The spine pain market size is expected to grow at a compound annual growth rate (CAGR) of 5% between 2023 and 2033, reaching a valuation of US$12.47 billion, according to a recent analysis by Future Market Insights. The minimal side effects of anti-inflammatory drugs are driving up the number of people using them to relieve pain. The industry’s expansion is being aided by the efficacy of medications such as diclofenac, ibuprofen, and naproxen as nonsteroidal anti-inflammatory medicines.
The vast majority of individuals in the region who suffer from chronic spine pain contribute to the market’s expansion. Because of rising healthcare costs for the general public and the availability of cutting-edge healthcare systems, the industry for spine pain treatment in North America is gaining momentum. People are becoming more conscious of spine pain, which is expected to increase demand for this treatment in the region.
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The APAC market, on the other hand, is expected to grow at the fastest rate in the coming years, owing to the region’s improving healthcare system, rising per-capita income levels, aging population, and burgeoning prevalence of chronic pain. According to a United Nations (UN) Department of Economic and Social Affairs report on global population aging, Asia’s elderly population will more than double, from 395 million in 2019 to 587 Million by 2030.
Key Takeaways:
- Nearly 65 million Americans have recently suffered spine pain.
- Some 16 million adults, or 8% of all adults, suffer from persistent or chronic spine pain, limiting their ability to perform daily tasks.
- The number of elderly population people in Asia is forecast to double, from 395 million in 2019 to 587 million by 2030.
- The global Spine Pain market is expected to garner a market value of US$ 12.47 Billion.
- The global Spine Pain market is estimated at a market value of US$ 7.65 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.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global Embolization Coils market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2023 to 2033.
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).
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
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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