The Asia Pacific Spine Surgery Devices market accounted for USD 2.65 Billion in 2020 and is expected to reach USD 3.97 Billion by 2028, growing at a CAGR of around 5.1% between 2021 and 2028.
The Asia Pacific Spine Surgery Devices market accounted for USD 2.65 Billion in 2020 and is expected to reach USD 3.97 Billion by 2028, growing at a CAGR of around 5.1% between 2021 and 2028.
The growth of the spine surgery market is propelled by the increasing number of geriatric and obese populations. The geriatric and obese populations are more susceptible to spine problems. Moreover, emerging technologies for minimally invasive spine surgery procedures and the increasing prevalence of spinal injuries are projected to fuel the expansion of the spine surgery market. Additionally, car and automobile accidents are the most reason for spine injuries, per annum, owing to car and automobile accidents are accounting for quite 35% of spine injuries and this may boost the expansion of the spine surgery device market.
On another hand, uncertainty in reimbursement, the high cost of surgery, and the paucity of education associated with spine treatment may hamper the expansion of the spine surgery market. Nonetheless, increasing demand for medical tourism in emerging markets is probably going to open new opportunities within the forecast period.
The COVID-19 outbreak has harmed many lives, in addition to the effects of the disease on public health, there is also the collateral effect of near-universal disruption and cancelation of surgical services. Consistent with the CovidSurg Collaborative, a 120-country research initiative formed to research the impact of the COVID- 19 pandemics on surgeries, around 29 Billion elective surgeries worldwide are going to be canceled or postponed in 2020 and 2021, supported by 12 weeks of peak disruption to hospital services due to COVID-19. As per analysis, spine surgeries are also going to be the foremost frequently canceled surgeries, worldwide over the pandemic. The expansion of the market is on hold due to the Covid-19 outbreak but is predicted to be restored once things stabilize.
The key factors propelling the growth of this market are the increasing adoption rate of minimally invasive spinal surgeries, increasing incidences of obesity and degenerative spinal conditions & increasing technological advancements in spinal surgery. The spine is composed of 26 vertebrates stacked on top of one other and spinal column allowing us to stand upright twist & bend and provides the main support for our body. Thus, damage to the spinal cord causes a serious problem to the spinal column either temporarily or permanently. Patients facing issues opt for surgery as these days number of technologies are available including fusion, non-fusion, vertebral compression fracture, spine biologics, and spinal decompression. New product launches and technological advancements are anticipated to possess a positive influence on regional demand.
Report Attributes | Report Details |
---|---|
Report Name | Spine Surgery Devices Market |
Market Size in 2020 | USD 2.65 Billion |
Market Forecast in 2028 | USD 3.97 Billion |
Compound Annual Growth Rate | CAGR of 5.1% |
Number of Pages | 180 |
Forecast Units | Value (USD Billion), and Volume (Units) |
Key Companies Covered | Alphatec Spine, Inc., Biomet, Inc., Depuy Synthes Companies, Globus Medical, Inc., Integra Lifesciences Holdings Corporation., Medtronic, Inc., Nuvasive Inc, Stryker Corporation, Zimmer Holding, Inc., and Amedica Corporation. |
Segments Covered | By Device Type, By Technology And By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latian America, Middle East and Africa (MEA) |
Countries Covered | North America: U.S and Canada Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific Latin America: Brazil, Argentina, Chile The Middle East And Africa: South Africa, GCC, Rest of MEA |
Base Year | 2020 |
Historical Year | 2016 to 2020 |
Forecast Year | 2021 - 2028 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Based on technology type spine surgery market has been segmented into fusion, non-fusion, vertebral compression fracture, spine biologics, and spinal decompression. In 2018, the fusion technology segment dominated the market of spine surgery with a 42% share of the market and but in the forecast, it is expected to slow down the growth rate due to emerging technologies in the spine biologics segment. In the forecast period, spine biologics technology is expected to come up as the leading segment with the highest growth rate.
Based on device type, the market of spine surgery has been segmented into fusion devices, fracture repair, non-fusion devices, and arthroplasty. In 2018, the fusion device segment dominated the spine surgery market with a 45% market share and during the forecast period, the non-fusion market is anticipated to grow at a healthy rate due to increasing demand for minimally invasive surgery procedures.
The Asia Pacific is projected to grow at the fastest growth shortly and this is due to increasing awareness and government support towards the industry. Based on the country, the market has been segmented as China, Japan, India, and the Rest of Asia-Pacific. In 2017, China was dominating the spine surgery device market followed by Japan while India held the 20% share of the Asia Pacific spine surgery device market. In the forecast period, China is expected to grow at a CAGR of 8% due to the increasing geriatric and obese population.
Key participants operating in the Asia Pacific spine surgery devices market include Alphatec Spine, Inc., Biomet, Inc., Depuy Synthes Companies, Globus Medical, Inc., Integra Lifesciences Holdings Corporation., Medtronic, Inc., Nuvasive Inc, Stryker Corporation, Zimmer Holding, Inc., and Amedica Corporation.
By Device Type
By Technology
FrequentlyAsked Questions
The Asia Pacific Spine Surgery Devices Market was valued at USD 2.65 Billion in 2020.
The Asia Pacific Spine Surgery Devices Market is expected to reach USD 3.97 Billion by 2028, growing at a CAGR of 5.1% between 2021 to 2028.
The demand for Asia Pacific Spine Surgery Devices is on the rise due to the growing incidences of sports injuries, obesity and the increasing participation of people in sports and fitness-related activities.
China is expected to remain the dominant region over the forecast period.
Key participants operating in the Asia Pacific spine surgery devices market include Alphatec Spine, Inc., Biomet, Inc., Depuy Synthes Companies, Globus Medical, Inc., Integra Lifesciences Holdings Corporation., Medtronic, Inc., Nuvasive Inc, Stryker Corporation, Zimmer Holding, Inc., and Amedica Corporation.
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