Global Thoracolumbar Spine Devices Market: Information by Product Type (Spinal implants, Devices and Instrumentation and Spine Biologics), By Type of Surgery (Open Surgery and Minimally Invasive Surgery (MIS)), by Material (Titanium, Stainless Steel, Biomaterials and others), By End User (Hospitals and Clinics, Ambulatory Surgery Centers, Academic Institutes and Research Centers and others) and by Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) - Forecast till 2025
Generally, the increasing obese population, high prevalence of spinal cord injuries (SCI), and increasing geriatric population are expected to enhance market growth. Nevertheless, the stringent regulatory policies, lack of awareness for the use of advanced technologies, and product recalls are projected to curb the growth of the market. Thoracolumbar Spine Devices Market is expected to register a CAGR of 3.72% to reach USD 8,484.7 Million by 2025. Thoracolumbar junction is the junction between the thoracic spine and the lumbar spine. The junction involves of the part of the vertebral column from the eleventh thoracic vertebra to the first lumbar vertebra. Thoracolumbar spine devices are used in this region to deliver steady support to the spine and avert bending of the thoracic spine.
The Global thoracolumbar spine devices market, by product type, has been segmented into spinal implants, devices and instrumentation and spine biologics respectively. Corresponding to a study published by the National Spinal Cord Injury Statistical Center in 2019, the annual incidence of SCI is approximately 54 per million people in the US or around 17,730 new cases each year. The approximate number of individuals affected by SCI in the US is 291,000. High prevalence of spinal cord injuries, in turn, increases the demand for thoracolumbar spine devices used in analysis. Thus, an increase in the prevalence of spinal cord injuries is expected to boost the global thoracolumbar spine devices market for the duration of the forecast period. The market is expected to witness a profitable growth owing to the high prevalence of spinal cord injuries (SCI). Based on the type of surgery, the thoracolumbar spine devices market has been categorized as open surgery and minimally invasive surgery (MIS). The material segment is further segmented as titanium, stainless steel, biomaterials, and others. Based on end-user, the thoracolumbar spine devices market has been grouped as hospitals and clinics, ambulatory surgery centers, academic institutions and research centers, and others.
Geographically the Global thoracolumbar spine devices market is split in regions like North & South America, Europe, Asia-Pacific, Middle east and Africa and Rest of the world. Europe is anticipated to account for the second-largest market share during the forecast period. The market expansion in Europe can be attributed to the research and development by manufacturers for the launch of innovative products. For instance, ZygoFix Ltd, in 2018, initiated the first in a human clinical study for its clock spinal facet joint fixation system. Americas settled for the largest market share of in 2018, due to the presence of key market players, sophisticated healthcare infrastructure, and increasing R&D in the field of thoracolumbar spine devices. Asia-Pacific is likely to be the fastest-growing region in the global thoracolumbar spine devices market. The high growth rate is due to owing to the presence of a large patient base, availability of skilled healthcare personnel, and a defined regulatory framework facilitating enhanced product approvals. India held a share of 16.2% in the Asia-Pacific thoracolumbar spine devices market in 2018. The Middle East & Africa market is projected to show gradual growth during the forecast period. The Middle East would spearhead the market growth, attributing to facts such as the developing healthcare transportation, booming medical tourism, budding medical device industry, and gradually expanding adoption of medical analysis modalities in the Gulf Cooperation Council (GCC).
The proposed spectators in the Global thoracolumbar spine devices market are manufacturers, Retailers, distributors, wholesalers, Investors and trade experts, Governments, associations, industrial bodies, etc. The major companies functioning in the Global thoracolumbar spine devices market are concentrating on firming their global ways by entering into untouched markets. The projected onlookers in the Global thoracolumbar spine devices market are companies like Alphatech holdings, Inc. (US), B. Braun Melsungen AG (Germany), Depuy Synthes (US), Exactech, Inc. (US), Orthofix Holdings, Inc. (US), Globus Medical, Inc. (US), Medtronic PLC (Ireland), NuVasive, Inc. (US), Zimmer Biomet holdings, Inc. (US), Stryker corporation (US) and Globus Medical, Inc. (US),