Dublin, August 13, 2021 (GLOBE NEWSWIRE) – The “Spinal Implants Market – Forecasts from 2021 to 2026” report has been added ResearchAndMarkets.com offer.
The Spinal Implants market is expected to grow at an average annual growth rate of 3.57% during the forecast period and to reach a market size of $ 15,304,985 million in 2026, up from $ 11,983,748 million in 2019.
Spinal implants are devices that are used to strengthen the combination and improve the strength of the spine, strengthen the spine, and treat distortions on the spine. Spinal implants are used to treat various problems such as scoliosis, spondylolisthesis, kyphosis, and tear. Its essential ability is to connect two vertebrae and replace normal circular material. This strategy is used to immobilize vertebrae in order to eliminate or reduce altogether the agony caused by the unusual development of the vertebrae due to immobilization. Treatment alternatives at the spinal level are constantly evolving with the presentation of New Age spinal inserts and devices. In addition, the use of these inserts and devices is one of the practical and recommended alternatives for treating spinal deformities or degenerative changes.
Development-saving devices are used in patients such as children who have not yet reached skeletal development. Inserts are made from a variety of materials such as titanium, titanium combination, treated steel, and plastic. Titanium inserts are solid, light and can be imaged using MRI (attractive reverberation imaging). Devices come in a variety of sizes and shapes, and some, such as rods, can be shaped during a medical procedure to conform to the patient’s living structures. Numerous inserts, such as cervical plates, have a low profile which means they are not massive and work against the life system of the spine. Pedicle screws can be covered with a material to enliven the combination.
In addition, according to NINDS (National Institute of Neurological Disorders and Stroke), around 80% of adults experience lower back pain sooner or later in their life. This is the only driving cause of incapacity for work around the world, according to the Global Burden of Disease Study (GBD). There are several reasons a person can recall the agony. The more normal causes range from injuries and strains, typical mileage that occurs in circles and bones, to sciatica. Another lower back agony could be identified with contamination, tumors, and diseases such as kidney stones. Spinal implants are used to treat many types of back pain and distortion. Problems treated can be: scoliosis, kyphosis, degenerative circular disease and break. Its essential ability is to fuse two vertebrae and replace normal compass material, which accordingly will greatly aid the spine embedding market development in the estimated timeframe.
In light of this increasing demand for spinal implants, existing and emerging market players are pursuing various strategies to further expand their market share. For example, in June 2019, Medtronic completed the acquisition of Titan Spine for an undisclosed amount. Ireland-based Medtronic is a global leader in medical technology, services and solutions, while Titan Spine is a Mequon-based medical device developer who pioneered titanium interbody fusion devices using surface technology. Interbody implants are spacers that can be placed between the vertebrae during spinal fusion surgery to relieve pressure on the nerves and hold the vertebrae in place during the fusion. Medtronic maintains its position as a leading innovator in procedural solutions for spine surgery with the acquisition of Titan Spine. Now Medtronic’s spine division, part of the Restorative Therapies Group, is expanding its existing spine technologies by adding Titan Spine’s products to its portfolio.
The story goes on
The increasing incidence of spinal problems combined with the use of negligible intrusive surgery is contributing to the development of the worldwide market for spinal implants. According to a 2018 article published in the Global Spine Journal, the total annual population with spinal problems broadly includes 3.63% Lumbar Degenerative Spine Disease (DSD) and Low Back Pain (LBP) by and large, 0.53% Spondylolisthesis. Due to the emergence of MISS (insignificantly intrusive) approaches, it has now also become possible and productive to treat a wide range of spinal problems without a long entry point while keeping away major damage to the muscles surrounding the spine in ways that lead to less post- usable agony and faster recovery results. Accordingly, the increasing prevalence of spinal problems, along with the simplicity of treatment through MISS approaches, is expected to fuel the global market for spinal implants.
The increased cost of treatment procedures is hindering the development of the global spinal implant market. According to a study distributed in 2019 at the National Center for Biotechnology Information, 1,862 patients underwent various medical procedures on the spine and the immediate costs (preoperative consultation, imaging tests, clinic costs, clinical fees, field operations, actual drug therapies, transportation of ambulances and Follow-up costs after medical procedures) of all spinal interventions for 1,862 patients in one year was $ 12,389,960. Spinal medical procedures have increased 175% globally, and spinal care spending in the United States is estimated at $ 105 billion a year. Increased treatment costs will heighten monetary concerns, which is likely to constrain market development.
Effects of COVID-19
The COVID-19 pandemic is expected to have a negative impact on the growth of the spinal implants market as the outbreak has transformed various hospitals and clinics into full-fledged COVID centers, restricting other surgical interventions. The outbreak is also expected to slow the manufacturing and supply chain of these implants, which is expected to further affect market growth.
The increasing demand for spinal implants caused by the proliferation of spinal problems around the world has led to the entry of several new players into the spinal implant market. In order to now expand their customer base and increase their market share in the coming years, many of these market participants have taken various strategic measures, such as partnerships and the development of novel solutions that primarily focus on providing improved comfort for the patient who are expected to keep the market competitive and keep evolving. Key market players such as Stryker, Alphatec Spine, Inc., and Orthofix International NV were discussed along with their relative competitive strategies, and the report also mentions the recent deals and investments of various market players over the past few years. The Company Profiles section sets out the business overview, financial performance (public companies) over the past several years, key products and services offered, and recent deals and investments by these key players in the global Spinal Implants Market.
Key topics covered:
2. Research methodology
4. Market dynamics
4.1. Market leader
4.2. Market restrictions
4.3. Porter’s Five Forces Analysis
4.4. Function value chain analysis
5. Spine Implants Market Analysis by Implant Type
5.2. Femoral implant type
5.3. Radial implant type
6. Spine Implants Market Analysis by Type
6.2. Passive vascular occlusion devices
6.3. Active vascular occlusion devices
7. Spinal Implants Market Analysis by End-User
7.2. Hospitals & clinics
7.3. Outpatient surgical centers
8. Spinal Implants Market Analysis by Geography
9. Competitive Environment and Analysis
9.1. Main actors and strategy analysis
9.2. Emerging players and market profitability
9.3. Mergers, acquisitions, agreements and collaborations
9.4. Supplier competition matrix
10. Company profiles.
10.1. Zimmer Biomet
10.2. B. Braun Melsungen AG
10.3. Johnson & Johnson Company
10.4. NuVasive, Inc.
10.6. Alphatec Spine, Inc.
10.7. Orthofix International NV
10.8. RTI Surgical, Inc.
10.9. Globus Medical
10.10. Medtronic PLC
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