The market for treating spinal pain is anticipated to reach US$ 7.65 billion in 2023 and grow at a 5% compound annual growth rate (CAGR) from 2023 to 2033. The market is predicted to reach US$ 12.47 billion by the end of the assessment period in question.
According to Future Market Insights’ recent report, the spine pain market is forecast to register a CAGR of 5% from 2023 to 2033, reaching a valuation of US$ 12.47 Billion. Anti-inflammatory medications’ minor side effects are encouraging an increase in their usage as pain relievers. The effectiveness of pharmaceuticals like diclofenac, ibuprofen, and naproxen as nonsteroidal anti-inflammatory treatments is aiding the sector’s growth.
The vast majority of individuals in the region who suffer from chronic spine pain contribute to the market’s expansion. Because of rising healthcare costs for the general public and the availability of cutting-edge healthcare systems, the industry for spine pain treatment in North America is gaining momentum. People are becoming more conscious of spine pain, which is expected to increase demand for this treatment in the region.
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The APAC market, on the other hand, is expected to grow at the fastest rate in the coming years, owing to the region’s improving healthcare system, rising per-capita income levels, aging population, and burgeoning prevalence of chronic pain. According to a United Nations (UN) Department of Economic and Social Affairs report on global population aging, Asia’s elderly population will more than double, from 395 million in 2019 to 587 Million by 2030.
Key Takeaways from the Market Study
- Nearly 65 million Americans have recently suffered spine pain.
- Some 16 million adults, or 8% of all adults, suffer from persistent or chronic spine pain, limiting their ability to perform daily tasks.
- The number of elderly population people in Asia is forecast to double, from 395 million in 2019 to 587 million by 2030.
- The global Spine Pain market is expected to garner a market value of US$ 47 Billion.
- The global Spine Pain market is estimated at a market value of US$ 65 Billion.
“As lifestyle changes become apparent, incidences of spinal anomalies and related disorders is becoming more prevalent. Consequently, healthcare practitioners are introducing new approaches to treat spinal problems, providing scope for expansion,” says an FMI analyst.
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Market Competition
Key players in the Spine Pain market are Medtronic plc., DePuy Synthes, Inc, Stryker Corporation, NuVasive, Inc, Zimmer Biomet Holdings, Inc., Globus Medical, Inc., Alphatec Spine, Inc, Orthofix International N.V., Difusion Technologies, Inc., ZimVie Inc.
- In July 2020 – Zavation Medical announced the release of the versatile anterior lumbar plate and Lateral Lumbar Plate, which are intended to be used as supplemental fixation devices for the lumbar spine. These plates are new additions to the company’s inventory.
- In August 2020, WishBone Medical Inc. declared the acquisition of all assets from Back 2 Basics Direct (B2B) and Orbbo Surgical, two confidentially medical device manufacturers specialized in spinal fusion research, advancement, and surgical tools.
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The study reveals essential insights on the basis Product (Fusion Devices, Non-Fusion Devices, Stimulation Devices), By Treatment (Open Surgery, Minimally Invasive Surgery, Others), By Procedure (Discectomy, Laminotomy, Foraminotomy, Corpectomy, Facetectom) & Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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Key Segments Profiled in the Spine Pain Market Industry Survey
By Product:
- Fusion Devices
- Non-Fusion Devices
- Stimulation Devices
By Treatment:
- Open Surgery
- Minimally Invasive Surgery
- Others
By Procedure:
- Discectomy
- Laminotomy
- Foraminotomy
- Corpectomy
- Facetectomy
About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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