Major players in the spinal surgery devices and equipment market are Zimmer Biomet, Stryker Corporation, Depuy Synthes, Medtronic and Globus Medical Inc. The global spinal surgery devices and equipment market is expected to decline from $9.
New York, Sept. 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Spinal Surgery Devices And Equipment Global Market Report 2020-30: Covid 19 Impact and Recovery" - https://www.reportlinker.com/p05967810/?utm_source=GNW
1 billion in 2019 to $7 billion in 2020 at a compound annual growth rate (CAGR) of -22.8%. The decline is mainly due to COVID-19 outbreak and the measures to contain it. Several medical care facilities in affected countries have been completely closed or have been only providing minimal treatment for emergency cases. The orthopedic surgeries have been postponed and in some cases cancelled due the nations lockdown. The restrictions on non-essential medical services including orthopedic services coupled with slowed production of orthopedic devices and implants due to extending factory closures in various countries is contributing to the markable decline in the market growth. The market is then expected to recover and grow at a CAGR of 3.5% from 2021 and reach $10.4 billion in 2023.
The spinal surgery devices and equipment market consists of sales of spinal surgery devices and equipment and related services. These include spinal implants and spinal surgical devices such as thoracic fusion and lumbar fusion devices, spine biologics, cervical fusion devices, vertebral compression fracture treatment devices, spine bone stimulators, non-fusion devices and spinal decompression devices.
In 2018, the American firm Stryker Corporation acquired K2M group holdings Inc. for $1.4 Billion. The acquisition will help Stryker expand its product portfolio in complex spine and minimally invasive solutions and also expand globally. K2M group was established in 2004 and is headquartered in Leesburg, Virginia, USA.
The high cost of treatment restrains the spinal surgery devices and equipment market from reaching its maximum potential growth. According to a study conducted over a year to analyze cost variations, the total cost of the surgeries at the hospitals was found to vary between $27, 000 and $129,000. More than $90 billion a year is spent on treating lower back pain alone. Due to the steadily increasing cost of procedures the rate of implementing spinal surgery devices has come down this a major restraint for the large scale hospitals, clinics as well as new entrants for the market.
Implementing Nano-technology to improve the quality, precision and speed of the work is the latest trend in the spinal surgery devices market. Nanoparticles possess unique chemical, biological and physical properties which enables them to perform a wide variety of cellular and subcellular tasks. Spinal pathology is a major field of study for Nano-technology. To fully implement Nano-technology, hospitals and clinics are waiting for FDA regulations and exploring options to reduce costs. In 2018,Vallum Corporation, a medical device company announced that it received clearance from the American Food and Drug Administration (FDA) for its polyetheretherketone (PEEK) spinal fusion device which has a Nano textured surface.
The spinal surgery devices and equipment market has a huge potential to grow but stringent regulation policies are restricting their growth. Currently, US Food and Drug Administration (FDA) classifies the devices into class II, this class consists primarily of devices that are intended to provide immobilization and stabilization of spinal segments. All devices under this class have to comply with the material standards, mechanical testing standards, and the biocompatibility standards. Due to stringent regulations laid by US FDA, product recalls are common and may impact the growth of this market as well. In 2018, Zimmer Biomet recalls 1,360 implantable spine fusion and long bone stimulators in the USA as they lack enough validation data and controls to satisfy that the final products were hygienic free of bacteria and chemical residue.
Elderly people are a major driving factor for the spinal surgery devices and equipment market as they are more prone to spinal complications. Spinal disorders majorly affect the geriatric population and results in spinal deformities and pain. As per UN 2017 estimates, worldwide geriatric population will double by 2050 to reach an estimated value of more than 2.1 billion boosting market growth in the future. Increasing trend in the aged populations worldwide will provide a lucrative growth to the spinal implants and devices.
Read the full report: https://www.reportlinker.com/p05967810/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001