growth in the spine biologics market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the spine biologics segments based on the product.
“Recently, there has been an increase in the popularity of physician-owned ambulatory surgical centers (ASCs). Surgeons perform lumbar fusion, transforaminal lumbar interbody fusion, and anterior cervical discectomy procedures in ASCs and are increasingly investing in setting up their own ASCs to take advantage of its high growth potential. Such ASCs are fast-becoming popular among patients owing to lower reimbursements for outpatient settings as compared to hospitals,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
During 2015, the synthetic bone graft segment occupied around 29% of the market space to become the dominant revenue generator in the global spine biologics market. A synthetic bone graft material is composed of ceramic, calcium phosphates, and other synthetic materials like tantalum, titanium, iron, or magnesium in metals, and polymers such as polylactide, polyglycolide, and silicate-based glasses in ceramics. Since they exhibit similar biochemical properties as that of a human bone, they will enable the growth of the bone on the surface.
The key vendors in the market include Medtronic, Johnson & Johnson, Stryker, NuVasive, Zimmer-Biomet, and SeaSpine. The global spinal biologics market is highly dynamic and fragmented due to the presence of several large, medium, and small players. Although the key vendors hold dominant positions, other factors such as innovation, design, and development of advanced products will change the competitive landscape of the market. The level of competition among the vendors is expected to increase as they enter into partnerships or acquire distributors to increase their sales and expand their businesses across geographies.
A more detailed analysis is available in the Technavio report, Global Spine Biologics Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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