Spinal implants: Key market research findings
- Increase in number of outpatient surgeries to drive the market’s growth
- Americas dominate the market geographically
- Key vendors—DePuy Synthes, Medtronic, NuVasive, Stryker, and Zimmer-Biomet
The market research analysts at Technavio estimate the global spinal implants market to grow at a CAGR of around 6% between 2016 and 2020. The market is primarily driven by the increasing number of patients opting for outpatient surgeries. Minimally intrusive (MI) spine surgeries reduce the need for blood transfusions, the risk of infections, and the duration of hospital stays; cause minimal blood loss, pain, and scarring; and enable better clinical outcomes through rapid healing and recovery. A rise in awareness coupled with advancements in technology is triggering an increase in the number of individuals who opt for outpatient spine surgeries. In 2015, the Americas dominated the global spine implants market by accounting for almost 71% of the total market share. Conditions such as the rise in the incidence of spinal disorders and favorable reimbursement policies are some of the factors that will further fuel growth in the spinal implants market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the spine implants segments products.
“Physician-owned spinal implant distributorships is the latest trend in the spinal implants market across the globe. In physician-owned distributorships, physicians or surgeons endorse, distribute, or sell the spinal implants to hospitals or recommend them for people with spinal disorders. This enables physicians to facilitate product purchases from large-sized to small-sized companies and sell the implants at a lower price compared to their market value. Several companies are collaborating with physicians to increase their product sales as more hospitals are switching to this model,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
In 2015, the spinal fusion implants segment held almost an 85% stake in the market share to dominate the global spine implants market. In this procedure, surgeons use spinal fusion implants to join two or more vertebrae to prevent motion between them, which is a stimulator for back pain. The rise in public awareness of spinal fusion implants and their comparatively higher success rates are factors that will favor growth in the spinal fusion implants market across the globe.
The key vendors in the global spinal implants market include DePuy Synthes, Medtronic, NuVasive, Stryker, and Zimmer-Biomet. The global spinal implants market is highly competitive due to the presence of several global and local players in the market. With the entry of new companies, the competition is expected to intensify in the coming years. To compete and increase their market presence, most vendors are outsourcing the manufacturing of implants to save time and reduce the overall cost. However, the implementation of this strategy increases the companies’ dependence on contract manufacturers. The competition among the vendors is expected to increase as they enter into partnerships or acquire distributors to increase their sales and expand their businesses worldwide.
A more detailed analysis is available in the Technavio report, Global Spinal Implants Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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