Thoracolumbar Spine Devices Market Size, Share, Growth, And Industry Analysis, By Type (Vertebral Body Replacement System, MACS TL/MACS II System, Spinal System, Spondylolisthesis Reduction Instrumentation (SRI), Fracture Reduction Instrumentation (FRI), Others), By Application (Hospitals, Clinics, Others), Regional Forecast By 2031

Updated On: 01 April 2024

Thoracolumbar Spine Devices Market Report Overview

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The global thoracolumbar spine devices market size was USD 3789.1 million in 2022, as per our research, the market is expected to reach USD 5,685.62 million in 2031, exhibiting a CAGR of 4.6% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with thoracolumbar spine devices experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Ligamentous complexes are known to be disrupted in thoracolumbar fractures. These are fractures in the thorax and lumbar vertebrae of the spinal column, which may cause neural processes to become unstable or compressed. To keep the spine straight and prevent thoracic spine bending, the utilization of thoracolumbar spine devices takes place. These devices, among others, cure spinal stenosis, spinal instabilities or scoliosis, disc herniation, severe kyphosis, and degenerative disc disease (DDD).

COVID-19 Impact: Interruption in Supply Chains to Deplete Market Growth

The eruption of COVID-19 has done act as a substantial restraint on some market in 2020, as businesses have been disrupted due to global government lockdowns. COVID-19 is a contagious disease that causes flu-like symptoms such as fever, coughing, and difficulty breathing. National governments' efforts to limit transfer have led to a decrease in business growth and confined trade in goods and services, with nations entering a 'lock down' state. Businesses suffered as a result of the outbreak in 2020 and 2021. Many markets were been affected from this because the main focus was on the respiratory issues. The market growth is expected to rebound from the shock over the forecast period.

Latest Trends

"Elevating Spinal Injuries to Intensify Market Magnification"

The frequency of spine injuries has dramatically increased as a result of the increasing prevalence of spinal illnesses worldwide. The need for spinal devices is consequently being driven by this. The major purposes of spine operations are the treatment of birth deformities and degenerative disc disorders. the gradual shift and soaring demand for less invasive spinal surgeries, the rapid implementation of biologics in spinal surgery, and the notable rise in the percentage of cervical and lumber disc replacement treatments are expected to fuel the thoracolumbar spine devices market share in the coming years. In addition, the thoracolumbar spine devices market is expected to be boosted by the rising cases of spinal fractures.

Thoracolumbar Spine Devices Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into vertebral body replacement system, MACS TL/MACS II system, spinal system, spondylolisthesis reduction instrumentation (SRI), fracture reduction instrumentation (FRI), others

Vertebral body replacement system is the leading part of the type segment

• By Application Analysis

According to application, the market can be segmented into hospitals, clinics, others

Hospitals are the leading part of the application segment

Driving Factors

"Minimal Invasive Practices to Boost Market Share "

Innovations in orthopedic plants and equipment that provide better care for patients with spinal disorders have been made possible by technological and industry improvements in spinal devices. The main producers are currently more concentrated on offering individualized implants and minimally invasive procedures, which is anticipated to enhance need for orthopedic spinal devices. DePuy Synthes introduced the CONDUIT Implants portfolio in September 2019, that facilitates spinal fusion. It is projected that the introduction of comparable products by key manufacturers will speed up thoracolumbar spine devices market expansion. Additionally, during the projected period, breakthrough technology and treatments for spinal surgery have been incorporated thanks to strategic partnerships between different manufacturers.

"Growing Demand for Orthopedic Devices to Expand Market Forwarding "

The growing demands for orthopedic devices have also prompted several significant strategic alliances and the introduction of new products by major manufacturers in an effort to broaden the global reach of their product portfolios. In order to increase its selection of non-fusion spine devices, RTI Surgical announced in November that it has acquired Paradigm Spine, LLC. This move is expected to boost the thoracolumbar spine devices market growth.

Restraining Factors

"High Cost of Surgical Treatments to Deplete Market Advancement "

The growth of the global thoracolumbar spine devices market will be hampered by the high cost of surgical treatment and thoracolumbar spine devices. For instance, the cost of a single pedicle screw is from $400 to $1833, the cost of an anterior cervical plating is between $540 and $2388 and the average cost of spinal surgery is over $25,000.

Thoracolumbar Spine Devices Market Regional Insights

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"Healthcare Industries to Foster Market Growth in North America"

Because of the growing U.S. healthcare industry's expansion in advanced economies, which helps in development of the surgical procedures industry, the increasing accidents of spinal diseases, and the growing technological advancement inside thoracolumbar spine devices by manufacturers, North America has been dominating the market for thoracolumbar spine devices. The Centers for Medicare estimate that healthcare spending in the United States increased by $12,530 per person, and that it represented 19.7% of the country's gross domestic product. Additionally, North America has about 18380 registered orthopedic physicians, which contributes to the region's supremacy in the global market.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Stryker (U.S.)
• Zimmer Biomet (U.S.)
• Aesculap Implant Systems (U.S.)
• Globus Medical (U.S.)

Report Coverage

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.