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Over recent years, a notable trend has emerged globally—an upward trajectory in healthcare expenditure as a share of Gross Domestic Product (GDP). This increase reflects the growing emphasis placed on healthcare services, advancements in medical technologies, and evolving demographic landscapes across different regions worldwide. The rise in healthcare spending has been substantiated by various factors, shaping the economic landscape and health policies of numerous countries.
As of 2014, the global healthcare expenditure surged to USD 7.82 trillion, marking a significant increase. Projections anticipated this figure to further escalate, reaching an estimated USD 9.2 trillion by the conclusion of 2018—an impressive 17.64% rise within this timeframe. This upward trend underscores the prioritization of healthcare as a critical area for investment and development on a global scale.
Within North America, healthcare spending demonstrated positive growth, with projections from the Centers for Medicare & Medicaid Services indicating an anticipated average annual growth rate of 5.6% for health spending between 2016 and 2025. The implementation of the Affordable Care Act (ACA) in 2010, followed by subsequent reforms in 2014, played a pivotal role in curbing Medicare costs, signaling a concerted effort to streamline healthcare expenditure in the region.
In Canada, healthcare underwent significant stress owing to a shifting demographic landscape. In 2016, healthcare organizations witnessed relief from a specialized tax on medical devices, as mandated by the Medical Device Excise Tax Act of 2013. These reforms aimed to alleviate financial pressures within the healthcare sector, fostering a more conducive environment for sustainable growth and development.
Europe experienced an upsurge in healthcare spending, with the healthcare sector accounting for 9.9% of GDP in 2015, a notable increase from 8.7% in 2005. Countries such as Germany, Sweden, and France allocated approximately 11% of their GDP towards healthcare spending, demonstrating a steadfast commitment to ensuring robust healthcare systems.
Asia witnessed an expansion in healthcare spending in 2016, driven by the extension of state healthcare programs and the rising affluence of the population. The Organisation for Economic Co-operation and Development (OECD) forecasts a high growth rate of 7.3% in healthcare expenditure in India for 2017, further bolstered by government policies aimed at enhancing health spending.
In the Middle East & Africa, a rapid escalation in healthcare expenditure is anticipated. The Middle East region is projected to witness a notable 9% increase in healthcare spending until 2018, attributable to a growing population and heightened efforts to access medical care. However, within the African region, a widening gap between healthcare demand and supply is predicted in the coming decades. Despite this gap, government health expenditure and per capita income are expected to rise, signifying an intention to address the growing healthcare needs of the populace.
In conclusion, the global landscape of healthcare expenditure has witnessed significant expansion across various regions. This rise is driven by diverse factors such as policy reforms, demographic shifts, technological advancements, and efforts to bridge the gap between healthcare demand and supply. These developments underscore a collective commitment by governments and healthcare organizations worldwide to prioritize and enhance healthcare services for their populations.
Covered Aspects:
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Spinal Cord Compression Spinal Stenosis Market Highlights:
Spinal Cord Compression Market Overview
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.
Market Dynamics
- Drivers
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.
- Opportunities
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.
- Restraints
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.
- Value Chain Analysis
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.
Market Segmentation
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.
- Based on Diagnosis
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.
- Based on Treatment Type
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.
- Based on End-Users
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.
Regional Analysis
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.
Competitive Analysis
The most prominent major key players in the market are as follows:
- 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.
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.
Recent Developments
- In 2020, Stimgenics have been acquired by Medtronic (Ireland) for developing a novel spinal cord Stimulation (SCS).
- In 2019, the Symphony Occipitocervico-thoracic system has been launched by DePuy Synthes, a S.-based company.
- In 2019, Modulus TLIF-O has been launched by NuVasive a S.-based company.
- In 2018, strategic partnerships have been seen between BiedermannMotech GmbH and Co. KG (Germany) and NuVasive (U.S.) for the right to co-develop state-of-the-art and intellectual properties of complex spine problems and their solutions.
- In 2018, ProChondrix CR has been launched by a S.-based company namely Stryker Corporation.
Report Overview
The spinal cord compression market research report consists of the following aspects:
- Market Overview
- COVID 19 Analysis
- Market Dynamics
- Value Chain Analysis
- Market Segmentation
- Regional Analysis
- Competitive Landscape
- Recent Developments
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.
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