The global spinal trauma devices market is dynamic and highly competitive. Only a couple of companies account for a substantial share in the market, thus lending it an oligopolistic vendor landscape. The market is largely dominated by DePuy Synthes, Medtronic, NuVasive, Inc., Stryker Corporation, and Globus Medical, Inc. The cumulative share of these companies added up to 79.1% in 2014, says Transparency Market Research (TMR) in a new report.
As per TMR, the rivalry amongst the leading players is expected to intensify further in response to the increasing demand for technologically advanced medical devices. Product innovation is thus regarded as the most popular strategy by key players to establish a stronger presence in the market. Besides this, most of the top companies have operations concentrated in specific regions, which has led to market saturation. Spurred by these factors, the competition prevailing in the market is not likely to subside during the report’s forecast period from 2015 to 2023.
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Growing Awareness about Minimally Invasive Surgeries Fuels Demand for Spinal Trauma Devices
As per the WHO’s estimates, every year between 250,000 to 500,000 people suffer from spinal injuries. Violence, traffic crashes, industrial accidents and road accidents are among the most common causes of such injuries. Such increasing incidence of spinal injuries is the primary factor fuelling demand for spinal trauma devices globally. These incidents mostly lead to hospitalization, thus fuelling demand for effective treatments, which are not possible sans spinal trauma devices.
Furthermore, since bone density decreases with age making the geriatric population more prone to fractures, this demographic is likely to make a sizeable contribution to the demand for spinal trauma devices. The rising incidence of osteoporosis is also fueling demand from the spinal trauma devices market.
As per a lead TMR analyst, “In the forthcoming years, the demand for minimally invasive procedures is set to rise considerably as patients become more informed about the recent medical advances. This trend has encouraged the development of new technological advancements in spinal trauma devices. Since minimally invasive spinal trauma devices ensure faster recovery, their demand is expected to surge rapidly in the near future.”
Absence of Proper Insurance Schemes Limiting Scope for Growth in Developing Economies
On the flip side, the absence of proper health insurance schemes is limiting the scope for expansion of the spinal trauma devices market across developing countries. With the majority of the population in emerging nations such as India and China still lacking access to primary healthcare facilities, the spinal trauma devices market witnesses a tough environment to expand their footprint in.
However, the gradual increase in healthcare spending will augment sales opportunities for spinal trauma devices manufacturers. “Many governments are pushing for state-funded insurance to provide efficient healthcare facilities. The demand for advanced medical devices is poised to rise considerably as a result of this. This will fuel sales of spinal trauma devices,” said the TMR analyst.
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Spinal Trauma Devices Sales to Gain Momentum with Advent of Bioresorbable Implants
The drawbacks associated with conventional metal devices demand the use of bioresorbable implants for the treatment of spinal injuries. Bioresorbable implants are assimilated by the tissues, thereby eliminating the need for follow-up surgeries most commonly associated with metallic fixators. This transition has been creating significant scope for the market’s expansion. Furthermore, spinal trauma devices manufacturers are also likely to find lucrative opportunities in emerging nations such as India, Brazil, China, Mexico, and others.
As per TMR, the global spinal trauma devices market stood at US$2.8 bn in 2014. Rising at a CAGR of 5.6% between 2015 and 2023, the market is expected to reach US$4.7 bn by the end of 2023. By type, internal fixation devices led the market in 2014. The segment is expected to surge at a CAGR of 6.1% between 2015 and 2023. Regionally, North America led the global spinal trauma devices market in 2014 with a share of 47%.
This review is based on a report published by TMR, titled “Spinal Trauma Devices Market: Global Industry Analysis, Size, Share, Growth Trends and Forecast 2015 – 2023.”
- Rising incidence of spinal injuries to fuel demand for spinal trauma devices market
- Advent of bioresorbable implants to eliminate the limitations of metal fixators
- North America emerged as leading regional segment with a revenue share of 47% in 2014