Spinal Surgery Market size is anticipated to growing at more than 5.1% CAGR during the forecast period i.e., between 2024-2036. The global market for market is expected to witness significant growth in the upcoming years on the back of increasing cases of spinal disorders globally. Along with this, the increasing prevalence of obesity among adults has led to increasing spinal problems, which is projected to create significant opportunities for the global market to grow. According to the Centers for Disease Control and Prevention (CDC), the prevalence of obesity was 42.4% in the year 2017-2018. Additionally, changing lifestyles owing to increasing stress among the millennial population and growing use of caffeine and alcohol is expected to lead to a rising demand for spinal surgical devices in the future. Furthermore, favorably changing patient reimbursement policies to minimize the gap between out-of-pocket expenses and government-covered expenses is expected to result in the rise in the adoption of innovative medical products in the coming years.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
5.1% |
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Regional Scope |
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The spinal surgery market is segmented by products into thoracic fusion & lumbar fusion devices, cervical fusion devices, spine biologics, vertebral compression fracture treatment devices, non-fusion devices, spinal decompression devices, and spine bone stimulators, out of which, the thoracic fusion & lumbar fusion devices segment is expected to occupy the largest share on account of the increasing number of cases of lumbar degenerative disc diseases across the world. Moreover, based on end-users, the hospital segment is predicted to hold the largest share in the global market on the back of the increasing number of patients suffering from spinal surgeries and rising number of road accidents globally.
Our in-depth analysis of the global market includes the following segments:
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Product |
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Surgery Type |
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End-User |
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Geographically, the spinal surgery market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The Asia Pacific is expected to account for largest revenue share by 2036, on the back of growing number of road-based accident cases and the increasing prevalence of obesity in the region. Moreover, increasing implementation of advanced devices for surgical procedures among Asian countries is evaluated to lead to a rise in the requirement for spinal surgery products. Furthermore, the North American market is expected to hold the most significant share over the forecast period, which can be primarily attributed to the presence of leading healthcare service providers and increasing investment by the market players to innovate surgical products in the region. Along with these, the vast and improved healthcare infrastructure in the United States is one of the major factors assessed to drive the region’s market growth.
January 2020: Medtronic Plc, announced that they have strategically acquired Stimgenics, LLC, to expand their product portfolio for spinal cord stimulation (SCS) waveform known as Differential Target Multiplexed (DTM) Spinal Cord Stimulation.
Author Credits: Radhika Pawar
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