The spinal cord compression market is anticipated to reach USD 11766.44 Million by 2030 at 7.8% CAGR during the forecast period 2022-2030.
The bundle of nerves that delivers messages back and forth from the brain to muscles and various other soft tissues is handled by our spinal cord. It is present at the back and protected by backbones stacks namely vertebrae. The pain or the stress in the back or neck can be caused by stress in the muscles of the spinal cord. Hence spinal cord compression is the pain caused by pressure on the spinal cord. The compression cord can occur anyplace on the spinal cord whether at the upper or the lower back. Pain, weakness, and numbness are the major symptoms caused by compression.
COVID 19 Analysis
The global pandemic of COVID 19 has affected the lives of people in a very bad way. Not only was the health sector had affected by this but it also leads to financial crises. Owing to the lockdown situation has pushed the economy into a forced recession. During the lockdown period and even during the post lockdown situation there was a postponement of various spinal surgeries which affected the revenue of the spinal cord compression market in the global market. Owing to decreased revenue, regular check-ups were also reduced which lead to a decrease in the market share of spinal cord compression.
The spinal cord compression market is expected to recover from this global pandemic situation at the beginning of the first quarter of the coming year during the forecasted period.
Owing to an increase in cases of the instability of the spine, slip-disc, arthritis, and congenital spinal defects caused by various reasons like trauma, spondylitis, and tumors are the factors that increase the market share of the spinal cord compression market in the global market. Another factor that increases the market share of spinal cord compression is the rise in demand for instruments and consumables in various orthopedic hospitals. Also, the increase in the rate of screening is another factor that drives spinal cord compression in the global market.
Owing to the growing population of old age people, there has been a tremendous growth opportunity during the forecasted period as with the invasive procedures in the application of spinal cord compression devices there is minimal risk of bleeding, and even of infection. Also, it is expected that about 23% of the population in the U.S. is of the people who are suffering from low back pain and hence allow the growth of spinal cord compression in the global market.
The spinal cord compression market is growing very rapidly but some factors restrain the growth of the spinal cord compression market in the global market like the lack of skilled physicians for performing spinal compression surgeries. Another factor that restrains the growth of the spinal cord compression market to grow vigorously is the high cost of therapeutic surgery.
The spinal cord compression market provides various benefits to its customers and adds value to society as many people suffer from chronic lower back pain and spinal cord compression surgery helps in reducing that also it reduces the need for drugs for pain. Also, the treatment done by spinal cord compression is reversible and adjustable. It does not require any prior appointment for regular check-ups. The other benefit provided by it is that there are minimum chances of any side-effects in the case of the market.
The spinal cord compression in the global market is divided based on type, diagnosis, treatment type, and end-users.
Based on Type
The spinal cord compression in the global market is divided based on type into cervical stenosis, central stenosis, and lumbar spinal stenosis. The most common form of spinal stenosis is lumbar spinal stenosis as it is categorized by narrowing at the lower back.
The spinal cord compression market in the global market is divided based on diagnosis into physical examination and imaging. These are the techniques used for diagnosing spinal compression spinal stenosis. For diagnosis, the imaging technique is a more reliable source. The most commonly used is magnetic resonance imaging (MRI) for diagnosing and this generates a lot of significant revenue. It is a non-invasive and painless test.
The spinal cord compression market in the global market is divided based on treatment type into surgical treatment and non-surgical treatment. The treatment which generates the maximum revenue is the surgical treatment as it permanently eliminates the problem. In the treatment of spinal compression, the most widely used surgery is the Laminectomy in which lamina is removed from the spinal canal. It can be used for either removal of a single lamina or both sides of several laminae.
The spinal cord compression in the global market is divided based on end-users into ambulatory surgical centers, rehabilitation centers, and hospitals. The spinal cord compression market is dominated by hospitals as it generates the maximum revenue owing to an increasing number of patients.
The spinal cord compression market in the global market is divided based on region into the Americas, Europe, Asia Pacific, and the Middle East, and Africa. The largest market share is held by the Americas owing to increasing spinal stenosis cases and the reimbursement policy started by the government. High expenditure on healthcare is another reason for accounting for maximum share by the Americas. The second-largest market share is held by the Europe region owing to increase healthcare benefits.
Asia-Pacific region also shows a positive reaction towards the growth of the spinal cord compression market in the global market owing to a large population, improvement in healthcare centers, and increasing opportunities in the market. Owing to the slow development and presence of poor developing countries the least share is held by the Middle East and Africa region.
The most prominent major key players in the market are as follows:
These key players in the spinal cord compression market use various strategies and policies like launching new products to increase their customer base as well as market share in the global market during the forecasted period.
The spinal cord compression market research report consists of the following aspects:
This research report consists of the driving factors that accelerate the growth of spinal cord compression along with the restraining factors and growth opportunities available during the forecasted period. The impact of COVID 19 on the market is also mentioned. The future growth in the market for spinal cord compression is also estimated and mentioned.
Investors and trade experts, government bodies, association bodies, and industrial bodies, retailers, distributors, and wholesalers, consultants, the pharmaceutical industry, medical device manufacturers, and many more.
|Market Size||11766.44 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Diagnosis, Treatment Type, End User and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Medtronic, Johnson and Johnson Services Inc., Stryker, Zimmer Biomet, NuVasive, Inc., Globus Medical Inc., Orthofix International NV, MicroPort Scientific Corporation, K2M, Inc., Alphatec Spine, Inc., Paradigm Spine, Vertos Medical Inc., Vertiflex Inc.|
|Key Market Opportunities||Owing to the growing population of old age people, there has been a tremendous growth opportunity|
|Key Market Drivers||
Spinal cord compression market projected to grow at approximately 7.8% CAGR during the assessment period (2022-2030).
The valuation of the global spinal cord compression market is estimated to increase to USD 11766.44 Million by the end of 2030.
Rising cases of congenital spinal defects and slip-disc and increasing demand for spinal consumables & instruments in various spinal & orthopedic hospitals are major tailwinds pushing the growth of the global spinal cord compression market.
North America holds the largest share in the global spinal cord compression market, followed by Europe and the Asia Pacific, respectively.
Johnson & Johnson Services Inc. (U.S.), Hitachi, Ltd. (Japan), Zimmer Biomet (U.S.), Koninklijke Philips N.V. (The Netherlands), Medtronic (U.S.), Toshiba Medical Systems (Japan), Siemens Healthcare GmbH (Germany), Stryker (U.S.), Globus Medical Inc. (U.S.), Neurologica Company Ltd. (UK) Neusoft Corporation (China), K2M, Inc. (U.S.), NuVasive, Inc. (U.S.), Paradigm Spine (U.S.), MicroPort Scientific Corporation (China), Orthofix International NV (U.S.), Vertos Medical Inc. (U.S.), Alphatec Spine, Inc. (U.S), and. Vertiflex Inc. (California), General Electric Company (U.S.), and Aurora Imaging Technology, Inc. (U.S.), are some of the top players operating in the global spinal cord compression market.