The rising government healthcare expenditure to improve the global healthcare infrastructure and advance medicine will contribute to the interbody spine implants market’s future development.
Newark, Dec. 01, 2022 (GLOBE NEWSWIRE) — The brainy Insights estimates that the global interbody spine implants market will grow from USD 2.33 billion in 2022 and reach USD 2.84 billion by 2030. An increase in the popularity of elective procedures is driving the market for interbody spine implants. An ageing population and the prevalence of chronic spine disorders are factors in the rising need for spine surgeries. The global interbody spine implants market will grow due to product advancements and rising public investment in healthcare infrastructure. The market for interbody spine implants will benefit from rising public awareness of surgical procedures and government reimbursement schemes that make these treatment choices accessible. The development of novel interbody spine implants is likely to be stimulated by the desire to improve healthcare services and treatment options, accelerating the market’s growth.
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Key Insight of the Interbody spine implants Market
The Asia Pacific market is expected to grow the fastest during the forecast period.
The Asia Pacific market is anticipated to develop the fastest during the projected period. China is expected to dominate the Asia Pacific market. The sizeable and continuously expanding population is anticipated to boost the expansion of the Asia Pacific market. The government’s efforts to expand healthcare coverage for every person and the rising healthcare expenditure will bode well for the market’s future growth. The interbody spine implants market is also being developed by China’s sizable, established, and technologically advanced research and biotechnology sector.
During the forecast period, the cervical segment will augment the interbody spine implants market.
The product type segment is divided into lumbar and cervical. The cervical segment dominated the market with a revenue share of around 55% in 2022.
The metal segment dominated the global interbody spine implants market in 2022.
The material segment is divided into metal and PEEK. The metal segment dominated the market with a revenue share of around 56% in 2022.
The hospital segment will augment the interbody spine implants market during the forecast period.
The end-user segment is divided into hospitals, speciality orthopaedic & spine centres, ambulatory surgical centres and others. The hospital segment dominated the market with a revenue share of around 49% in 2022.
Interbody spine implants Market Scope:
|Growth momentum & CAGR||Accelerate at a CAGR of 2.55%|
|Market growth 2022-2030||USD 2.84 Billion|
|Regional analysis||APAC, Europe, North America, South America, and MEA|
|Performing market contribution||The Asia Pacific market is expected to grow the fastest during the forecast period.|
|Competitive landscape||Leading companies, competitive strategies, consumer engagement scope|
|Companies profiled||B. Braun Melsungen AG, Centinel Spine LLC, Globus Medical Inc., Integra LifeSciences Corporation, Johnson & Johnson, Medtronic Plc, NuVasive Inc., Orthofix Medical Inc., Stryker Corporation, Zimmer Biomet Holdings Inc.|
|Market Dynamics||Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period.|
|Customization preview||If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.|
Advancement in market
October 2022 – Accelus, a privately held medical technology firm, announced the global expansion and international deployment of their FlareHawk Interbody Fusion System. Accelus is committed to speeding the adoption of minimally invasive surgery (MIS) as the standard of care in the spine. With the recent approval of the FlareHawk System for usage in Italy, Taiwan, Portugal, and Colombia, there are now 21 nations where FlareHawk can be used. Initially, FlareHawk9 cases were carried out in Argentina, Australia, Chile, and Qatar; FlareHawk7 cases were carried out in Cyprus, Greece, Portugal, Spain, and Switzerland; and TiHawk9 cases were carried out in Puerto Rico and New Zealand.
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Driver: The increasing incidence of accidents and traumas affects the spine
A sizeable component of the rising spine problem population comprises the ageing population. In the elderly, spinal illnesses are widespread, including tumours, ruptured discs, hematomas, degenerative disc diseases, abscesses, and spinal stenosis. Injuries to the spine are also caused by the rising number of accidents and trauma cases worldwide. The availability of cutting-edge healthcare and technological advancements allow patients to choose interbody spinal implants, which may save their lives or significantly enhance their quality of life. The scientific community has been able to create improved treatments for spinal illnesses and conditions due to technological developments. Therefore, the market will be driven by the rising prevalence of spinal injuries and disorders.
Restraint: Interbody spine implants are expensive treatment options
Interbody spine implants have a sizable and potential market due to the rising prevalence of spinal illnesses in low- and middle-income nations. However, low fiscal healthcare coverage and low per capita healthcare spending in low- and middle-income nations result in high out-of-pocket costs that are unaffordable for most people. Due to the high cost of interbody spinal implants, the enormous patient base in low- and middle-income nations be deprived of these treatments, which will impede the market’s expansion.
Opportunities: Increasing expenditure to develop better implant material
The rising government healthcare spending will influence the market’s future growth to upgrade the world’s healthcare system and enhance medicine. In recent years, spending has increased on developing new implant materials to enhance their functioning, application, and affordability. The implant method has improved due to technological improvements to increase patient longevity and outcomes. The rising spending on research & development is expected to result in product developments and technological advances that will drive growth in the worldwide interbody spine implants market.
Challenge: Stringent government guidelines and regulations
The implant materials or new developments that enhance spine implants must be approved after careful evaluation. Before they are permitted for use in hospitals, the trials and their findings must be carefully examined. Since they can substantially impact the patient’s body and quality of life, they are put through several steps and procedures to ensure their safety, effectiveness, and security. Therefore, the market’s expansion will be hampered by strict regulatory approvals.
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Some of the major players operating in the Interbody spine implants market are:
• B. Braun Melsungen AG
• Centinel Spine LLC
• Globus Medical Inc.
• Integra LifeSciences Corporation
• Johnson & Johnson
• Medtronic Plc
• NuVasive Inc.
• Orthofix Medical Inc.
• Stryker Corporation
• Zimmer Biomet Holdings Inc.
Key Segments cover in the market:
By Product Type
By End User
• Specialty Orthopedic & Spine Centers
• Ambulatory Surgical Centers
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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