Diversification of product portfolio, expansion of regional footprint, and acquisitions and mergers are some of the major market strategies that have been adopted by the prominent companies so as to obtain competitive edge in the world market for spine surgery products. The said market presently experiences a very high prevalence of market competition that is further impacted by the existence of numerous well established market players. The said market also makes an offering of promising market prospects for the entry of brand new market aspirants. Given such a market scenario, the trends of competition are quite unlikely to change over the forthcoming years. With apparent indications about the competition getting more intense in the years to come, the existing market players are investing more and more in research and development work. On account of this, the market players are quite able to make an offering of innovative products and as such innovation is gaining high traction in the said market, states Transparency Market Research (TMR) in its recent study on world market for spine surgery products. A few of the prominent companies that are operating in the world market for spine surgery products are RTI Surgical, Inc, LLC (B. Braun Company), Stryker, Medtrnic, Orthofix International N.V., Aesculap Implant Systems, Zimmer Biomet, Alphatec Holdings, Inc., DePuy Synthes, NuVasive, K2M, and Globus Medical.
Many different strategies of growth that are adopted by these eminent companies have quite a significant impact on the international market for spine surgery product. In accordance with a report by TMR, the said market was valued at US$ 10.2 bn in the year 2016, the world spine surgery products market is estimated to reach an amount of around US$ 16.7 bn by the end of the year 2025. Between the years 2017 to 2025, the said market is prophesized to exhibit a growth rate of 5.8% CAGR.
North America to Lead with Rapid Adoption of Technologically Advanced Platforms
The international market for spine surgery product has been classified into five important geographies, namely, North America, Latin America, Europe, Middle East and Africa, and Asia Pacific. The regional segments are further divided into numerous countries under each of the classified regions. The region of North America has dominated the world market for spine surgery product in the year 2016 owing to various factors such as in North America, there have been increased cases of minimally invasive surgeries (MIS) in adolescent idiopathic scoliosis (AIS). Apart from that, augmented adoption of technologically advanced treatment and research platforms for diagnosis and treatment of various spinal disorders, existence of numerous reimbursement policies, and betterment of Canadian healthcare infrastructure are all contributing towards the growth of the market in North America.
However, the region of Europe is prophesized to have the second highest growth rate over the period of forecast. The underlying reasons behind such high growth rate are the increasing number of cases of spinal surgeries that are occurring owing to various infections and chronic diseases. The expansion of coverage of insurance, and reimbursements that are offered for open or traditional procedures of surgery are also contributing to the growth of the regional market.
Increasing Incidences of Spinal Injuries to Accelerate Growth of the Market
An expanding base of geriatric population and their vulnerability towards spinal surgeries and disorders, and growing incidences of accidents that lead to spinal injuries amongst young people are some of the major market drivers of the world market for spine surgery products. Apart from various technological innovations, recommendations by the physicians for spinal surgeries are further likely to accelerate the pace of market’s growth in the years to come.
However, the flipside of the market lies with the failure in clinical trials of many of the spinal products and same elongates the time period of market approval of the said product. Such a factor is forecasted to hamper growth of the market.
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