The size of the Asia Pacific Spinal Implants Market size was valued at USD 3159.89 million in 2022. It is further projected to be growing at a CAGR of 5.93% and worth USD 4214.70 Million by 2027.
Spine disorders contribute substantially to healthcare costs worldwide and have wide-ranging effects on patients, from mild pain and loss of feeling to extreme pain and paralysis. Deformity, tumors, trauma, and degenerative conditions in the spine are the primary causes of such disorders. Degenerative disc disease (DDD) is most common among otherwise healthy people in their 30s or 40s. It is also known as slip disc and affects approximately half of the 7 major markets aged 40 and older. Gradual disc damage is the cause of slip discs, often resulting in disc herniation and chronic back or neck pain.
The prevalence and incidence of spinal and chronic disorders have risen due to an unhealthy lifestyle, poor posture, and sedentary work is one of the significant factors promoting the growth rate of the APAC spinal implants market. Sedentary behavior results in weak muscles and ligaments, which do not adequately support the back and predispose people to back discomfort. The rise in obesity is the primary health concern. The senior population's increase as this age group suffers from lower back pain with the rise in degenerative spinal conditions. In addition, the increase in the innovations and developments in spinal surgery helps patients recover from back pain and deformities as it helps strengthen and improve the back's stability.
However, the strict regulatory clearance process is very tedious and time-consuming is expected to pull back the aggressiveness of the market’s growth rate. In addition, the stringent government policies make the entry of the product more difficult. Therefore, lesser players enter the market and thus the restricted market growth. Due to the fear of expensive treatment procedures and medications and an increase in the competition with the major market players is proving people with various alternatives.
This research report on the APAC spinal implants market has been segmented and sub-segmented into the following categories:
Based on the region, it is the third in terms of market share, closely resembling Europe. However, China is the leading market in this region. The APAC Spinal implants market is projected to register a significant share in the global market during the forecast period. It is driven by the rising demand for minimally invasive surgical treatments, the increasing prevalence of obesity, the aging population, and related spine problems. In addition, the market is anticipated to benefit from ongoing improvements in spine surgical technology and spinal implants in the foreseeable future.
The Indian spinal implants market is expected to be growing at a lucrative CAGR during the forecast period. It is estimated that around 60% of the Indian population are experiencing major acute back trouble at some point in their lives, with the increase in technological advancements and innovative products that provide convenient and effective treatments. Therefore, the market analyzed is projected to be driven by the rise in the number of cases with spinal issues.
According to World Health Organization (WHO), obesity is a serious and major health problem in China, with the general rates of obesity ranging from 5 percent to 6 percent across the country, but as high as 20% in particular places where fast food is prevalent. Compared to other age groups, individuals aged 40–59 had the highest frequency of severe obesity.
The Australian spinal surgical devices market for spinal implants is estimated to grow at a CAGR of 5.1 percent due to lower birth rates, longer life expectancies, and quick aging. In the increasingly aging population, a high incidence of neck and low back pain is linked to a large increase in spinal diseases as spinal implantation provides better stability to people who faced problems due to fracture, deformity, and degenerative disorders of the spine.
KEY MARKET PLAYERS:
Medtronic, plc (Ireland), DePuy Synthes (U.S.), Stryker Corporation (U.S.), NuVasive, Inc. (U.S.), Zimmer Biomet Holdings, Inc. (U.S.), Globus Medical, Inc. (U.S.), Alphatec Holdings, Inc. (U.S.), Orthofix International N.V. (Netherlands), K2M Group Holdings, Inc. (U.S.), and RTI Surgical, Inc. (U.S.) are playing a major role in the APAC spinal implants market.
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