The size of the global spinal trauma devices market was worth USD 3.98 billion in 2023. It is expected to grow at a CAGR of 5.6% from 2023 to 2028 and be worth USD 5.22 billion by 2028.
Spinal trauma devices are used for stabilizing spine injuries. It allows people to walk easily as it reduces the compression in the affected area of the spine, thereby reducing pain and stress on the injured part and giving the body the time it needs to fix itself.
Growing adoption of innovative techniques and increased R&D to develop innovative devices and novel drugs are propelling the spinal trauma devices market growth.
The growing number of people suffering from spinal health issues due to the continually increasing geriatric population boosts healthcare expenditure worldwide, particularly in developing countries such as China, India, and others, further contributing the market growth. According to WorldSpineDay, an estimated 1 billion people suffer spinal pain worldwide. According to World Health Organization (WHO), an estimated 1.71 billion worldwide suffer from musculoskeletal conditions. As a result, the spinal trauma devices market is expanding rapidly and is expected to offer opportunities to key players worldwide. Furthermore, the escalation of initiatives and the influx of massive investments by the government and private organizations to develop advanced and innovative devices for treating spinal trauma and enhanced surgical procedures are expected to provide lucrative opportunities for the growth of the spinal trauma devices market during the forecast period.
The increasing disposable income of people worldwide is another major factor likely to create lucrative growth opportunities for the spinal trauma devices market during the forecast period. In addition, the FDA's escalation of approval procedures has led to swift research activities to develop innovative products by different key players in the market, which is likely to provide lucrative opportunities for stakeholders in the spinal trauma devices market.
The factors restraining the growth of the spinal trauma devices market are the expensive nature of hospitalization, restricting older patients from taking advanced treatments, constantly altering insurance policies, and lack of awareness among the people regarding the advanced techniques available for the treatment. In addition, the unavailability of advanced healthcare infrastructure in developing countries is challenging the spinal trauma market's growth in those regions.
Impact of COVID-19 on the global spinal trauma devices market:
The sudden outburst of the novel coronavirus (COVID-19) pandemic has created a tremendous challenge worldwide, particularly in the medical sector. The pandemic has affected millions of individuals worldwide, and healing from the virus can be complex. People with spinal cord injuries may be at significant risk of COVID-19, as they need help from caretakers who cannot avoid them. The cancelation of many elective surgeries and the scare of COVID-19 have widespread effects worldwide. Nearly 28.4 million surgeries were either canceled or postponed in 2020. Post-operative recovery rooms and ICUs manage ill patients affected by COVID-19. However, the actual threat of disruption to surgical services may be complex in maintaining critical surgical care during the crisis.
Market Size Available
2022 to 2028
2023 to 2028
By Device Type and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges; PESTLE Analysis; Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
This research report on the global spinal trauma devices market has been segmented and sub-segmented based on device type and region.
Spinal Trauma Devices Market - By Device Type
Based on devices, the internal fixation devices segment accounted for the largest market share in 2022 and is expected to stay in the lead until the end of 2027. It is also predicted to grow at a CAGR of nearly 7% in the forecast period.
On the other hand, the external fixation devices segment is anticipated to grow at a CAGR of nearly 5%. Internal fixation devices are economical and highly efficient, which explains the occurrence of the trend mentioned above. Along with that, they are also highly flexible and more durable and require fewer post-operative follow-ups. However, the usage of external fixation devices can cause swelling. Braces, exoskeletons, etc., fall into this category.
Spinal Trauma Devices Market - By Region
North America accounted for the largest market share in the Global Spinal Trauma Devices Market in 2022. The U.S. and Canada are the two leading countries in this market. The North American spinal trauma devices market is expected to contribute significantly to the global spinal trauma devices during the forecast period. This regional market growth is majorly driven by the growing number of spinal cord injuries, well-established healthcare facilities, and the rising aged population escalates the growth of spinal trauma devices. The United States secures the largest share in the region. According to the National Spinal Cord Injury Database estimation, around 288,000 people with spinal cord injuries every year in the U.S. Canada is behind the U.S in leading the spinal trauma devices market. According to the National Spinal Cord Injury Statistical Center, in 2017, nearly 285,000 in the U.S were estimated to suffer from spinal cord injuries.
During the forecast period, the European spinal trauma devices market will be the second leading region in the global spinal trauma devices market. The area is to have impressive growth over the period. Technological advancements in inventing new devices by the market players, probable government policies, and significant spinal disorders development heighten market growth. The United Kingdom is expected to have developed a growth in the region. Around 1,000 people maintain a recent spinal cord injury annually in the U.K. In addition, the rising number of road accidents, falls, and sports injuries cause the spinal cord, which requires surgical devices during the surgery process.
However, the Asia-Pacific spinal trauma devices market is projected to grow at the fastest rate during the forecast period owing to the healthcare industry's overall development. The growing healthcare expenses and rising adoption of sedentary lifestyles leading to obesity drive the market successfully. China and India show market growth at the highest rate. Amplifying older people is the primary reason Asia-Pacific is the quickest-growing region. China is the largest country, with 25% of the global population. China has recorded the highest number of spinal cord injury patients.
The Latin American spinal trauma devices market is expected to flourish during the forecast period due to the growing number of road accidents; hospitals registered with a patient population with spinal injuries accelerate spinal trauma devices' growth.
The Middle East & African spinal trauma devices market is predicted to grow considerably. The increasing awareness regarding the early diagnosis and treatment of spinal trauma is escalating the market growth. South Africa is one country growing with the maximum share in the region. The rising cases of spinal injuries and the establishment of organizations like SASCA and South African Spine Society. The growing cases of spinal injuries and technological advances in spinal surgery. Manufacturing the latest devices and FDA approvals for product launches adds fuel to the market's development.
KEY MARKET PARTICIPANTS:
A list of the most promising companies leading the Global Spinal Trauma Devices Market profiled in this report is Stryker Corp., CONMED Corp., Medtronic, and Smith & Nephew plc. Other players in the market include NuVasive Inc., DePuy Synthes, Spinal Technology Inc., Arthrex Inc., ReWalk Robotics, Orthofix International NV, and others.
KEY MARKET HAPPENINGS:
The global spinal trauma devices market was worth USD 3.57 billion in 2021.
The internal fixation devices segment accounted for the leading share of the global spinal trauma devices market in 2021.
North America dominated the spinal trauma devices market in 2021.
Stryker Corp., CONMED Corp., Medtronic, Smith & Nephew plc. Other players in the market include NuVasive Inc., DePuy Synthes, Spinal Technology Inc., Arthrex Inc., ReWalk Robotics and Orthofix International NV are a few of the notable players in the spinal trauma devices market.
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