Worldwide Spinal Surgery Device Markets to 2023 - The Rising Incidences of Obesity and Degenerative Spinal Conditions is Driving Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Feb 5, 2019--The “Global Spinal Surgery Device Market - Segmented by Device and Geography - Growth, Trends, and Forecast (2018 - 2023)” report has been added to ResearchAndMarkets.com’s offering.
The global spinal surgery device market is expected to register a CAGR of 5.3% during the forecast period of 2018-2023. North America is anticipated to dominate the market during the forecast period owing to the rising incidence of spinal disorders and injuries in this region.
Rising Incidences of Obesity and Degenerative Spinal Conditions
The rising incidences of obesity and degenerative spinal conditions are some of the major factors contributing to the growth of the global spinal surgery devices market.
According to WHO, in 2016 more than 1.9 billion adults were overweight out of which 650 million were obese. It has also been reported that approximately 39% of adults were overweight in 2016 and 13% were obese. These numbers are further expected to increase with changing lifestyle and food consumption methods in developed countries.
Since, the probability of people suffering from spinal problems increases in obese population, with an increase in obesity the degenerative spinal conditions is also expected to increase.
Additionally, increasing number of technological advances in spinal surgery and surging adoption of minimally invasive spinal surgeries are further driving the market for spinal surgery device.
Stringent Regulatory Process for New Product Approval
The process and cost associated with the FDA approval for spinal surgical devices is lengthy and high as it involves clinical and preclinical data for the surgery device.
Class III devices and technologies, or devices without a substantially equivalent precedent, require a rigorous process of evaluation for which the FDA demands preclinical as well as clinical data with manufacturing and biochemical data. Examples of Class III spinal devices include artificial disk replacement devices, prosthetic nuclear replacements, and recombinant bone morphogenetic proteins (BMPs).
The premarket approval process is rigorous and results in providing the practitioner useful data on efficacy as well as safety. There are certain products and devices used in spine surgery for which the FDA has limited oversight and regulatory role. Additionally, expensive treatment procedures may impede the market.
North America to Dominate the Market
North America dominates the spinal surgery device market. The factors attributing to the growth of this region are rising obesity and prevalence of spinal disorders, and growing adoption of newly developed spine treatment techniques and devices in the region.
Asia-Pacific is anticipated to grow tremendously during the forecast period owing to factors, such as a rising healthcare expenditure in developing nations owing to the growing income levels, increasing government funding, and the presence of a large patient population.
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
5.1 Current Market Scenario
5.2 Porter’s Five Forces Analysis
6. Drivers, Restraints, Opportunities and Challenges Analysis (DROC)
6.1.1 Increasing Adoption Rate of Minimally Invasive Spinal Surgeries
6.1.2 Increasing Number of Technological Advances in Spinal Surgery
6.1.3 Rising Incidences of Obesity and Degenerative Spinal Conditions
6.2.1 Stringent Regulatory Process for New Product Approval
6.2.2 Expensive Treatment Procedures
6.4 Key Challenges
7. Market Segmentation
7.1 By Device Type
7.1.1 Spinal Decompression Devices
7.1.2 Spinal Fusion Devices
220.127.116.11 Instrumented and Non-instrumented Spinal Fusion
18.104.22.168 Cervical Fusion
22.214.171.124 Interbody Fusion
126.96.36.199 Lumbar Fusion
7.1.3 Fracture Repair Devices
7.1.4 Arthroplasty Devices
7.1.5 Non-fusion Devices
7.2 By Geography
7.2.1 North America
7.2.4 Middle East & Africa
7.2.5 South America
8. Competitive Landscape
8.1 Mergers & Acquisition Analysis
8.2 Agreements, Collaborations and Partnerships
8.3 New Products Launches
9. Key Players
9.1 Alphatec Spine Inc.
9.2 Depuy Synthes Spine Inc. (Johnson & Johnson)
9.3 Globus Medical Inc.
9.4 K2M, Group Holdings Inc.
9.5 Medtronic PLC
9.6 NuVasive Inc.
9.8 SpineGuard S.A.
9.9 Stryker Corporation
9.10 Zimmer Holdings Inc.
List not Exhaustive
10. Future of the Market
For more information about this report visit https://www.researchandmarkets.com/research/s53nlt/worldwide_spinal?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20190205005903/en/
Laura Wood, Senior Press Manager
For E.S.T. Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics:Surgical Devices
INDUSTRY KEYWORD: SURGERY HEALTH MEDICAL DEVICES
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 02/05/2019 02:56 PM/DISC: 02/05/2019 02:56 PM