Thoracolumbar Stabilization Device Market Trends

Growth Drivers

• Increasing Cases of Spinal Injuries
  According to National Spinal Cord Injury Statistical Center (NSCISC), the total number of people living in the USA with spinal cord injury rose to approximately 288,000 in 2018 from 285,000 in 2017.
  
  Spinal injury is a major concern amongst individuals of varied age groups worldwide. It is caused due to bad posture habits or at times due to internal injury. People having spinal injury can obtain thoracolumbar stabilization process to stabilize their spinal injury. The increasing incidences of spinal cord injury around the world is further anticipated to drive the growth of the global thoracolumbar stabilization device market.
• Improving Healthcare Facilities 
  As per World Bank data, per capita spending on healthcare by governments across the globe in 2016 was 940.61$. A lot more focus is now given on healthcare by the governments of countries all over the world owing to the increasing concern for health diseases that is growing parallel worldwide. Medical facilities are also working constantly on improving the standard and quality of stabilization devices. These combined efforts by government and medical fraternity will aid the growth of the thoracolumbar stabilization device market. 
• Importance of Vertebral Health in Improving Quality of Life 
  Per capita disposable income across the globe is on a rise leading to a change in the standard of living. Also people are getting conscious about vertebral health. It is considered as an important factor in improving the quality of life. This factor has given a rise in the demand for stabilizing devices.

Challenges

• High Initial Investment of Devices to Hamper Market Growth
  The initial cost linked with these devices is very high which makes it difficult for commoners to afford it. Penetrating the markets of developing countries where per capita income is low, imposes a stiff challenge in the growth of thoracolumbar stabilization device market.
• Lack of Required Equipment and Device Manufacturers to Hamper the Market Growth
  Despite the improving healthcare infrastructure, there is a shortage of necessary equipment in order to meet the growing global demand. Not only this, there is a lack of skilled labour in the research and development area as well which may lead to some resistance in the growth of thoracolumbar stabilization devices market in the future.