Spinal Implants Market in Covid-19: Implications And Business Opportunities For Growth Globally

Global Spinal implants Market   - Overview

The global spinal implants market has been evaluated as rapidly growing market and it is expected that the market will reach greater peaks soon. Spinal implants are the devices used by the surgeons during the surgery for treating deformities, stabilizing, and providing strength to the spine and to expedite the fusion process. Spinal implants are used to treat disorders which include degenerative disc disease, scoliosis, kyphosis, fracture, and spondylolisthesis. As the age increases, there is decline in the bone density leading to the backbone defects and the chronic back problems in the old age people. This elevates the risk of damage to the spinal cord. Recently there have been amazing innovations in the implantable devices, the use of the implants in the spinal and orthopaedical surgeries has increased. The advancements in the spinal implantable devices has found wider acceptance across the globe and large population is willing to spend on the spinal surgeries involving the use of implants.

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There are some other factors which have a substantial impact on the spinal implant market. Rise in the number of vehicular accidents, increased spinal injuries and disorders, continuous rise in the geriatric and obese population, lack of proper nutrition and exercise leading to the chronic back problems are some of the factors that thrust the growth of the global spinal implants market. However, high cost of the spinal implants and the spinal surgical procedures, unstable reimbursement policies put immense pressure on the developing nations and the low-income economies. These are some of the factors which cause hindrance to the growth of the spinal implants market

Competitive Analysis:

Alphatec Spine Inc., Amedica Corporation, Depuy Synthes Inc. (Johnson & Johnson), Exactech Inc., Globus Medical Inc., Integra LifeSciences, K2M Inc., LDR Holding Corporation, Medtronic plc, NuVasive Inc., Orthofix Holdings, Inc., RTI Surgical Inc., Stryker Corporation, Quandary Medical LLC, Zimmer Biomet and others are some of the major players in the Global Spinal implants Market.

Global Spinal implants Market   - Regional Analysis

Global spinal implants market, on the basis of regions is divided into North America, Europe, Asia Pacific, and Middle East, and Africa. North America leads the global market for Flexible spinal implants which is led by the U.S. The reasons for the dominance of U.S. is the high per capita income the faster uptake of new technology, better reimbursement than other countries etc. The presence of large technology companies and the innovation ecology of the US is also an important driver of the market. However, the increasing stringency for class III devices in the US coupled with rising time for approval of new devices with class III status, is a threat to the future market.

Europe occupies the second position with respect to global flexible spinal implant market. The European region has a highly developed healthcare system and high per capita disposable income The European region is estimated to beled by Germany and France. Germany has a large medical device manufacturing base in the region and will be the largest market in Europe.

However, the developing regions such as Asia Pacific regions which is led by China and India are growing faster. China with its huge population and growing per capita income has the potential to be a very attractive market in future, however, the high cost of treatment coupled with the poor infrastructure may restrain the market. The market in Asia Pacific region is driven by nations such as Japan, India and China. The Japanese market is very lucrative because of its high income and the larger than average proportion of older people.

The Middle East and Africa market is estimated to be led by gulf countries such as Saudi Arabia, UAE etc. due to the recent developments of large portion of healthcare expenditure which accounts to 75% of overall healthcare expenditure. The development of large hospitals such as King Fahd hospital in Riyadh will develop the market of the gulf countries. The healthcare and hospital up gradation undertaken by the government of the gulf countries and some African nations will drive the future market in these regions.

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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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