Spinal Osteosynthesis Units Market REPORT OVERVIEW
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The global spinal osteosynthesis units market size was USD 2718.6 million in 2021 and is projected to touch USD 4379.15 million by 2031, at a CAGR of 4.9% during the forecast period.
The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Spinal osteosynthesis units are equipments that are very similar to the thoracolumbar osteosynthesis units and the lumbar spinal osteosynthesis unit which is mainly used for the purpose of curing and fixing any kind of spine problems. These units are primarily used during spinal surgeries. They are also used for curing any deformities of the spinal cord.
Many new discoveries and advancements are being done in the market. These advancements have brought about many improvements in the market. The latest trend in the market is now creating opportunities for people to go through less invasive operations. These products are much safer and also accelerate functional recovery. The increasing relevance of spinal cord injuries in the past few years are the main reason for the drastic growth in the spinal osteosynthesis unit’s market
COVID-19 impact: Increased Focus on Finding Cure For COVID-19 Decreased the Market Growth
The COVID-19 pandemic hit all the markets and industries across the world. The deadly pandemic took many lives and the scientists became much focused on curing this disease. Many researches were conducted to find drugs and medications for corona virus.
This completely shifted the focus of the medical and health care industry. Apart from that, people also found it very difficult to find access to medical attention during the pandemic because of the lockdowns and strict restrictions. All of these factors contributed to the decrease in the spinal osteosynthesis units market share during COVID-19. However, post the pandemic the market recovered and is anticipated to grow in the upcoming years.
LATEST TRENDS
"Technologically Advanced Units to Increase the Market Growth"
Many advancements and discoveries are being made in every field, especially in health care. These developments have accelerated the Spinal osteosynthesis units market growth. Due to the complexities that are associated with spinal operations and injuries many people hesitate to undergo these treatments. But the latest trend in the market is now creating opportunities for people to go through less invasive operations.
This is attracting a lot of patients to get their spinal cords fixed. The newly introduced units are associated with lesser risks and dangers. They are much safer and also accelerate functional recovery. They also reduce the exposure to ionizing radiations and make the process of treating the customer much safer. This can be identified as the latest trend in the market.
Spinal Osteosynthesis Units Market SEGMENTATION
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- By Type
The market can be divided on the basis of type as follows: Posterior, anterior, and lateral. The posterior segment is projected to hold the dominant market share through 2031.
- By Application
Classification based on application is as follows: Adult and pediatric. The adult segment is predicted to dominate the market through the forecast period.
DRIVING FACTORS
"Increasing Relevance of Spinal Cord Injuries to Amplify the Market Growth"
The increasing relevance of spinal cord injuries in the past few years is the main reason for the drastic growth in the spinal osteosynthesis unit’s market. There have been a lot of cases pertaining to spine injuries, disorders and problems. Spinal osteosynthesis units are the majorly used components to fix spine problems.
Over the years there has been a steady rise in the sale of these units. The increase in the demand can be directly attributed to increase in the number of spine surgeries lately. According to a report published by the World Health Organization, approximately 2.5 lakh to 5 lakh people suffer from back injuries and spinal cord disabilities. This has been the major factor driving the spinal osteosynthesis market growth.
"Increasing Popularity of Minimally Invasive Spine Procedures to Augment the Market Development"
Usually, spine surgeries and treatments are very complex and are considered risky. As a result, many people were hesitant on getting their spine fixed. However, the technological advancements have introduced these spinal osteosynthesis units that are very handy and convenient in spinal cord operations and back pain treatments. This factor has now increased the market growth.
The usage of these units is making the spine procedures less invasive and less complicated. Also, the introduction of appropriate and favorable reimbursement policies has contributed to the market growth. Key industry players are collaborating with health institutions for providing these units. The above factors are driving the market growth.
RESTRAINING FACTOR
"Complexities Related to Spinal Operations to Decrease the Market Growth"
Even though, these units have various positive outlooks and advantages they also have some cons and disadvantages. These disadvantages will act as the factors restraining the market growth.
These disadvantages include, high cost of spinal surgeries, and lack of orthopedists. Apart from this, the lack of proper reimbursement policies across various regions around the world also deteriorate the market growth. These spinal surgeries are also associated with complexities that are not easy to solve. Hence people refrain from opting for spinal surgeries. All these acts as the factors refraining the market growth.
Spinal Osteosynthesis Units Market Regional Insights
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"North America to Dominate Backed by Growing Spinal Cord Injuries "
The region that dominates the market is North America. Asia Pacific occupies the next position in the market share. Asia Pacific is anticipated to grow exceptionally well during the forecast period. Many reasons have contributed for the rising growth of the market in North America.
The major reason contributing to the growth of North America in the industry is the large population of people with spinal cord problems. The presence of many market players in the region is creating ample growth opportunities for the market development. New discoveries are being made that leads to improved features of the product. All the above-mentioned factors are accelerating the market growth in the region of North America.
Key Industry Players
"Leading Players adopt Acquisition Strategies to Stay Competitive "
Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.
List of Market Players Profiled
- Medtronic (U.S.)
- Johnson and Johnson (U.S.)
- Stryker (U.S.)
- NuVasive (U.S.)
- Zimmer Biomet (U.S.)
- Globus Medical (U.S.)
- Orthofix (U.S.)
- Alphatec (U.S.)
- Wego (U.S.)
- Xtant Medical (U.S.)
- MicroPort (U.S.)
Report Coverage
The report provides an insight into the spinal osteosynthesis units industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 2718.6 Million in 2021 |
Market Size Value By |
US$ 4379.15 Million by 2031 |
Growth Rate |
CAGR of 4.9% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the spinal osteosynthesis units market expected to touch by 2031?
The global spinal osteosynthesis units market is projected and estimated to touch USD 4379.15 million by 2031.
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What CAGR is the spinal osteosynthesis units market expected to exhibit by 2031?
The spinal osteosynthesis units market is expected to exhibit a CAGR of 4.9% by 2031.
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Which are the driving factors of the spinal osteosynthesis units market?
These products are much safer and also accelerate functional recovery. The increasing relevance of spinal cord injuries in the past few years are the main reason for the drastic growth in the spinal osteosynthesis unit’s spinal osteosynthesis units market.
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Which are the top companies operating in the spinal osteosynthesis units market?
Medtronic, Johnson Johnson, Stryker, NuVasive and Zimmer Biomet are the top operating companies.