Spinal Surgery Products Market Analysis By Device (Fusion Devices, Non-fusion Devices & Others) By Disease Indication (Degenerative Disc Disease, Complex Deformity, Traumas/Fractures & Others) By End-Use and By Region
The global demand for spinal surgery products industry enjoys a valuation of over US$ 11 billion in 2022 and is set to further expand at a CAGR of 4.3% to reach US$ 15.5 billion by the year 2030.
Demand for spinal implants and surgical devices has increased with the cost of products coming down all the time. As a result, the industry for spinal surgery equipment is expanding steadily across the world.
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Rising in Global Demand for Spinal Surgery Products
The global demand for spinal surgery products is rising due to a number of factors. The aging population, increasing prevalence of spinal disorders, and technological advancements are all contributing to the increased demand. As the population ages, more people are suffering from spinal disorders such as degenerative disc disease, herniated discs, and spinal stenosis. These conditions can cause severe pain and disability, and require surgical intervention.
Technological advancements have also made spinal surgery safer and more effective, leading to an increased demand for these products. In addition, the rising cost of healthcare is driving up the demand for spinal surgery products. As healthcare costs continue to rise, more people are turning to spinal surgery as a cost–effective solution for their pain and disability. This has led to an increased demand for products such as implants, instruments, and other medical devices used in spinal surgery.
Finally, the growing awareness of the importance of spine health is also driving up the demand for spinal surgery products. As more people become aware of the importance of maintaining a healthy spine, they are more likely to seek out treatments such as spinal surgery. This has led to an increased demand for products used in these procedures.
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Competitive Landscape
The spinal surgery products industry has a few significant competitors and is moderately competitive. In addition, mid-size to smaller enterprises are enhancing their market position by offering new technologies with greater usability as a result of the increased technology breakthroughs and product innovations.
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Jun 13, 2023