Demand for Spine Devices Products is Anticipated to Rise at a CAGR Value of 4.5% by 2031 End
250 Pages Spinal Devices Market Survey by Fact MR, A Leading Business and Competitive Intelligence Provider
According to Fact MR’s recent market research, sales of Spinal Devices to swell at propelled CAGR through 2031, as investment towards expansion of healthcare infrastructure continues rising. The goal of the survey is uncover growth opportunities, key trends, growth drivers, and challenges. It also provides recommendations to assist businesses in preparing for unforeseen challenges.
Focus on improving overall patient care will remain a chief growth driver. Besides this, Spinal Devices market will continue gaining from increasing willingness among patients and families to spend on advanced healthcare.
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To offer an in-depth overview, the report provides sales projections for over 20 countries. It also identifies segments exhibiting maximum growth.
Digital Transformation in Healthcare Presenting Opportunities for Spinal Devices Market Growth
Healthcare organizations around the world are deploying digital tools to accommodating changing consumer preferences. They are pressing on solving the long-standing challenge pertaining to care model innovation.
Considering this, the focus on making healthcare affordable and more transparent will increase. Adoption of care model innovation in healthcare will have a profound impact on the Spinal Devices market.
The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Spinal Devices market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Spinal Devices
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The report offers actionable and valuable market insights of Spinal Devices. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Spinal Devices Market across various industries and regions.
This newly published and insightful report sheds light on Market Insights of Spinal Devices, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Spinal Devices Market.
Sales revenue from the global spine devices market was recorded at US$ 11 Bn in 2020, and is predicted to increase 1.5X by the end of the decade. These findings are from a revised analysis performed by Fact.MR, a market research and competitive intelligence provider. Demand for spine products is anticipated to rise at a CAGR of 4.5% through 2031.
Analysts have reported that the spine devices industry accounted for a little more than 2.5% share of the global medical devices market, which was valued at around US$ 430 Bn in 2020. Manufacturers are working on developing advanced spine fixation devices that would reduce the complexity in spinal surgery procedures.
|Global Market Value in 2020||US$ 11 Bn|
|Forecasted Market Value for 2031||US$ 17 Bn|
|Dominant Market||North America|
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Key Segments Covered in Spine Devices Industry Survey
· By Product:
- Spinal Rods
- Spinal Screws
- Spinal Hooks
- Spinal Plates
- Spinal Cages
- Spinal Spacers
- Motion Preservation Devices
- Total Disc Replacement
· By End User:
- Use of Spine Devices in Hospitals
- Use of Spine Devices in Orthopaedic Clinics
- Use of Spine Devices in ASCs
Leading players in the spine devices market are focusing on developing new devices to reduce the complexity of spinal procedures. The focus is on developing new and advanced devices that are more precise and efficient.
- A spine technology company, Spinal Elements, in September 2021, announced the commercial launch of its two Luna XD and Orbit Systems. These products are part of the company’s newest technology range in the MIS Ultra platform, which also has procedural solutions as well.
- A leading medical device company, Centinel Spine LLC, in September 2021, announced the launch of new endplate implants. This would expand the variety of options to choose from for patients as well as medical professionals. Demand for spinal implants and devices is expected to drive such launches by different players operating in the market.
- In the first week of October 2021, Medtronic, a leading name in the medical device industry, announced the launch of three new devices to its spinal devices portfolio. They will be a part of the minimally invasive spinal ecosystem that the company is building.
In the past decade, the healthcare industry has changed exponentially, and this is majorly attributed to advancements in the technology of medical devices and procedures. The world has seen an increase in demand for healthcare as the prevalence of diseases increases and the need for better healthcare rises.
Spine injuries and spinal disorders have also seen a steady rise over the past decade. This has also created an increase in demand for spinal procedures, which is driving demand for spine devices. However, complexity of spine procedures and treatment is a major factor that restricts demand. Manufacturers are working towards developing solutions that would be simpler in nature and take very less time for the patient to recover.
Minimally invasive approach is the one that is being researched at scale since it is very convenient for patients, causes less discomfort & pain, and recovery after the procedure is much faster than the traditional approach. Key players are investing in the development of advanced technologies to enhance the quality of spinal procedures.
Key Takeaways from Market Study
- Sales revenue from spine devices predicted to be worth US$ 17 Bn by end of decade.
- Demand for spine devices expected to progress at a stable CAGR of 4.5% through 2031.
- U.S. expected to be most lucrative market in the world.
- Global spine devices market worth around US$ 11 Bn in 2020.
- U.K. and Germany expected to be lucrative markets for spine devices in European region.
- APAC market slated to rise at fastest CAGR through 2031.
- Increasing incidence of spinal injuries, rising prevalence of spinal disorders, robust research & development in spine treatment procedures, and rising geriatric population driving industry expansion.
“Research & development of new and advanced spine devices is anticipated to be the most crucial aspect that would shape the market over the next ten years,” says a Fact.MR analyst.
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Report Benefits & Key Questions Answered
- Spinal Devices Category and segment level analysis: Fact MR provides a detailed analysis of the factors influencing sales growth across key segments. It highlights key growth drivers and provides useful information for identifying sales prospects at the regional and local level.
- Spinal Devices Historical volume analysis: The report provides a comparison of Spinal Devices’s historical sales and projected sales performance for 2021-2031.
- Spinal Devices Manufacturing trend analysis: The report offers a detailed analysis of manufacturing trends in the Spinal Devices market. It carefully gauges the impact of changing healthcare needs of key demographics globally
- Spinal Devices Consumption by demographics: The report investigates consumer behavior affecting Spinal Devices demand outlook for the assessment period. Effect of their keenness for digital trends on Spinal Devices market is carefully analyzed
- Post COVID consumer spending on Spinal Devices: Healthcare industry has been largely influenced by COVID-19 pandemic. The Fact MR Market survey analyzed consumer spending post COVID-19. It assesses how current trends that will influence expenditure on healthcare services, thus affecting Spinal Devices market growth.
More Valuable Insights on Spinal Devices Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Spinal Devices, Sales and Demand of Spinal Devices, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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