“Global Minimally Invasive Spine Technologies Market to Reach $9,406.5 Million by 2032.”
Industry Overview
The global minimally invasive spine technologies market was valued at $3,180.9 million in 2022 and is anticipated to reach $9,406.5 million by 2032, witnessing a CAGR of 11.45% during the forecast period 2022-2032. The growth in the global minimally invasive spine technologies market is expected to be driven by the rising preference for minimally invasive spine surgical procedures globally and increasing awareness among practitioners for simulation, training, and continuous medical education.
Market Lifecycle Stage
The minimally invasive spine technologies market is in the developing phase. The rising demand for minimally invasive surgeries and robotic-assisted surgeries and increasing synergetic activities within the spine surgery industry are some of the major opportunities in the global minimally invasive spine technologies market. Furthermore, some of the key trends going on in the market are the technological advancements in the field of medical surgery, such as the incorporation of AI, the shift of procedures to ambulatory surgery centers, and increasing synergistic activities.
Impact of COVID-19
The demand for minimally invasive spine technologies witnessed a decline during the pandemic owing to postponing of elective surgeries and other non-urgent procedures. Most of the spinal surgeons' work was eliminated with the closure of elective surgery and outpatient clinics. It was crucial that emergency spinal care was provided throughout the pandemic, including the development of guidelines to help spinal surgeons properly handle patients.
Furthermore, lockdowns and travel restrictions during the pandemic caused delays in the procurement of raw materials as well as delivery to end users.
Market Segmentation:
Segmentation 1: by Condition
- Herniated Disc
- Spinal Stenosis
- Degenerative Disc Disease
- Spinal Deformity
- Spinal Fracture
- Spinal Infection
- Spinal Tumor
The global minimally invasive spine technologies market in the Condition type segment is expected to be dominated by the degenerative disc disease segment.
Segmentation 2: by End User
- Hospitals
- Ambulatory Surgery Centers
- Orthopedic Clinics
The global minimally invasive spine technologies market in the end user segment is expected to be dominated by the hospitals segment.
Segmentation 3: by Region
- North America - U.S. and Canada
- Europe - Germany, France, U.K., Italy, Spain, and Rest-of-Europe
- Asia-Pacific - Japan, China, India, Australia, South Korea, and Rest-of-Asia-Pacific
- Latin America - Brazil, Mexico, and Rest-of-Latin America
- Middle East and Africa - South Africa, U.A.E, and Rest-of-Middle East and Africa
Recent Developments in the Global Minimally Invasive Spine Technologies Market
- In June 2022, NuVasive, Inc. opened its Singapore Experience Center for the Asia-Pacific region to support the company's growth and increase its global footprint.
- In April 2022, SeaSpine launched the Reef TA (TLIF Articulating) Interbody System. This new system is engineered to deliver an interbody to the front part of the spinal disc space with precision, with the aim of enhancing sagittal alignment and endplate support. The Reef TA Interbody System offers a variety of footprint and lordotic options, giving surgeons the flexibility to address specific anatomical requirements during the surgical procedure.
- In October 2022, Orthofix and SeaSpine merged as equals to form a leading global company in the spine and orthopedics industry.
- In July 2022, Medtronic plc received approval from the U.S. Food and Drug Administration (FDA) for its latest version of the UNiD Spine Analyzer, which includes a predictive model for degenerative spinal surgery.
- In October 2022, Captiva Spine entered into an exclusive strategic partnership with REMEX Medical for Spine Navigation and Robotics for the expansion of their product portfolio.
Demand - Drivers and Limitations
The following are the drivers for the minimally invasive spine technologies market:
- Increasing Incidences and Prevalence of Spinal Disorders
- Increasing Preference for Minimally Invasive Spine Surgeries
- Technological Advancement in Minimally Invasive Spine Surgical Procedures
The market is expected to face some limitations due to the following challenges:
- Lack of Well-Established Landscape for Reimbursement for Minimally Invasive Spinal Procedures
- High Cost of Capital Equipment Purchases and Disposables
- Lack of Training Leading to Shortage of Skilled Professionals
How can this report add value to an organization?
- Product/Innovation Strategy: The condition segment helps the reader understand the different types of diseases and their effective treatment using minimally invasive spine surgical techniques available for use in the minimally invasive spine technologies industry. Moreover, the study gives the reader an insight into different applications and robotic-assisted surgeries by end users (hospitals, ambulatory surgery centers, and orthopedic clinics).
- Growth/Marketing Strategy: The global minimally invasive spine technologies market has seen major developments by key players operating in the market, such as partnerships, collaborations and business expansions, mergers and acquisitions, product launches, and funding activities. The favored strategy for the companies has been new offerings in the minimally invasive spine technologies market. For instance, in November 2022, Nuvasive, Inc. launched the NuVasive Tube System (NTS) and the Excavation Micro, an innovative minimally invasive surgical system that offers complete solutions for both transforaminal lumbar interbody fusion (TLIF) and decompression procedures. These new products expand the company's range of access and instrumentation technology offerings as part of the NuVasive P360 portfolio.
- Competitive Strategy: Key players in the global minimally invasive spine technologies market analyzed and profiled in the study involve players that offer surgical systems, instruments, and systems. Moreover, a detailed market share analysis of the players operating in the global minimally invasive spine technologies market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
Key Companies Profiled:
- AMS Group
- Alphatec Holdings, Inc.
- Aurora Spine, Inc.
- B. Braun SE
- Boston Scientific Corporation
- Globus Medical, Inc.
- Johnson & Johnson
- Medtronic plc
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- NuVasive, Inc.
- ORTHOFIX MEDICAL INC.
- Precision Spine, Inc.
- Richard Wolf GmbH
- Spineart
- Spineology Inc.
- Stryker Corporation
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