The North American Spinal Implants market size was valued at USD 7768.40 Million in 2023. The value is further estimated to be growing at a CAGR of 5.32% during the forecast period and worth USD 10066.67 Million by 2028.
Y-O-Y growth in the geriatric population in the North American region is one of the primary factors accelerating the growth rate of the North American spinal implants market. There are more than 46 million people older than 65 years in America. In addition, the older ages tend to have a fragile skeleton and need frequent medical support, which is expected to increase the demand levels of spinal implants. Also, the increasing obesity rate in the U.S. and Canada further accelerates the chances of spinal injuries and results, which is predicted to boost the North American spinal implants market. About 42.4% of Americans are suffering from obesity.
The newer innovations and safer technologies that provide long-term solutions to spine problems also result in increased demand. For example, a conventional Spinal surgery had many complications and had a high failure rate, so implants instead offer a less invasive method. Also, more and more hospitals are offering cost-effective spine implants. Thus, the less invasive nature and cost-effectiveness also drive the demand for spinal implants.
The approval process for the implants is very stringent and lengthy as it takes a lot of time and effort to get the product approved; these factors restrict the market growth. Also, traditional implant surgeries and their nature of failure have created a sense of fear in customers' minds. Therefore, they hesitate for spinal implant surgery, and it restricts the growth of the sector.
This research report on the North American spinal implants market has been segmented and sub-segmented into the following categories:
Geographically, the North American spinal implants market accounted for 40% of revenue in the global spinal implant market in 2020. The United States had the most considerable revenue in the North American spinal implant market in 2022. The high prevalence of road accidents and spinal injuries in the U.S. propels the spinal implant procedure demand. Also, the introduction of 3D-printed spinal implants in the market influences the growth of the market. The US food and drug administration has recently approved the ARx spinal implant system to treat spinal deformity patients in the US. Additionally, the FDA has approved 510(k) clearance for lumbar spine implants is driving the growth of the US spinal implant market. Furthermore, the increasing number of clinical trials performed on spinal implant procedures in this country is further estimated to boost the United States spinal implant market.
The Canadian spinal implants market is anticipated to grow at a healthy rate during the forecast period due to rising technology advancement in the medical device industry and an increasing geriatric population. Also, the researcher and institutes are working on paralyzed spinal stimulators that will grow the market. In addition, the use of a friendly spinal implant that can help children before fusion surgery is fuelling the market's growth. Moreover, Canada's high prevalence of obesity, road accidents, and spine surgeries creates a high demand for spinal implant devices.
KEY MARKET PLAYERS:
A few of the notable companies operating in the North America spinal implants market profiled in the report are 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.).
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