Spinal implants are part of the large orthopedic and neurosurgical device markets, which are influenced by the increasing prevalence of various disorders in the spine and better surgical methods for spinal diseases. Hence, based on these facts, the global spinal implants market was estimated at around US$ 11.88 Billion in 2023 and is forecasted to reach approximately US$ 19.68 Billion by 2031, growing at a CAGR of 6.5% during the forecast period.

Market Dynamics

Drivers

  1. Increasing Incidence of Spinal Disorders: Increasing age and different life habits have contributed to an increase in the prevalence of conditions related to the spine, including herniated discs, spinal stenosis, and degenerative disc disease, leading to higher demand for spinal implants and surgical interventions.



  2. Technological Innovations: Improved implant materials, like bioactive and biocompatible ones, in addition to less invasive surgical techniques, raise the success rate and safety of spinal surgeries. This could enable the market to see higher growth, as such developments facilitate quicker recovery times and improved patient outcomes.



  3. Rising Healthcare Expenditure: It is also anticipated that the demand for orthopedic and neurosurgical devices will increase due to increased expenditure on advanced medical technologies and surgical techniques by healthcare systems across the world.

Market Segmentations

By Product

  •  Fusion Spinal Implants and Non-Fusion Spinal Implants

By Procedure

  •  Foraminotomy
  •  Laminectomy
  •  Spinal Disc Replacement
  •  Spine Fusion
  •  Discectomy

By Material

  •  Titanium
  •  Carbon Fiber
  •  Stainless Steel

By End User

  •  Hospitals
  •  Specialized Clinics
  •  Ambulatory Surgical Units

Challenges

  1. Regulatory Challenges: The spinal implant market faces tough regulatory challenges. The overall regulatory environment is very tight, which may lead to delays in product approvals and subsequently to market entry. Huge investments and expertise are required to comply with such regulations.
  2. High Cost: Spinal surgeries and spinal implants are costly. Certain patients, especially in underdeveloped regions, may not be able to afford the same. Cost issues may challenge market development in certain regions.

Regional Insights

North America dominates the spinal implant market due to very high healthcare expenditure and a well-established medical infrastructure. The fastest growth will be seen in the Asia-Pacific region due to increasing access to healthcare and a growing prevalence of spinal disorders.

Key Players

The leading companies operating within the spinal implants market are Stryker Corporation, Johnson and Johnson, Globus Medical Inc., Camber Spine Technologies LLC, Spineart SA, Medtronic plc, Orthofix US LLC, ATEC Spine Inc, and ZimVie Inc. These companies are strategically focusing on research and development and aiming to develop further by expanding their product portfolio, thereby retaining a competitive position in the market.

Conclusion

The spinal implant market is likely to grow further, with the increasing incidence of spinal disorders, continuous technological advancement, and high healthcare expenditure. However, there are some regulatory challenges and cost-related barriers that the market players should address to maximize growth opportunities.

Frequently Asked Questions

  1. What are spinal implants?

Spinal implants are medical devices used for supporting or stabilizing the spine during surgery for various spinal disorders.

  1. What is the market size of the spinal implants market?

The spinal implants market was valued at approximately $11.88 billion in 2023 and is projected to attain a value of about $19.68 billion by 2031.

  1. What are the key drivers of the growth of the spinal implants market?

An increase in spinal disorders, changing technology for implant materials, and surgical techniques, along with a rise in healthcare expenditure, will drive the growth.

  1. Which region has the leading share in the spinal implants market?

North America is the leading shareholder of the spinal implant market as many health expenditures are done, and medical facilities are technologically advanced in the region.

  1. What is the list of key players in the spinal implants market?

Leading companies such as Stryker Corporation, Johnson & Johnson, Globus Medical Inc., and ZimVie Inc. focus on innovation and market expansion.

Author's Bio:

Chaitali Deshpande

Senior Market Research expert at The Insight Partners