PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1491720
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1491720
Global spine surgery market is projected to witness a CAGR of 4.5% during the forecast period 2024-2031F, growing from USD 14.8 billion in 2023 to USD 21.19 billion in 2031F. The market has experienced significant growth in recent years and is expected to maintain a strong pace of expansion in the coming years. Growth in the global spine surgery market is driven by various factors, such as the worldwide growing prevalence of spinal injuries, the increasing number of spinal surgeries, technological advancements, and the growing demand for minimally invasive surgeries. Increasing healthcare budgets, significant investments from public and private organizations, strategies by companies such as mergers and acquisitions, collaborations, product launches, and establishing business in new geographies are the factors driving the global spine surgery market.
The geriatric population is prone to developing spine-related problems such as degenerative disc disease, compression fractures and spinal stenosis, which is one of the major factors contributing to growth. To meet this growing demand, technological advancements such as the integration of artificial intelligence in spine surgery play a crucial role, by assisting surgeons during surgical procedures, leading to faster surgical procedures, improved decision making and patient outcomes.
In April 2024, OrthoIndy claimed a significant advancement in surgical innovation by incorporating augmented reality (AR) into surgical operations. Prominent spine surgeon Dr. Gregory Poulter recently carried out the first-ever operation in Indiana with the state-of-the-art eXperiential Reality (XR) technology from Surgical Theater, Inc. Only five locations worldwide use this cutting-edge method, and OrthoIndy is one of them. The Surgical Theater SyncAR Spine platform was utilized to do the treatment, and Microsoft HoloLens headsets were used to provide a superior visual experience.
Increasing Prevalence of Spine Injuries to Drive the Market Growth
There has been a surge in demand for spine surgery due to the rising number of spinal injuries, such as complete and incomplete spinal cord injuries. The rising elderly population is a significant factor contributing to the elevated risk of spinal cord injuries due to various elements such as fragile bones and degenerative disc conditions, leading to a higher number of spine surgeries. Additionally, the upsurge in road traffic accidents and the involvement of young individuals in multiple sports activities have also resulted in a greater prevalence of sports and trauma-related spinal injuries. For instance, according to an article published in "The National Center for Biotechnology Information," every year, globally, between 250,000 and 500,000 people suffer from spinal cord injuries, with most of these cases resulting from preventable causes such as violence and motor vehicle accidents. These injuries can cause substantial functional impairment, consequently amplifying the demand for spine surgeries among affected individuals, hence driving the global spine surgery market.
Technological Advancements are Driving the Market
In recent years, technological advancements such as the integration of AI, novel implant materials, real-time data analytics during surgery, and many other advancements have been playing a crucial role in driving the growth of the global spine surgery market. Technological advancements such as the application of navigation guidance systems and robotic-assisted surgeries during the spine surgery market have brought numerous benefits, including improved patient outcomes, reduced risk of errors, infections, and complications, and increased efficiency in surgical procedures. Moreover, key market players in the industry are heavily investing in research and development initiatives for developing highly advanced surgical devices and systems that would assist surgeons in performing successful surgeries. In April 2024, the pioneer of AI-powered surgical technology, Proprio, Inc. and the internationally recognized inventor in next-generation spinal implant systems and procedural solutions, The Biedermann Group, announced a historic multi-phase partnership. The companies will first work together to connect Proprio's Paradigm system, which uses artificial intelligence, computer vision, and augmented reality with Biedermann's cutting-edge spinal implants. This system would enable surgeons to get real-time imaging and guidance in the operating room.
Minimally Invasive Surgeries Are Witnessing Significant Increase in Demand
Among the surgery type segment, minimally invasive surgeries hold the maximum market share in the global spine surgery market. In comparison with conventional open spine procedures, minimally invasive spine surgeries have many benefits, such as minimum harm to soft tissues and muscles, reduced hospital stays, less postoperative discomfort, and faster recovery. Additionally, several leading players are launching advanced AI-based solutions in minimally invasive spine surgery to enhance productivity and successful surgical outcomes. In April 2023, Orthofix Medical Inc., a global leader in spine and orthopedics solutions, announced the launch of two access retractor systems, "The Lattus Lateral Access System" and the "Fathom Pedicle-Based Retractor System" to assist surgeons during minimally invasive spine surgeries. The lattus lateral access system is a comprehensive solution for lateral spine surgery, addressing key areas, including spine access, disc preparation or removal, plate fixation, and seamless integration with intraoperative monitoring. Meanwhile, the fathom pedicle-based retractor system includes three points for active telescoping blade fixation. This system improves surgical workflow, enhances visualization, and allows minimal soft tissue disruption.
Fusion Devices Are Dominating the Spine Surgery Market
Among the product segment, fusion devices hold a significant market share in the global spine surgery market. Fusion devices provide stability and support during spinal surgeries, promote better outcomes, reduce complications, and enhance patient recovery. These devices are used for multiple purposes, including disc degeneration treatments, spinal deformity correction, and stabilization procedures. Moreover, key market players are launching new products in this segment by developing innovative, highly efficient, and sophisticated products, which is further accelerating the growth of this segment. In November 2023, Orthofix Medical Inc., a global leader in spine and orthopedics company, announced the launch of the "WaveForm L Lateral Lumbar Interbody System." This system was specially designed for lateral lumbar interbody fusion procedures and consists of a 3D-printed WaveForm L that enhances strength and stability to provide a robust fusion environment during spinal surgeries.
North America Accounts for the Highest Market Share Globally
North America holds the largest share in the global spine surgery market due to highly advanced healthcare infrastructure, availability of high-tech surgical systems in the healthcare facilities, and increasing prevalence of spine injuries in the region. Additionally, the growing demand for minimally invasive surgeries is also enhancing the growth of this market. A high number of spine injuries accelerates the demand for highly efficient spine surgery systems in the surgical sector to improve precision and surgical outcomes. For instance, according to the National Spinal Cord Injury Statistical Center Report 2023, approximately 18,000 new spinal cord injuries occur each year in the United States. It also states that men are more likely than women to sustain injuries due to involvement in violence and sports activities. As the number of spinal cord injuries is increasing, there is an escalating need for efficient treatment options, such as AI-assisted spine surgeries, to reduce the burden on surgeons.
Future Market Scenario (2024-2031F)
The future market scenario of the global spine surgery market anticipates dynamic transformation with several emerging trends. The integration of AI is expected to play a pivotal role, offering precise preoperative planning, real-time intraoperative assistance, and data-driven postoperative care. Advanced technologies such as surgical robotics and augmented reality are likely to improve surgical precision and efficiency. A notable trend is the increasing preference for minimally invasive surgeries driven by a preference for quicker recovery times and reduced postoperative complications. Customized implants and 3D printing are anticipated to gain popularity, catering to individual patient needs. In August 2023, at Shaare Zedek Medical Center in Jerusalem, a spine surgery was performed by integrating robotics and augmented reality to repair a complex spine fracture of a 25-year-old patient to repair complex thoracic spine fracture. Augmented reality technology enables surgeons to view the spine of the patient through the technology, which reduces the dangers associated with placing the screw on the spinal cord or nerve roots.
Key Players Landscape and Outlook
In the global spine surgery market, several industries, such as robotics manufacturers and medical device manufacturers, are establishing strategic partnerships and acquisitions, which play a pivotal role in driving the global spine surgery market's expansion. These activities enable firms to gain insights regarding the market, take advantage of each other's resources, markets, and technologies, and invest in research and development activities to bring advancements in the market. Distribution agreements enable companies to broaden their market presence at a global level. These collaborative initiatives promote innovation and expertise in product development, improve spine surgical outcomes and contribute to the enduring and robust growth of the global market. After completing a major acquisition in February 2024, CGBIO Co., Ltd. became the firm's largest stakeholder in Innosys, Inc. a manufacturing and research company specializing in orthopedic implants. Share transfer agreements for CG Bio's 17.75% investment in Innosys, Inc. and 5.79% stake in JSpace Holdings were finalized as part of the acquisition. CGBIO Co., Ltd. further strengthened its position by completing a third-party allotment increase by securing an extra 11.17% ownership in Innosys and taking the lead as a majority stakeholder.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.