Spinal Implants And Devices Market 2023 Deep Analysis of Current Trends and Future Demand by Top Key Players By 2030Posted by Mrudula Anil Karmarkar on February 1st, 2024 San Francisco, 01 February 2024: The ReportSpinal Implants And Devices MarketSize, Share & Trend Analysis By Product, By Technology, By Surgery Type, By Procedure Type (Discectomy, Laminotomy, Foraminotomy), By Region, And Segment Forecasts, 2023 - 2030 The global spinal implants and devices market size is projected to reach USD 19.0 billion by 2030 and is anticipated to expand at a CAGR of 5.2% over the forecast period, according to a new report by Grand View Research, Inc. The growing incidences of spinal cord injuries (SCIs) are the major factor contributing to market growth. For example, the centers for disease control and prevention (CDC) estimate that SCIs cost the country around .7 billion annually. Similarly, as per the National Spinal Cord Injury Association estimates, approximately 450 000 Americans are affected by SCIs. And in the U.S., approximately 17,000 new SCI cases are diagnosed each year. These numbers indicate that the rising prevalence of SCI led to an increasing demand for spinal implants as well as spinal devices. SCI cases are rising; according to the WHO, about 90% of SCI cases are traumatic. However, the number of non-traumatic SCI cases is rising. Further, it stated that around 20-30% of SCI patients showed clinically significant signs of depression. This adversely affects patient’s improvements in functioning and overall health. The consequences associated with SCI arise mainly due to inadequate access to medical care and rehabilitation services. Approximately 5-15% of the population in middle- and low-income countries has access to the assisted devices needed post-vertebral column surgery. Additionally, the market is expanding as a result of technological advancements in the area of spine surgery. For example, Carlsmed developed aprevo, the first interbody technology that treats adult spinal deformity (ASD) digitally from gadget to patient. This system creates personalized 3D-printed implants to carry out each plan using patient imaging data to produce patient- and surgeon-specific plans. The coronal and lordotic angles, form, size, and height of the titanium aprevo implants can all be customized. The U.S. FDA designated aprevo as a breakthrough technology in 2021 since these implants offer ASD patients a more effective course of therapy than the current standard of care. Furthermore, growing research agreements between key developers and R&D companies to develop innovative implant solutions are further contributing to market growth. For instance, in October 2022 , Rosies Base entered into a research agreement with SpineCraft for Next-Generation Spinal Implants to examine the use of its exclusive nanoTi titanium alloy in the production of medical devices to treat vertebral column injuries and conditions. Request sample report of Spinal Implants And Devices Market@https://www.grandviewresearch.com/industry-analysis/spinal-implants-spinal-devices-market/request/rs1 The market growth is driven by the rise in spinal cord injuries (SCIs) globally. The compression of the spinal nerve or damage results in injury to the external side of the vertebral column. The main causes of this compression include spine degeneration, bone fractures, or abnormalities like hematomas or herniated discs. The rising prevalence of spinal disorders, fractures, and injuries and the rising demand for advanced medical technology and implantsare estimated to boost the market's growth over the forecast period. For instance, according to WHO statistics, approximately 250,000 to 500,000 SCI cases are reported worldwide annually. Preventable causes like falls, auto mishaps, and violence cause most SCIs. WHO estimates that there are 40 to 80 instances of SCI per million adults globally every year. Patients with SCI have a greater risk of fatality since they have a 2 to 5 times higher risk of dying before their time than patients without SCI. A large number of traumatic SCIs result from accidents at work or in athletics. Spinal Implants And Devices Market Report Highlights
Additionally, a growing elderly population and an increase in the number of obese people regularly develop signs of vertebral column disorders like spinal stenosis, which increases the need for spinal surgery and fuels the market's growth. Furthermore, obesity frequently causes more severe lower back issues and increases the risk of return, resulting in increased adoption of spinal devices during treatment. The most common spine-related diseases affecting older people include degenerative disc disorders, vertebral compression fractures, spondylolisthesis, and spinal stenosis. The number of SCIs has considerably increased as a result of an increase in traffic accidents. According to statistics from the National Spinal Cord Injury Statistical Center (NSCSC), some of the main causes of SCI include motor vehicle accidents involving cars and bulldozers, steamrollers, forklifts, and other unspecified vehicles. As per the NCBI study, the lumbosacral spine was the most affected area in research that included all patients with vertebral column fractures following auto accidents. Whiplash (a neck/cervical spine injury), herniated discs, and vertebral fractures are typical spine injuries caused by car crashes. Spinal Implants And Devices Market Report Scope
The National Spinal Cord Injury Statistical Center at UAB reports that fall-related SCIs accounted for 31.8% of all SCIs in 2018-19. Similar to this, 2021 reports from the Spinal Injury Association United Kingdom stated that 50,000 people in the UK are thought to be living with SCIs and that approximately 2500 people are injured or diagnosed with them annually. Thus, the demand for spinal implants and surgical devices is expected to increase due to the high prevalence of SCIs, diseases, and fractures among the global population over the forecast period. The existence of renowned market players, accompanied by funding generated by government organizations for R&D, encourages technological advancement. One of the key technological trends expanding the spinal implants and devices market is the adoption of computerized navigation systems and titanium implants, which offer real-time spinal cord images and clear MRI images. These expanded the range of minimally invasive surgeries compared to open-back surgeries. The introduction of NuVasive's Pulse integrating platform marked a major development in the spine surgery sector. It is the initial singular platform with various technologies for all spine procedures that allow doctors to use safer, more efficient, and less disruptive surgical techniques. List of Key Players in the Spinal Implants And Devices Market
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