Growing Incidence of Spinal Disorders to Push Thoracolumbar Spine Devices Market Analysis
Global Thoracolumbar Spine Devices Market: Information by Product Type (Spinal implants, Devices and Instrumentation and Spine Biologics), By Type of Surgery (Open Surgery and Minimally Invasive Surgery (MIS)), by Material (Titanium, Stainless Steel, Biomaterials and others), By End User (Hospitals and Clinics, Ambulatory Surgery Centers, Academic Institutes and Research Centers and others) and by Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) - Forecast till 2027
Global Thoracolumbar Spine Devices Market Overview
The thoracolumbar region is the part between the lumbar and the thoracic region. Thoracolumbar spine devices are used to provide steady support to the spine and avoid the bending of the thoracic spine. The global thoracolumbar spine devices market is expected to witness a 6.5% CAGR during the forecast period. Various factors are driving the global thoracolumbar spine devices market during the forecast period.
The growing prevalence of spinal disorders is pushing sizeable growth in the global thoracolumbar spine devices market over the forecast period. Further, fissures in the thoracolumbar region is a primary cause for surgical intrusion, further pushing growth in the global thoracolumbar spine devices market. Vertebral fractures have various causes ranging from calcium or mineral deficiency and accidents. This deficiency is caused due to rickettsia or osteoporosis, which ultimately leads to the deterioration of the bones and causes fractures.
Moreover, mounting demand for minimally invasive procedures is expected to contribute heavily to the ascension noted in the global thoracolumbar spine devices market over the forecast period. A mounting incidence of various spinal ailments such as spondylolisthesis and prolapsed intervertebral disc, across the globe, has been observed. Such a fast-paced growth in illnesses has led to a higher inclination towards minimally invasive surgeries (MIS) amid patients, healthcare providers, and governments. Such a shift from conventional surgical procedures to treat spinal ailments has led to the augmentation of the thoracolumbar spine devices market over the assessment period.
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Market Segmentation
The global thoracolumbar spine devices market is studied for various segments carried out on the basis of product type, device type, materials, procedures, and end-users. Based on product type, the global thoracolumbar spine devices market is segmented into instrumentation, spine biologics, and implants. Based on device type, the global thoracolumbar spine devices market is segmented into posterior stabilization device, anterior stabilization device, and retractors. Based on procedures, the global thoracolumbar spine devices market is segmented into minimally invasive surgery and open surgery. Based on material, the global thoracolumbar spine devices market is studied for the segments of stainless steel and titanium. Based on end-users, the global thoracolumbar spine devices market is analyzed for the segments of clinics, hospitals, academic institutes, research centers, and diagnostic centers.
Detailed Regional Analysis
The global thoracolumbar spine devices market is regionally segmented into the Americas, Europe, Asia Pacific, and the Middle East & Africa. Among these regions, the Americas are estimated to dictate the global thoracolumbar spine devices market over the forecast period. This can be attributed to the growing support from market players to outsource the manufacturing processes to developing countries. Further, the expansion of the healthcare industry from the US in several emerging economies is likely to influence the growth noted by the regional thoracolumbar spine devices market.
Europe is assessed to register significant ascension due to a rising number of spine disease cases, burgeoning geriatric population, improving reimbursement policies, and technological advancements. In a 2014 study by the British Editorial Society of Bone and Joint Surgery, augmentation has been observed in the spinal fusion surgeries for lumbar and cervical regions. However, the study suggested that the rate of thoracic surgeries declined over some time.
Asia Pacific’s market for thoracolumbar spine devices is expected to witness the fastest growth rate across the globe. This can be accredited to the increasing healthcare infrastructure, a large patient pool prevalent in the region, and rising awareness among people regarding spinal ailments.
The Middle East & Africa is expected to pose as a potential manufacturing and production hub for medical devices over the forecast period. Low cost of production is the primary most factor contributing to the ascension of the regional thoracolumbar spine devices market.
Key Players
The global thoracolumbar spine devices market is significantly influenced by activities undertaken by the vendors present in the market. These prominent market players include Alphatec Holdings, Inc. (U.S.), BDepuy Synthes (Johnson & Johnson) (U.S.),. Braun Melsungen AG (Germany), Exactech, Inc. (U.S.), Medtronic Plc. (U.S.), Globus Medical, Inc. (U.S.), NuVasive, Inc. (U.S.), Stryker Corporation (U.S.), Orthofix International N.V. (U.S.), Zimmer Biomet Holdings, Inc. (U.S.), Norman Noble, Inc. (U.S.), Paragon Medical, Inc. (U.S.), Nutech (India), Wenzel Spine, Inc. (U.S.), Titan Spine (U.S.), X-Spine Systems, Inc. (U.S.), Marox Corporation (U.S.), Tecomet, Inc. (U.S.), Axial Medical (U.S.), K2M, Inc. (U.S.), Spine Wave, Inc. (U.S.), Captiva Spine, LLC (U.S.), Yellowsteps SAS (U.S.), Coligne AG (Switzerland), Medyssey Co. Ltd. (South Korea), Ulrich Medical (Germany), and Aesculap Implant Systems, LLC (U.S.).
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Industry Update
July 2019: The FDA recently cleared the GALILEO Spine Alignment Monitoring System by MiRus. This monitoring system enables real-time measurement and the management of segmental and global spine alignment without the need for repeated imaging.
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