The global Spinal Devices market is estimated to develop at a 5.3% CAGR between 2022 and 2032. The market is predicted to be worth US$ 21.96 billion by 2032, while it is worth US$ 13.1 billion as of 2022.
Because of the rise in sedentary lifestyles, there has been an upsurge in spinal cord injuries in recent years. During the forecast period, this is likely to raise demand for Spinal Devices. Furthermore, an increase in the number of senior populations around the world is predicted to boost sales of this medical equipment. As people age, they are more likely to develop osteoporosis, which has a harmful influence on the spinal cord. This could boost spinal device sales during the projection period.
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Advent of Telehealth and Virtual Care to Create Tailwind for the Spinal Devices Market Growth
Digitization is making deeper inroads across diverse industries, such as healthcare, owing to the increasing penetration of the internet and smartphones across the world.
During the COVID-19 outbreak, healthcare practitioners and patients realized the importance of digitization and encouraged them to adopt virtual methods of patient examination and consultation to counter the regulations concerning social distancing. This gave rise to a new medical domain, Telehealth.
Since the outbreak, telehealth has gained immense popularity, especially among the geriatric population, owing to the convenience associated with it. Hence, increasing adoption of telehealth across radiology, behavioral health, cardiology, and online consultation is expected to create lucrative opportunities for growth in the Spinal Devices market.
Key Spinal Devices Market Takeaways and Projections
- The US is estimated to continue dominating the North America market, projecting fastest growth in the region through 2032.
- Germany Spinal Devices market is forecast to register robust growth in Europe, accounting for a significant share in the region between 2022 to 2032.
- China is expected to account for the maximum revenue share in the East Asia market, exhibiting the fastest sales growth during the assessment period.
- India is forecast to emerge as a highly remunerative market in South Asia, contributing for the largest sales in the region over the coming 10-years.
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Report Benefits & Key Questions Answered
- Spinal Devices Historical Market Outlook: Future Market Insight’s analysis examines vital dynamics, such as drivers, opportunities, and challenges in the Spinal Devices market. It also studies the impact of these dynamics on the market for the previous assessment period 2017 to 2021 to forecast the scope of market growth over the coming forecast period 2022 to 2032.
- Spinal Devices Demand-Supply Assessment: The latest study published by FMI offers in-depth insights into governing factors facilitating the demand outlook of the Spinal Devices market. As per the survey, Spinal Devices sales will project steady growth over the forecast period.
- Spinal Devices Market Structure Analysis: The report provides detailed information about market the concentration of key players and tier analysis in the Spinal Devices market. It also categories market players as per Tier 1, Tier 2, and Tier 3 in terms of their percentage share and product portfolio.
- Spinal Devices Market Trend Analysis: FMI’s market trend analysis provide compelling insights into current and upcoming trends in the healthcare industries. It also assists the industry players to identify potential trends to formulate a strategy to take advantage of these existing trends.
Competitive Landscape Analysis
The latest study conducted by FMI provides in-depth insights into the global Spinal Devices market to assist management level decision-makers in constructing a strategy to capitalize on the critical trends & opportunities. It also discloses competitive trends and profiles a list of leading players operating in the global Spinal Devices market.
Some of the prominent market players are profiled by FMI are:
Some of the key players in the global spinal device market include Stryker, Vertiflex Inc., Smith & Nephew, Siemens Healthcare GmbH, RTI Surgical, Orthofix Holdings, Inc., Medtronic, Zimmer Inc., CONMED, Aspen Medical Products and others.
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Spinal Device Market: Segmentation
The global spinal device market is classified on the basis of device type, end user and geography.
Based on device type, the global spinal device market is segmented into the following:
- Allografts
- Bridge
- Connector
- Plate Fixation System
- Drug Infusion system
- Electrosurgical
- Portals
- Others
Based on end user, the global spinal device market is segmented into the following:
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Spinal Surgery Rehabilitation Centers
Region
- North America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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