The rising awareness about the recent medical advances among patients will strengthen the position of spinal trauma devices manufacturers in the global market. As per Transparency Market Research (TMR), the paradigm shift from metallic fixators to bioresorbable implants will fuel demand from the global spinal trauma devices market. The market is also likely to gain impetus from the rising demand for minimally invasive surgeries.
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Despite witnessing favorable growth opportunities, the lack of proper insurance facilities may limit the market’s expansion across developing economies. Nevertheless, the presence of high unmet medical demands in these countries will provide lucrative opportunities for the spinal trauma devices manufacturers.
TMR says that the global spinal trauma devices market stood at US$2.8 bn in 2014. Rising at a CAGR of 5.6%, the market is expected to reach US$4.7 bn by the end of 2023.
Growing Spinal Injuries Leading to Hospitalization Promote Significant Upsurge in Demand
The surging number of spinal injury cases has been envisaged to set the tone for growth in the world spinal trauma devices market. There could be an increasing demand for effective treatment options as these incidences mainly lead to hospitalization. Consequently, the application of spinal trauma devices could become necessary as such treatments may not be possibly conducted without the use of the equipment. Besides this, the growth in the geriatric population could provide a considerable contribution to the market as this demographic is more susceptible to fractures owing to the decrease in bone density commonly occurring with age. Furthermore, the elevation in the incidence of osteoporosis could fuel the demand for spinal trauma devices.
The development of novel technological breakthroughs has been prognosticated to be encouraged in the world spinal trauma devices market with the snowballing trend of minimally invasive procedures. With that mentioned, the demand for minimally invasive spinal trauma devices could increase noticeably in the near future.
Absence of Suitable Health Insurance Schemes in Emerging Nations Upsets Growth
In developing regions, the scope of the expansion of the international spinal trauma devices market could be constrained by the unavailability of acceptable health insurance schemes. Companies dealing with spinal trauma devices could find it challenging to extend their footprint in developing markets such as India and China as the populations therein still struggle with the lack of primary healthcare facilities.
Nevertheless, the steady rise in healthcare spending could augur well for the international spinal trauma devices market. Governments providing competent healthcare services with the implementation of state-funded insurance have been prophesied to create opportunities in the market. The advent of bioresorbable implants and drawbacks of traditional metal devices such as follow-up surgeries associated with metallic fixators could bring in new prospects in the market.