Rising Product Innovations to boost the Spinal Non-Fusion Devices Market Growth

 

Spinal Non-Fusion Devices Market

Spinal Non-Fusion Devices Market is segmented by Product (Artificial Disc Replacement, Dynamic Stabilization Devices, Annulus Repair Devices, Nuclear Disc Prostheses, and Other Products), End User (Hospitals, Orthopedic Centers, and Other End Users) Geography (North America, Europe, Asia-Pacific, and Rest of the World) Size, Share, Outlook, and Opportunity Analysis, 2023-2030

The global Spinal Non-Fusion Devices Market is estimated to be valued at reach US$ 4.37 billion in 2023 and is expected to exhibit a CAGR of 4.8 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Spinal Non-Fusion Device is a clinical instrument that is utilized in the therapy of lumbar spine disease. These equipment are created to decrease pain and enable individuals to continue their works without distress from back ache. They are utilized in the cure of spinal stenosis and spinal problems. Minimally invasive tubular retractor is a process that uses tube-shaped device known as tubular retractors that are delivered from a tunnel that flows in the muscles of the backbone. This decreases injury to the muscles around and reduces loss of blood while performing the surgery.

Competitive Landscape:

Key players in the growth of global Spinal Non-Fusion Devices Market are Johnson & Johnson, RTI Surgical Holdings Inc., Centinel Spine LLC, B Braun Melsungen, Stryker Corporation, Zimmer Holdings Inc.,   Pioneer Surgical Technologies, Medtronic PLC, and NuVasive Inc. 

Market Key Drivers:

The rise in development of innovative products is expected to augment the growth of global Spinal Non-Fusion Devices Market. For instance, in June 2021, group of engineers and physicians at the University of Cambridge innovated an ultra-thin, expandable spinal device that can be utilized to cure the most critical forms of pain without the necessity for invasive surgery. 

The rising prevalence of obesity is projected to propel the growth of global Spinal Non-Fusion Devices Market. For instance, in June 2021 as per WHO, 39 million children below 5 years were overweight or obese in 2020.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of the global Spinal Non-Fusion Devices Market due to the restrictions imposed by regulatory, less visits of patients to hospitals. The trade market was interrupted during the period, and this impeded drug supply chain. The decrease and postponement in surgeries associated to diseases impacted the market growth.

Key Takeaways:

The global Spinal Non-Fusion Devices Market is anticipated to exhibit a CAGR of 4.8 % during the forecast period due to rising approvals and product launches for the expansion of the market. For instance, in July 2021, USFDA approved NuVasive's Pulse for spine surgery.

Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the global Spinal Non-Fusion Devices Market due to rise in prevalence of obesity. Increasing approvals and product launches, rising spine-related problems and increasing strategic initiatives. For instance, as per AANS 2021 report, around 450,000 people in the US were suffering from spinal cord injury in 2020.