Increasing cases of spinal cord injuries (SCI), with the rising demand for minimally invasive surgical procedures for the spine, has driven the market demand

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OVERVIEW

Thoracolumbar Spine Devices Market is estimated to reach $8,521.6 million by 2026; growing at a CAGR of 3.8% till 2026.

The thoracolumbar spine is the upper and middle back. Thoracolumbar spine devices are used in thoracolumbar spine stabilization and treatment of several diseases such as spinal stenosis, disc herniation, spinal instability, degenerative disc disease (DDD), excessive kyphosis, and prolapsed intervertebral disc.

Rising incidence of spinal cord injuries (SCI) is a key driving factor of the market. Most of the spinal cord injuries are due to road traffic crashes, falls, or violence. According to the World Health Organization (WHO), globally, between 250,000 and 500,000 people suffer a spinal cord injury (SCI) each year. According to the National SCI Statistical Center (NSCISC), around 17,730 new spinal cord injuries cases occur each year. In the United States, between 249,000 and 363,000 people are living with SCI till 2019. Approximately 291,000 Americans are suffering from spinal cord injuries in 2019. According to the National Spinal Cord Injury Statistical Center, in 2019, 39.3% of Vehicular accidents, 31.8% Falls, 13.5% primarily gunshot wounds, 8.0% of Sports/Recreation Activities, 4.1% of Medical/Surgical, 3.1% of others has caused spinal cord injuries (SCI) in the United States. However, risks associated with spine devices might hamper the market growth. The rising product recall of spine devices due to the complication during and after surgery has increased the risk for the thoracolumbar spine devices market. For instance, Stryker has recalled its Tritanium posterior lumbar (PL) cage, due to the reports of cage fractures occurring intraoperatively and postoperatively. Pieces of the posterior lumbar cage are fracturing during and after surgical implantation, which puts patients at risk for medical complications. Moreover, the rising demand for minimally invasive surgical procedures would provide lucrative opportunities for the market in the coming years.

Spinal Devices and Instrumentation, Spinal Implants, and Spine Biologics is the type segment of the market scope. By procedure, the market is divided into Open Surgery and Minimally Invasive Surgery (MIS). By end-user, the market is further divided into Hospitals, Clinics, Ambulatory Surgery Centers, and Others. The report covers value of the global market by type, procedure, and end-user.

Spinal implants showed significant growth in 2019, owing to the increasing regulatory approval for thoracolumbar spine devices, strategic acquisition between companies to increase their presence in the market, technological advancement, increasing R&D activities related to thoracolumbar spine devices, and commercialization of new thoracolumbar spine devices.

North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration at the global thoracolumbar spine devices value figures. While North America is further categorized into enhancing the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

North America was dominating the thoracolumbar spine devices market in 2019, due to the rising prevalence of spinal cord injuries (SCI). Around 54 per million population suffer from spinal cord injuries in the United States each year. Moreover, the commercialization of regulatory approved thoracolumbar spine devices, technological advancement, and strategic acquisition between companies to strengthen their market presence is boosting the market demand.

Major players operating in the thoracolumbar spine devices industry include DePuy Synthes, Medtronic, RTI Surgical Holdings, Inc., Stryker, Alliance Spine, Zimmer Biomet, Life Spine, Inc., Globus Medical, NuVasive, Aesculap Implant Systems, LLC.

Commercialization of new thoracolumbar spine devices, technological advancement, strategic acquisition between companies to strengthen their market presence, increasing R&D activities related to thoracolumbar spine devices and increasing regulatory approval for thoracolumbar spine devices are some of the strategies adopted by the major companies.