Thoracolumbar Spine Devices Market Size, Share, Industry, Forecast and outlook (2023-2030)

Thoracolumbar Spine Devices Market Overview

[200 pages] A report by DataM Intelligence estimates the global Thoracolumbar Spine Devices market to grow at a CAGR of 7.9% during the forecast period 2023- 2030. The market is expected to grow due to increasing demand from hospitals and Specialized Neurosurgery Centers. The thoracolumbar spine devices are used in this region to provide steady support to the spine and avoid bending of the thoracic spine.

The competitive rivalry intensifies with Medtronic Plc, Depuy Synthes, Exactech, Inc, and others operating in the market. Thoracolumbar fractures are associated with disruption of the ligamentous complexes. These are breakages in the spinal column's vertebrae in the thoracic and lumbar region, which may result in instability or compression of neural structures. These devices treat spinal stenosis, spinal instability or scoliosis, degenerative disc disease (DDD), disc herniation, prolapsed intervertebral disc, and excessive kyphosis, among others.

Thoracolumbar Spine Devices Market Summary and Scope

Thoracolumbar Spine Devices Market Dynamics and Trends

The thoracolumbar spine devices market is growing due to the rising incidence of spinal disorders such as spinal stenosis, vertebral fracture, degenerative disc disease, excessive kyphosis, growing geriatric population and others.

The rising need for thoracolumbar spine devices and advancements in thoracolumbar spine devices fuel the global market growth

The increasing number of spinal injury surgeries cases because of accidents and trauma is pushing the market growth, such as every year, approx. 250,00-500,000 people have spinal cord injuries, mostly because of road traffic crashes, falls or violence. For instance, world health organization data indicates that over 1.3 million people die yearly from road accident emergencies, and nearly 20-50 million globally suffer from non-fatal injuries. The CDC statistics on non-fatal injuries in 2020 show that around 2,885,545 ambulatory cases were of road accidents. In addition, NIH states that Hyperkyphosis increases with age, especially after the age of 40, and the prevalence is about 20% to 40% in adults 60 years or older; therefore, the rising geriatric population is fueling the global market growth, for instance, U.S. Census, around 727 million people, were aged 65 and over in 2020, and will 1.5 billion by 2050.

The high cost will hamper the global market growth

The high cost of spinal surgery and thoracolumbar spine devices will hamper the global market growth. For instance, a single pedicle screw costs about $400-$1843, and an anterior cervical plate costs approx. $540-$2388, and spinal surgery on average costs over $25000.

Thoracolumbar Spine Devices Industry analysis

The global thoracolumbar spine devices market report will provide an in-depth analysis of the market based on various industry factors such as porter`s five forces, innovations, new product launches, pricing, Etc.

Thoracolumbar Spine Devices Segmentation Analysis

The implants segment is predicted to dominate the global market during the forecast period (2023-2030)

Among these, the implants segment accounted for the largest market share in 2021 and is expected to dominate the market throughout the forecast period (2022-2029). Owing to the advancements in thoracolumbar spinal implants and market developments. For instance, on May 5, 2020, NuVasive, Inc., launched the Modulus XLIF Dual Sided Plate and the receipt of 510(k) clearances from the U.S. Food and Drug Administration (FDA) for Modulus ALIF and Cohere TLIF-O and thereby expanding its Advanced Materials Science (AMS) implant portfolio. Furthermore, the use of shape-memory alloys, sometimes referred to as smart metals that remember their shape at a specific temperature and return to that shape when the temperature is reached; examples of a few are the U.S. Food and Drug Administration (FDA) cleared OSSpine (DePuy Synthes) and 4Fusion (Stryker Corp.). Moreover, the augmentation of 3D  printers allows flexible designing and creating of new geometries for the production of the implants.  

Thoracolumbar Spine Devices Geographical Growth

North America is estimated to dominate the global thoracolumbar spine devices market

North America is dominating the global thoracolumbar spine devices market, accounting for the largest market share in 2021, owing to the growing expansion of the U.S. healthcare industry in the emerging economies that supports the growth of the surgical procedures market, rising incidence of spinal diseases, and increasing technological development in thoracolumbar spine devices by major manufacturers. According to the Centers for Medicare & Medicaid Services, the U.S. healthcare expenditure grew 9.7% to $4.1 trillion in 2020, or $12,530 per person, and accounted for 19.7% of the Gross Domestic Product (GDP). Furthermore, North America has around 18380 Orthopedic surgeons registered, which fuels the region's dominance over the global market. Moreover, as per the National Spinal Cord Injury Statistical Center, in 2021 population size in the United States was estimated to be about 333 million people, and according to the most recent estimate, the annual incidence of traumatic spinal cord injury (SCI) is approximately 54 cases per one million people in the United States, which equals about 18,000 new SCI cases each year.

Thoracolumbar Spine Devices Company and Competitive Landscape

The thoracolumbar spine devices market is highly competitive with the presence of a large number of players, including Depuy Synthes, Medtronic Plc., B. Braun Melsungen AG, Alphatec Holdings, Inc., Globus Medical, Inc., Exactech, Inc, Stryker Corporation, Orthofix International N.V, NuVasive, Inc., and Zimmer Biomet. The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations contributing to the growth of the thoracolumbar spine devices market globally. For instance, on August 16, 2021, Globus Medical received FDA 510(k) Clearance for Excelsius3D, an intelligent intraoperative 3-in-1 imaging platform, the latest addition to the Global Medical portfolio. Also, AUG 30, 2022, Medtronic acquired Affera.

Medtronic, Plc.

Overview:

Medtronic plc is Ireland based American medical device company. Medtronic was founded in 1949 and is headquartered in Minneapolis, Minnesota, United States. Medtronics deals with four different businesses: the Minimally Invasive Therapies Group, the Diabetes Group, the Restorative Therapies Group, and the Cardiac and Vascular Group.

Product Portfolio:

Medtronic plc’s product portfolio for thoracolumbar spine devices has Mazor X Stealth Edition robotic guidance platform, Adaptix interbody system, CD Horizon ModuLeX 5.5 spinal system.

The global thoracolumbar spine devices market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.

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Thoracolumbar Spine Devices Market is segmented By Product Type (Spine Biologics, Implants, Instrumentation, Others), By Procedure (Minimally Invasive Surgery (MIS), Retractors, Posterior Stabilization Device, Others), By Material (Stainless Steel, Titanium, Others), By End-User (Hospitals, Specialized Neurosurgery Centers), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030