Spine Biologics Industry is projected to witness a CAGR of 4.3% during the period 2023-2032. This growth can be attributed to the increasing prevalence of spine deformities.
Selbyville, Delaware, Aug. 29, 2023 (GLOBE NEWSWIRE) — Spine Biologics Market size is expected to be worth USD 3.4 billion by 2032. The increasing prevalence of spine deformities is the major factor driving the industry expansion. Medical conditions, such as scoliosis, kyphosis, and degenerative disc disease affect multiple individuals globally.
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The introduction of spine biologics, including bone grafts, development factors, and stem cell therapies has offered innovative solutions for the treatment of these deformities to promote bone healing, enhance spinal fusion, and facilitate tissue regeneration, leading to improved patient outcomes. The rising awareness and diagnosis of spine deformities along with the high demand for effective and long-lasting treatment options will augment the industry outlook.
Platelet-rich plasma segment to record substantial expansion
The spine biologics market size from the platelet-rich plasma (PRP) segment is set to witness considerable development from 2023 to 2032. The widespread application of PRP in spinal surgeries can be attributed to its ability to promote tissue healing, reduce inflammation, and enhance spinal fusion outcomes. PRP, on account of its non-invasive nature, minimal side effects, and potential to accelerate healing and improve patient outcomes, is also widely employed in spine biologics. Additionally, the rising advancements in PRP preparation techniques and higher adoption by healthcare professionals will fuel the segment increase.
High product demand from ASCs
The spine biologics market share from the ambulatory surgical centers segment is projected to exhibit lucrative gains through 2032. ASCs (ambulatory surgical centers) offer cost-effective alternatives to conventional hospital settings for spine surgeries. The increasing preference for outpatient procedures, shorter hospital stays, and improved patient experience have also spurred the demand for spine biologics in ASCs. The growing number of ASCs, rising advancements in surgical techniques, and the high availability of wide range of spine biologics will propel the segment progression.
Asia Pacific to offer lucrative gains opportunities
Asia Pacific held sizable share of the spine biologics market in 2022 and is estimated to observe steady increase rate from 2023-2032. The increasing prevalence of spinal disorders, improving healthcare infrastructure, rising geriatric population, and growing awareness about the benefits of biologics in spine surgeries is driving the regional industry development. Moreover, collaborations between medical device manufacturers, research institutions, and healthcare providers are contributing to the development and adoption of innovative spine biologics across APAC.
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Spine Biologics industry Participants
Some of the leading companies operating in the spine biologics market are K2M, Inc., Medtronic, Inc., Johnson and Johnson (Depuy Synthes), Zimmer Biomet Holdings, Inc., Stryker Corporation, Arthrex, Inc., Exactech, Inc., Orthofix Medical Inc., Nuvasive, Inc., and Wright Medical Technology, Inc. These firms are focusing on new product launches and developments to sustain the growing industry competition.
For instance, in April 2023, Orthofix Medical Inc., announced the complete commercial launch of the Lattus Lateral Access System as well as the Fathom Pedicle-Based Retractor System, its two access retractor devices to assist surgeons during minimally invasive spine surgeries.
Partial Table of Contents (ToC) of the report:
Chapter 3 Spine Biologics Market Insights
3.1 Industry landscape, 2018 – 2032 (USD Million)
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.1.1 Increasing geriatric population
3.2.1.2 Increasing prevalence of spine deformities
3.2.1.3 Increasing awareness and patient preference for minimally invasive procedures
3.2.1.4 Technological advancements in spine biologics
3.2.2 Industry pitfalls & challenges
3.2.2.1 High treatment cost
3.2.2.2 Stringent regulatory requirements for approval of biologics
3.2.2.3 Limited reimbursement policies
3.2.2.4 Availability of alternative treatment options to spine surgeries
3.3 Growth potential analysis
3.3.1 By product
3.3.2 By surgery type
3.3.3 By end-user
3.4 COVID-19 impact analysis
3.5 Regulatory landscape
3.6 Porter’s analysis
3.7 PESTEL analysis
3.8 Reimbursement scenario
Chapter 4 Competitive Landscape, 2022
4.1 Introduction
4.2 Company matrix analysis, 2022
4.3 Global company market share analysis, 2022
4.4 Competitive positioning matrix, 2022
4.5 Strategic dashboard, 2022
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