Vertebroplasty and Kyphoplasty Market Pegged for Robust Expansion by 2026
Posted by Sachin Darakhe on December 31st, 2019
Transparency Market Research (TMR) has published a new report titled, “Vertebroplasty and Kyphoplasty Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global vertebroplasty and kyphoplasty market was valued at around US$ 1,000.0 Mn in 2017 and is projected to expand at a CAGR of above 4% from 2018 to 2026. The global market is anticipated to be driven by rise in geriatric population requiring spine surgeries and increase in incidence rate of injuries related to sports, accidents, and adventure. Moreover, surge in adoption of technologically advanced products fuels the growth of the global market.
North America dominated the global vertebroplasty and kyphoplasty market in 2017 and is expected to sustain its leadership position during the forecast period. This is attributed to rise in prevalence of vertebral compression fracture (VCF), increase in the geriatric population, and availability of well-established health care infrastructure. Asia Pacific is a potential market for vertebroplasty and kyphoplasty. The market in the region is expected to grow at a high CAGR from 2018 to 2026.
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Rise in Geriatric Population and Increase in Incidence of Accident, Sports, and Adventure Injuries to Drive Market
Increase in the geriatric population that requires spine surgeries is a major factor fueling the growth of the global vertebroplasty and kyphoplasty market. This geriatric population is more prone to orthopedic diseases. With progression of age, cartilages become more prone to strain due to lack of calcium. This increases the chances of bone loss and fracture among the geriatric population. According to United Nations data 2017, there are an estimated 962 million people aged 60 or over in the world, accounting for 13% of the global population. Accidents during sports, driving, and adventure could cause spinal injury. This drives the global vertebroplasty and kyphoplasty market. According to the National Spinal Cord Injury Database 2018, an estimated 6% of new spinal cord injury cases were recorded in the U.S., and among these nearly 38% were due to vehicle accidents and 8% due to sports injury. Moreover, surge in adoption rate of technologically advanced products in spine fracture treatment propels the global vertebroplasty and kyphoplasty market.
Kyphoplasty to be Highly Lucrative and Dominant Segment
The kyphoplasty segment dominated the global vertebroplasty and kyphoplasty market in 2017 and is projected to sustain its leadership position during the forecast period. The segment is anticipated to account for significant share of the market by 2026. The kyphoplasty segment is expected to expand at a high CAGR from 2018 to 2026. It is likely to be a highly lucrative segment during the forecast period owing to increase in awareness about the procedure and advantages it offers such as better pain relief and better height restoration.
Hospitals to be Promising Segment
In terms of end-user, the global vertebroplasty and kyphoplasty market has been bifurcated into hospitals and ambulatory surgery centers. The hospitals segment held major market share in 2017 and the trend is projected to continue during the forecast period. The segment is anticipated to account for the largest market share by 2026. The hospitals segment is expected to grow at a high CAGR from 2018 to 2026. Hospitals is a more promising segment due to better infrastructure facilities in developed countries, rise in preference among patients, and better reimbursement scenario by hospitals through Medicare and Medicaid facilities for inpatients.
North America to Dominate Global Market
In terms of region, the global vertebroplasty and kyphoplasty market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2017. The region is projected to expand at a high CAGR from 2018 to 2026. North America is anticipated to account for significant market share by 2026 owing to high incidence of vertebral compression fractures, high cost of kyphoplasty procedures, and better reimbursement policies. Asia Pacific is the most promising market for vertebroplasty and kyphoplasty. The market in the region is expected to expand at a high CAGR during the forecast period due to increase in focus on health care development, rise in geriatric population with osteoporosis & other spine problems, and surge in health care expenditure.
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About the AuthorSachin Darakhe
Joined: August 12th, 2019
Articles Posted: 296
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