The global spinal trauma devices market size was significantly robust in 2022 and is expected to register a steady revenue CAGR over the forecast period. Key factors driving market revenue growth are presence of major stakeholders in research and development of breakthrough technologies and novel medications utilizing innovative approaches. Rise in incidence of spinal health concerns as a result of global ageing population is expected to surge healthcare spending globally.
A serious injury to spinal cord is known as spinal trauma. Accidents, falls, violence such as a gunshot, or infections can cause spinal trauma, which necessitates use of spinal trauma devices to repair deformities, facilitate bone fusion, strengthen and stabilize spinal cord, and avoid additional damage and consequences. Spinal trauma devices are used to stabilize injuries to the spine. Such devices let people to walk more freely as it relieves compression in damaged section of spine, lowering discomfort and stress on injured part and allowing the body to heal.
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Major Factors Driving Growth Of The Global Spinal Trauma Devices Market:
The global market for spinal trauma devices is predicted to grow substantially, providing potential for various companies around the world. Supportive initiatives by government and private organizations and significant investments to develop advanced and innovative devices for treating spinal trauma and enhanced surgical procedures are expected to provide lucrative opportunities for the spinal trauma devices market to grow during the forecast period.
Factors Restraining Growth Of The Global Spinal Trauma Devices Market:
The global spinal trauma devices market growth is substantially hampered by several unfavorable factors. High cost of hospitalization, restrictions on older patients receiving advanced treatments, constantly changing insurance policies, and lack of awareness among general public about advanced techniques available for treatment are all factors limiting growth of the market. Furthermore, lack of advanced healthcare infrastructure in underdeveloped regions is expected to negatively contribute to market growth over the forecast period.
Opportunities For Players Operating In The Global Spinal Trauma Devices Market:
Key reason expected to provide profitable growth prospects for spinal trauma devices market over the forecast period. As FDA’s clearance procedures have become more stringent, different competitors in the market have been rushing to produce innovative products, which is anticipated to provide profitable prospects for players operating in the spinal trauma devices market.
Global Spinal Trauma Devices Market Revenue Led By Product Type Segment:
Based on product type, the internal fixation devices accounted for largest market share in 2020. Internal fixation devices are both cost-effective and efficient leading to an incline in demand globally. Furthermore, they are more adaptable and durable, requiring less post-operative follow-ups. Swelling can occur when external fixation devices are used. This includes braces, exoskeletons, and other similar devices.
Global Spinal Trauma Devices Market Leading Application/ End-Use Segment:
Based on application, the ASCs segment is expected to account for largest revenue share over the forecast period. The availability of one-day care for difficult procedures such as disc replacement and fusion surgery, as well as affordable cost and enhanced patient care for complex orthopedic problems are factors expected to drive growth of this segment going ahead.
North America Accounts For Largest Revenue Share In Global Spinal Trauma Devices Market:
Among regional markets, North America emerged as the largest market for spinal trauma devices in 2020, with the highest revenue share. Increasing cases of spinal cord injuries, well-established healthcare facilities, and an ageing population are some key factors contributing to growth of the market in this region. In addition, technological advancements and rising investments in research and development activities to develop innovative products are expected to contribute to market growth over the forecast period.
Asia Pacific Continues To Lead In Terms Of Revenue CAGR:
The Asia Pacific spinal trauma devices market is expected to register the fastest growth in CAGR over the forecast period. This is attributed to rising healthcare costs and increasing cases of sedentary lifestyles that lead to obesity. Emerging economies such as China and India are the two fastest growing markets in this region. Presence of a large number of elderly people in these countries is expected to support growth of the market in this region. China is the world’s most populous country, accounting for 25% of global population and has most number of spinal cord injury patients.
Major Companies Profiled In The Report:
- DePuy Synthes
- Globus Medical
- Braun Melsungen AG
- Zimmer Biomet
- Smith & Nephew PLC
- ReWalk Robotics
- Spinal Technology
Strategies And Objectives Of Major Companies:
- Stryker published a spine journal in September 2019 in which the business detailed out outcomes of Sakos pivotal trails or spinejack system. The results of trial showed that spinejack system is superior to other systems in terms of minimizing ALF (adjacent level fracture) and restoring the vertebral body.
- In September 2023, Medtronic introduced Infinity OCT spinal system. The gadget is equipped with biologics and navigation, and was created with a goal to ensure efficient cervical spinal surgery. Increasing use of infinity OCT spinal system ensures improved efficiency of neck and upper back fusion workflows.
- FDA has authorized a resolute drug-eluting stent platform developed by Medtronic. The gadget is suitable for treatment of coronary artery disease.
- FDA recently certified Precice bone transfer system for approval. The device was created by NuVasive Company.
What Our Report Provides And Why Our Offering Is Better:
This report offers historical data points and forecasts and revenue growth at a global, regional, and country level, and provides analysis, industry trends, and consumption pattern details for each region, major country, and segment from 2023 to 2032. The global market report includes industry trends, drivers, restraints, opportunities, threats, market strategies, segment revenue, and market share contribution by each regional and country market. In addition, the report offers industry analysis and competitive landscape, company financials, and impact analysis. The report includes a detailed view of the global market, along with changing dynamics and trends, scenarios, detailed market and regional segmentation, regional landscape, analysis and evaluation, major investments, product offerings, product launches, and details of historical, current, and projected revenues.
Detailed Segmentation In Our Report:
For the purpose of this report, the global spinal trauma devices market is segmented on the basis of product type, application, and region:
Product Type Outlook (Revenue, USD Billion; 2023-2032)
- Internal Fixation Devices
- Plate and Screw
- Rods and Pins
- Bone Grafts
- External Fixation Devices
Application Outlook (Revenue, USD Billion; 2023-2032)
Region Outlook (Revenue, USD Billion; 2023-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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