Thoracolumbar Spine Devices Market is expected to register a CAGR of 4.7 % and was valued at USD 8,584.8 Million.
The Thoracolumbar Spine Devices Market is anticipated to reach USD 8,584.8 Million by 2030 at 4.7% CAGR during the forecast period 2022-2030. Thoracolumbar junction is the junction between the thoracic spine and the lumbar spine. The junction consists of the part of the vertebral column from the eleventh thoracic vertebra to the first lumbar vertebra. Thoracolumbar spine devices are used in this region to provide steady support to the spine and avoid bending of the thoracic spine.
The increasing obese population, high prevalence of spinal cord injuries (SCI), and increasing geriatric population are expected to enhance market growth. However, the stringent regulatory policies, lack of awareness for the use of advanced technologies, and product recalls are projected to curb the growth of the market.
The market is expected to witness a profitable growth owing to the high prevalence of spinal cord injuries (SCI). According to a study published by the National Spinal Cord Injury Statistical Center in 2019, the annual incidence of SCI is approximately 54 per million people in the US or around 17,730 new cases each year. The approximate number of individuals affected by SCI in the US is 291,000. High prevalence of spinal cord injuries, in turn, increases the demand for thoracolumbar spine devices used in diagnosis. Thus, an increase in the prevalence of spinal cord injuries is expected to boost the global thoracolumbar spine devices market during the forecast period.
Thoracolumbar Spine Devices Market Share, by Product Type, 2018 (%)
Source: MRFR Analysis
The thoracolumbar spine devices market, by product type, has been segmented into spinal implants, devices and instrumentation and spine biologics. Based on the type of surgery, the thoracolumbar spine devices industry has been categorized as open surgery and minimally invasive surgery (MIS). The material segment is further segmented as titanium, stainless steel, biomaterials, and others. Based on end-user, the thoracolumbar spine devices has been categorized as hospitals and clinics, ambulatory surgery centers, academic institutes and research centers, and others.
Asia-Pacific Thoracolumbar Spine Devices Market Share, 2018 (%)
Source: MRFR Analysis
The thoracolumbar spine devices market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
Americas accounted for the largest market share of in 2018, due to the presence of key market players, sophisticated healthcare infrastructure, and increasing R&D in the field of thoracolumbar spine devices.
Europe is anticipated to account for the second-largest market share during the forecast period. The market growth in Europe can be attributed to the research and development by manufacturers for the launch of innovative products. For instance, ZygoFix Ltd, in 2018, initiated the first in a human clinical study for its clock spinal facet joint fixation system.
Asia-Pacific is likely to be the fastest-growing region in the thoracolumbar spine devices market. The high growth rate is due to owing to the presence of a large patient base, availability of skilled healthcare personnel, and a defined regulatory framework enabling accelerated product approvals. India held a share of 16.2% in the Asia-Pacific thoracolumbar spine devices market in 2018.
The Middle East & Africa market is projected to show gradual growth during the forecast period. The Middle East would spearhead the market growth, attributing to facts such as the developing healthcare infrastructure, booming medical tourism, budding medical device industry, and gradually increasing adoption of medical diagnosis modalities in the Gulf Cooperation Council (GCC).
The Prominent Players in Market are Orthofix Holdings, Inc. (US), Alphatech holdings, Inc. (US), B. Braun Melsungen AG (Germany), Depuy Synthes (US), Exactech, Inc. (US), Globus Medical, Inc. (US), Medtronic PLC (Ireland), NuVasive, Inc. (the US), ZIMMER BIOMET HOLDINGS, INC. (US), and STRYKER CORPORATION (US).
Some of the key strategies followed by players operating in the thoracolumbar spine devices industry were product launch, patent acquisition, partnership, product expansion, and collaborations.
Thoracolumbar Spine Devices Market, by Product type
Thoracolumbar Spine Devices Market, by Type of Surgery
Thoracolumbar Spine Devices Market, by Material
Thoracolumbar Spine Devices Market, by End User
Thoracolumbar Spine Devices Market, by Region
Available Additional Customizations
thoracolumbar spine devices market is projected grow at approximately 4.7% CAGR during the assessment period (2022-2030).
The valuation of the global thoracolumbar spine devices market is estimated to increase to USD 8,584.8 Million by the end of 2030.
Based on product type, the spine biologics segment and based on end user the hospitals & clinics segment holds the majority shares in the global thoracolumbar spine devices market.
North America holds the largest share in the global thoracolumbar spine devices market, followed by Europe and the Asia Pacific, respectively.
Alphatech holdings, Inc. (US), Orthofix Holdings, Inc. (US), B. Braun Melsungen AG (Germany), Exactech, Inc. (US), Depuy Synthes (US), Globus Medical, Inc. (US), NuVasive, Inc. (US), Medtronic Plc (Ireland), Stryker Corporation (US), and Zimmer Biomet Holdings, Inc. (US), are some of the major players operating in the global thoracolumbar spine devices market.