PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1496079
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1496079
Global Endoscopic Spinal Surgery Market poised for growth, with projections reaching $770 million by 2024 and $1450 million by 2032, reflecting a robust CAGR of 9%. Explore innovative advancements and emerging trends shaping the future of minimally invasive spine treatments.
Advancements in Endoscopic Spinal Surgery
Endoscopic spinal surgery utilizes an endoscope to perform non-invasive spine operations. This approach allows surgeons to inspect and operate on interior body parts with minimal tissue damage, resulting in quicker and less painful procedures compared to traditional spinal surgeries. The reduced collateral tissue injury associated with endoscopic spinal surgery is driving its demand, contributing to the global market's expansion.
Increasing Incidence of Spinal Cord Injuries
Spinal cord injury (SCI) is a leading cause of spinal surgeries. The World Health Organization (WHO) reports that nearly 500,000 individuals globally suffer from spinal cord injuries each year, primarily due to violence and traffic accidents. In the United States alone, the Spine Universe report estimates that 1.62 million instrumented spinal procedures are conducted annually. The growing number of spinal injuries is expected to drive the demand for endoscopic spinal surgery.
Rising Demand for Minimally Invasive Surgeries
The market has seen significant growth in recent years due to the increasing demand for minimally invasive surgeries and the adoption of advanced technologies such as navigation systems for endoscopic procedures. For instance, in December 2018, Medtronic, a leader in spine implants and intraoperative imaging technology, acquired Mazor Robotics, further enhancing its technological capabilities in spinal surgery.
Factors Driving Market Growth
Growing Prevalence of Obesity and Degenerative Spinal Disorders
The rising prevalence of obesity and degenerative spinal disorders is a significant factor driving the market. Additionally, increasing rates of accidents, age-related spinal degeneration, and posture-related back discomfort are expected to boost the demand for endoscopic spinal surgery.
Technological Advancements and Innovations
Technological advancements in spinal surgery, such as the introduction of Balloon Lumbar Interbody Fusion (BLIF) by Ozop Surgical, are propelling market growth. This new technology allows the creation of implants in any shape, size, or dimension, providing a significant boost to the global market.
Manufacturers Capitalizing on Market Opportunities
Rising Aging Population and Lifestyle Changes
The prevalence of spinal injuries, particularly among the elderly, is creating opportunities for manufacturers. According to the WHO, approximately 500,000 individuals suffer from spinal fractures annually, with the majority occurring in adults aged 65 and older. The United Nations projects that the global population will increase by 2 billion over the next 30 years, reaching 9.7 billion by 2050, further complementing market growth.
Technological Collaborations
Major market players are collaborating to produce and distribute advanced surgical methods and devices. For instance, Mazor Robotics introduced a process for endoscopic spinal surgery that combines four key technologies to achieve high precision: cross-modality image registration, sophisticated algorithms, 3D analysis, and patient connection platforms. These advancements are expected to enhance the precision of endoscopic spinal surgeries.
Increasing Incidence of Road Accidents and Violence
The potential for growth in endoscopic spinal surgery is supported by the rising number of patients suffering from spinal injuries due to road accidents and violence. Investments in healthcare infrastructure across developed and developing regions are enabling manufacturers to offer products tailored to the needs of surgical facilities. This could result in significant business opportunities for producers of endoscopic spinal surgery equipment.
Challenges Facing the Market
Risks of Infection Transmission
One of the significant challenges impeding market growth is the rising risk of infection transmission associated with endoscopy. Only trained medical professionals can reprocess endoscopes, raising the cost and complexity of procedures. If not properly managed, these infections can have severe health consequences, limiting the market's expansion.
Stringent Regulatory Requirements
Stringent regulatory requirements, such as the FDA's pre-market approval (PMA) for Class III devices, pose another challenge. The rigorous approval processes and the need for clinical evidence for high-risk devices are slowing market expansion. Additionally, the high cost of endoscopic spinal surgery discourages some consumers from opting for these procedures.
Associated Side Effects of Bronchoscopy Procedures
Bronchoscopy procedures carry risks such as contamination, infection, bleeding, breathing difficulties, and low blood oxygen levels. These complications reduce the adoption rates of bronchoscopy techniques. The advent of methicillin-resistant Staphylococcus aureus and other resistant bacteria has increased the likelihood of post-bronchoscopy infections, further limiting market growth.
Country-Wise Insights
Why is the U.S. Market Booming?
Developed Healthcare Infrastructure
In 2022, the U.S. accounted for 30.5% of the global endoscopic spinal surgery market. Traumatic spinal cord injuries in the elderly population have led to disability, morbidity, and even death. Due to conditions like spinal stenosis and degenerative disc degeneration, older adults are more vulnerable. The U.S. Census Bureau reported that over 54 million Americans were aged 65 or older in 2019. Additionally, lifestyle changes, such as an increase in desk-based occupations, have led to more spinal cord injuries.
Why is China Emerging as a Prominent Market for Endoscopic Spinal Surgery?
Increasing Number of Spinal Cord Injuries
China held the largest market share of 59.2% of the East Asia market for endoscopic spinal surgery in 2022, with a market value of US$ 50.7 Mn. According to WHO estimates, China has one of the world's fastest-growing aging populations. By 2040, 28% of China's population is expected to be over 60. The high senior population and the numerous injuries from traffic accidents are putting a heavy financial strain on the nation. Automobile accidents, which frequently cause spinal injuries, are a major driver of China's rising need for endoscopic spinal surgery.
Will India be a Lucrative Market for Endoscopic Spinal Surgery?
Increasing Healthcare Spending
India dominates the South Asia market with a current market share of 63.4% and is projected to grow at a CAGR of 8.5%. Increased healthcare spending is expected to boost demand for endoscopic spinal surgery in India. The changing lifestyle of the Indian population, including dietary habits and an increase in desk jobs, contributes to spinal injuries at a very young age. According to a study published in the Nature Journal in 2018, 79% of spinal injuries occurred among rural populations, one of the largest segments in the nation.
Market Segmentation