The "Global Spine Orthopedic Devices Market" is Estimated to Witness a CAGR of 6.23% During 2017-2023
The market is dominated by the Spine Implants segment with the presence of advanced fusion and non-fusion procedures performed with orthobiologics and the availability of clinical data regarding the safety and efficacy of the devices. This enables surgeons to adopt devices for treatment of various spine-related disorders as these surgeries contribute 60% of the total orthopedic procedures.
Therefore, opportunities for growth in the emerging countries of LATAM and APAC remain vast. The increasing adoption of MI surgeries in treating orthopedic disorders, particularly in the elderly, and the growing availability of devices in the market also contribute to the growth of the market.
Europe accounted for the second largest market with chronic pain being one of the major complications with the rising burden of spine chronic cases (lower back). In 2015, the public spending on healthcare in Europe amounted to 18% of the overall government expenditure. The expenditure on chronic pain care with orthopedic devices is directly reimbursed to hospitals within the NHS. Clinical evidence of spine orthopedic devices compared to other treatments, such as drug therapy, are expected to increase during the forecast period.
Factors, such as high prevalence of orthopedic diseases, presence of large pool of patients, and rise in awareness about treatment for complex orthopedic disorders, drive the market growth in the emerging economies, especially APAC. Further, the increase in government spending in healthcare, infrastructure, research centers, and establishing of manufacturing facilities by major vendors in the market are influencing the high growth of the market.
Rise in the prevalence of spinal disorders
Growing popularity of minimally invasive surgeries
Rise in elderly population
Increase in number of outpatient procedure
Adoption of spinal navigation technology
Increase usage of orthopedic biomaterials in spine surgery
Increase healthcare spending
Increase in mergers & acquisitions
High cost of spine surgery procedures
Complications and risk associated with spine surgeries
Stringent regulatory framework and labeling requirement