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Spinal Trauma Devices Market to Touch US$4.7 Billion by 2023, Says TMR
ALBANY, New York, March 27, 2019 /PRNewswire/ -- According to TMR's new report, the global spinal trauma devices market will grow at 5.6% CAGR during 2015-2023. There is a growing demand in the market for internal fixation devices, which are expected to grow at 6.1% CAGR during the forecast period. Additionally, large presence of innovative manufacturers in North America is expected to be a boon for the global spinal trauma devices market, along with Asia Pacific. While North America is expected to hold a dominant share of the market, Asia Pacific will register the fastest growth at 7.1% CAGR.
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Rising Spinal Injuries to Drive the Spinal Trauma Devices Market
According to the National Spinal Cord Injury Database estimates, there are over 288,000 people with spinal cord injuries in the US each year. Additionally, according to a new John Hopkins research, one of the major reason for spinal cord injuries is falls among the elderly. Hence, these number of cases is expected to go up significantly as elderly population continues to rise. The growing geriatric population and rising spinal injuries are expected to drive growth for the spinal trauma devices market.
However, high costs of hospitalization is limiting the number of elderly patients who seek care. Additionally, changes in insurance policies leading to less care and higher costs are expected to limit the growth of the spinal trauma devices market. However, other major illnesses such as osteoporosis are expected to further fuel demand for the spinal trauma devices market. Additionally, innovation in devices are leading to more minimal invasive surgeries, increasing consumer care.
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Asia Pacific Presents Significant Opportunities
Growing expansion of healthcare institutions, rising disposable income, and expansion of private insurers are expected to create numerous opportunities for growth in the spinal trauma devices market. India and China are witnessing large surge of private insurers. Additionally, a low quality of public healthcare facilities and large population are anticipated to boost demand for products in the spinal trauma devices market in the near future.
The global spinal trauma devices market is also witnessing an influx of transformational innovations such as bio absorbable implants. FDA has approved bioabsorbable materials recently and many promising ones are waiting in the pipeline. These materials can open new opportunities for treating the elderly, who are extremely sensitive to invasive surgeries and open new venues for growth for the global spinal trauma devices market.
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The global spinal trauma devices market depicts a competitive and consolidated landscape. Players like Medtronic, NuVasive, Inc., and DePuy Synthes could dominate the spinal trauma devices market during the forecast period, reports Transparency Market Research (TMR). These players currently account for a majority of share in the global spinal trauma devices market.
Additionally, the key players are also investing in research and development, and some have already experienced quick and open response to innovation in recent times from the FDA. For example, FDA recently cleared Medtronic's Resolute drug-eluting stent platform for patients with de novo chronic total occlusion and coronary artery disease and. Similarly, other major companies have also been at the forefront of innovation, driving growth for the global spinal trauma devices market. NuVasive also won a major approval from the FDA recently for its Precice bone transport system.
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The information presented in this review is based on a TMR report, titled "Spinal Trauma Devices Market (Device - Internal Fixation Devices (Plates and Screws, Rods and Pins, and Bone Grafts) and External Fixation Devices) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023."
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