Market Research Report
Spinal Implant Market Size By Product Type, Application, By Material, By Surgery, By Indication, COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
|Spinal Implant Market Size By Product Type, Application, By Material, By Surgery, By Indication, COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027|
Published: October 29, 2021
Global Market Insights Inc.
Content info: 200 Pages
Delivery time: 2-3 business days
The spinal implants market is expected to observe optimistic growth through 2027 owing to rising prevalence of spine-related conditions across the globe.
Spinal implants refer to devices that are used by surgeons for stabilizing and strengthening the spine, treating deformity, and facilitating fusion during surgery. These devices are used to treat a range of disorders, including scoliosis, degenerative disc disease, spondylolisthesis, kyphosis, and fracture.
Notably, recent technological advancements have positively influenced the product landscape. For instance, in June 2021, a team from the University of Cambridge devised a novel ultra-thin and inflatable device to be used in the treatment of the most severe forms of pain without requiring invasive surgery. The innovative device utilizes a combination of microfluidics, soft robotic fabrication techniques, and ultra-thin electronics.
Moreover, industry players have been adopting profitable strategies to capitalize on growth opportunities, thereby enhancing market dynamics. To cite an instance, in October 2021, Intelligent Implants, a bioelectronics company, raised USD 8.7 million to make spinal surgery less painful with the help of its smart implants.
The spinal implants market has been segmented on the basis of product type, application, material, surgery, indication, and region. Based on product type, the market has further been divided into spinal fusion implants, artificial discs, dynamic stabilization devices, and others. The spinal fusion implants sub-segment is projected to exceed a valuation of USD 6,379.5 million by 2027, progressing at a notable CAGR through the assessment timeframe.
From the application perspective, the market has been categorized into thoracic, cervical, and lumber. In 2020, the cervical sub-segment was valued at more than USD 927 million and is estimated to grow at a robust pace over 2021-2027.
In terms of material, the spinal implants market has been segregated into titanium, stainless steel, polyetheretherketone (peek), cobalt chrome, and others. The stainless steel sub-segment size is expected to surpass USD 1,590.6 million in revenue by 2027, registering a sizable CAGR through the study timeframe.
With respect to surgery, the market has been categorized into minimally invasive surgery and open surgery. The minimally invasive surgery sub-segment held a considerable revenue share in the spinal implants industry in 2020 and is projected to reach a valuation of around USD 4,191.5 million by the end of 2027.
By indication, the market has been segmented into deformity and spinal trauma. The deformity sub-segment is projected to exceed USD 9,354.8 million by 2027, progressing at a notable CAGR over the analysis timeline.
On the regional spectrum, Latin America accounted for about 4.5% of the overall industry revenue in 2020 and is projected to reach a substantial valuation by the end of 2027. Meanwhile, the Middle East & Africa spinal implants market is expected to grow at approximately 1.5% CAGR through the forecast period to attain a significant share in the global market by 2027.