LONDON, Jan. 26, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the spinal surgery devices and equipment market, changes in lifestyles such as long working hours and performance pressures at workplace are increasing people’s proneness to acute spinal problems. The rise in sedentary jobs, and changing consumer preferences have affected the disease profile of the world population. Long working hours, less physical activity, due to working on a computer or writing at desks results in a forward head position, rounded shoulder posture—aka “poor posture syndrome” that may result in spinal problems. According to the World Health Organization (WHO), 60 to 85 % of people in the world—from both developed and developing countries—lead sedentary lifestyles. Further, according to study in India by Apollo in 2023, there has been a 60% rise in spinal problems among the youth causing every fifth Indian in the age group 20-30 suffering from various type of spinal ailments. Thus, changes in lifestyle factors are increasing the patient pool globally and driving the spinal surgery devices and equipment industry growth.
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The global spinal surgery devices and equipment market size grew from $7.57 billion in 2020 to $8.26 billion in 2023 at a compound annual growth rate (CAGR) of 9.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $9.7 billion in 2025 at a CAGR of 4.1%.
The global spinal surgery devices and equipment market is concentrated, with a few large players. The top ten competitors in the market made up to 69.6% of the total market in 2023. Major players in the market include Medtronic plc, Johnson & Johnson, Stryker Corporation, NuVasive, Inc., Zimmer Biomet Holdings, Inc. and others.
The key players operating in the spinal surgery devices and equipment market are increasingly investing in developing inflatable, shape-changing spinal implants. An inflatable device is a device that is ultra-thin and can be used to treat the most severe forms of spinal pain without the need for invasive surgery. For instance, in June 2023 a device, developed by researchers at the University of Cambridge, that uses a combination of soft robotic fabrication techniques, ultra-thin electronics and microfluidics. This very thin device, about the width of human hair, is administered with a needle. Once in position, it is inflated like a tiny air mattress. When connected to a pulse generator, it delivers mild electric currents to a person’s spinal cord via implanted electrodes. The device helps in reducing pain because the electrical current to the spinal cord disrupts the pain signals.
The global spinal surgery devices and equipment market is segmented by product type into spine biologics, surgical spinal decompression, vertebral compression fracture treatment products, non-fusion, fusion; by application into hospital, ambulatory service centers, orthopedic centers; by type of surgery into open surgeries, minimal invasive surgeries.
As per the spinal surgery devices and equipment market outlook, North America was the largest region in the market, accounting for 41.4% of the global market in 2023. It was followed by Asia Pacific, Western Europe and the other regions. Going forward, the fastest growing regions in the spinal surgery devices and equipment market will be Asia Pacific and the Western Europe, where growth will be at CAGRs of 6.9% and 4.8% respectively from 2023-2026.
Spinal Surgery Devices And Equipment Market Global Report 2022: Market Size, Trends, And Global Forecast 2023 – 2026 is one of a series of new reports from The Business Research Company that provide spinal surgery devices and equipment market overviews, spinal surgery devices and equipment market analyze and forecast market size and growth for the whole market, segments and geographies, spinal surgery devices and equipment market trends, spinal surgery devices and equipment market drivers, spinal surgery devices and equipment market restraints, spinal surgery devices and equipment market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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